Islam is a complete code of life. It deals with each and every field of life. Islam tells us how to live in a society. In a society a person have to live with others. He has to perform “Ibadat” as well as he has to perform “Muamalat”. There is a great difference between these “devotional acts” and “transactions”, but Islam deals with both of them. For the beneficiary of human kind, Allah Almighty has imposed some restrictions in doing and performing these devotional acts and transaction. In other words we can say that Allah almighty has set some rules about both, the devotional acts and transactions. As business law deals only with transactions, hereby we will see only those principles which are related to the business transactions.
Free mutual consent is the first principle of transaction which has been clearly mentioned in The Holy Quran. This principle tells us that all mutual contracts should be made mutual approval and all those contracts which will are made through coercion, fraud, misrepresentation or any other illegal mean, are invalid and illegal. This principle can only be act upon when all concerning parties have certain and definite knowledge of the subject matter of the contract and the rights and obligations arising from it.
A number of verses of the Holy Quran and Ahadith of the Holy profit (S.A.W) can be cited in the support of this principle.
Islam has tolled us another valuable general principle about mutual contracts. This principle tells that any contract which may harmful for one of the concerning parties, or which may create uncertainty between concerning parties is strictly prohibited. Through this valuable principle many contracts like Qimar (gambling), Mayser, Khilabah and Ghashsh (fraud) have been prohibited. Each of these contracts has its own definition and has been mentioned through the verses of Holy Quran and Ahadith of Holy Prophet (S.A.W).
The translation verses of The Holy Quran are following:
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