Let's move away from Ribaa, it's time for change,

A new path to explore, a business to arrange.

Let's prioritise ethics, and fairness too,

Transparency and honesty in all that we do.

We must seek knowledge and learn with zeal,

To innovate and create, and set a new deal.

Let's build a system that serves the people,

A just and fair world, where all are equal.

Let's move away from Ribaa, and its wrongful ways,

And embrace a new business, that follows Islamic rays.

Here are seven suggestions, I'll share with delight,

For Muslims and non-Muslims, to consider and take flight.

Trade in islam, seven pillars must stand,

To make transactions kind, fair and grand.

1) To begin my wise words, both parties must agree,

No one should be forced, both parties must be free.

2) Mental competence, that is the second key,

So both parties are able to both agree.

3) Ownership must be established and solid like gold,

Or permission be given for the item to be sold.

4) The item must be halal and taken to be lawful,

And deemed as wealth, without being Awful.

5) The owner, without doubt, must be able to give,

And hand over the item, for the deal to live.

6) Quantity, quality, and price must be clear,

So ambiguity and treachery does not interfere.

7) And lastly, the deal struck must be concluded with ease,

Without external conditions or foreign dependencies.

These rules in Islam are set to make sure,

That business deals between two always remain pure.

With justice and honesty, as always, the main goal,

To make sure every deal takes its rightful role.

So the above was authored to be playful and fun, but let’s get down to what it means in practice.

7 principles for fair trade in Islam. To engage in a valid transaction, it must fulfil these principles. In our fiat credit society, we need to rethink how we do business. How can we achieve this? Let's explore.

1) Valid transactions require willingness from both parties, no force allowed. Bitcoin's ethical core ensures only key-owners can make deals. For this reason taxes in Islam are prohibited.

2) Mental competence is a requirement for valid transactions, therefore children, for example, need guardian permission to engage in any deals.

3) Islamic transactions forbid selling what's not yours or without permission from the owner. Banks therefore are unable to comply with this, and what would this mean for exchanges?

4) One should not trade in things that are inherently forbidden or harmful. It is important to avoid selling harmful objects or substances that will be used to harm the buyer or others.

5) One must own the item before selling it, as per point 3, and should also be able to transfer its possession. Therefore, selling confiscated cars or Bitcoin with lost passphrases is not allowed due to the uncertainty of transferability.

6) In Islam, ambiguity renders a transaction invalid. It's impermissible to sell items without clarifying their attributes that affect price and desirability. For instance, an iPhone's storage size or a car's engine size.

7) A transaction cannot be both completed and ambiguous regarding its completion. So you cant buy a car, and then say “if zaid agrees” or “if its sunny tomorrow”. Once zaid agrees or its sunny, then come back to make the deal.

The 7 conditions of a valid transaction in Islam promote fairness and justice. All parties should benefit without being cheated or causing disputes.

I have a detailed video breakdown of the Islamic model of doing business here: https://metamadeenah.com/courses/fiqh-of-business-part-1/