Islam Promotes Fair Trade and Competition.
The Malawi Competition and Fair-Trading Commission enforces fair trade standards, which has helped fair dealing problems acquire a lot of traction in recent years. Recently, organizations and businesses have been fined for using unfair trade practices. Does Islam promote fair trade and fair competition?
A group of fair-trade organizations known as FINE defines fair trade as “a trading partnership based on conversation, transparency, and respect that seeks more justice in trade.” There may be justice in trade, but FINE believes that this is insufficient and calls for greater justice in trade.
Fairness, equity, mutual respect, and caring for others are among the Islamic moral precepts that must be included into business and commerce dealings between buyers and sellers, as well as between employers and employees. As a result, self-interest only has a place in society if it takes other people’s interests into account.
Islam adds to our concept of fair trade by declaring that no person or organization should take action or launch a business transaction that will harm the community or environment more than it will benefit it. In Islam, the value of community engagement is measured by its goal rather than its outcomes.
The essential foundations of trade, according to Islam, are justice and fairness. God Almighty states in the Noble Qur’an, “Deal not unjustly, and you will not be dealt with unjustly.” (2:279) Traders who trade honorably in Islam are rewarded with a reward or advantage that is not confined to this life; they also receive a share in the afterlife. The Prophet Muhammad (Peace be upon Him) remarked, “A truthful and trustworthy merchant will be in the company of the Prophets, the upright, and the martyrs.”
In Islam, the Prophet Muhammad is the backbone of trade (Peace be upon Him). He (Peace be upon Him) was a prosperous trader who earned the nickname “the trustworthy” for his honesty. The Prophet Muhammad (Peace be upon Him), as the pillar of trade, condemned monopolies. As a result, these Islamic lessons show Islam’s compatibility with the key values of fairness and equality in trade.
Furthermore, the Qur’an emphasizes the need of using precise and accurate weights and measures. “Give a whole measure when you measure out and weigh with a fair balance,” God Almighty warns people who take a full measure yet give less to others (17:35) At this point, we’ve grasped that fair commerce might be defined as monopoly-free dealing. Monopolies were forbidden by the Prophet Muhammad (Peace be upon Him), who said, “Whoever monopolizes is a sinner.”
Fair trade and competitive competition are also a cry for social justice. As a country, we should understand that pursuing social justice entails combating poverty and injustice. “He who rests on a full stomach while his neighbor goes hungry is not one of us,” the Prophet Muhammad (Peace Upon Him) remarked.
Therefore, the fair vision of a trade system based on just social ties between producers and employees, as well as between buyers and sellers, aligns with Islamic teachings on the defense and pursuit of just economic relationships. Hence Islamic values and teachings provide insight into fair trade and competition.