MIDLE TEST SEMESTER

ENGLISH FOR BEGINNER STUDENTS

UNIT 1

BUSINESS ETHICS

(p.1)A person can earn money by two means; one is agriculture and the other is
business. If business is not done according to the ethics then there will always be
inflation and shortage of goods. As it can be seen in the case of many commodities like
wheat, sugar, etc. It is due to the stocking in, speculation and the selfishness of some
businessmen. The government has also become a trader itself, while the shariah has
stopped the Islamic government from trading. Islam explains the concept of righteous
trade by telling business ethics. If trade or any other thing is done against the morals and
creed then this will lead to the bad end on the day of resurrection. Also, by the law, the
person guilty of illegal business would end up nowhere.

(p.2) The Holy Qur’an and Prophet Muhammad have made it clear that a Muslim
must be honest and upright in this business and monetary dealing. A true Muslim should
keep his words and fulfil his promises, shunfraud and avoiddeceit and perfidy, not
encroach upon the rights of others nor take apart in wrongfullitigation. Also, a good
Muslim does not give falsetestimony, and abstains from making unlawful money as from
usury and graft. According to Islam whoever is not free from these vices I not true
believer but a renegade and a worthlesstransgressor. Allah forbids all unclean and
corrupt means of making money such as dishonest trading, gambling, and bribery.

(p.3) According to Islam, the following things must be avoided to commence fair
business.

1. No fraud or deceit, the Prophet is reported to have said, “When a sale is held, say
there’s no cheating”.
 2. Sellers must avoid making too many oaths when selling merchandise. The
Prophet is reported to have said, “Be careful of excessive oaths in a sale”. Though
it finds markets, it reduces abundance.

3. Mutual consent is necessary. The Prophet is reported to have said “The sale is
complete when the two involved depart with mutual consent.

4. Be strict in regard to weights and measures. The prophet said, “When people
cheat in weights and measures, their provision is cut off from them.” He told the
owners of measures and weights, “You have been entrusted with affairs over
which some nations before you were destroyed.”

5. The Prophet monopolies. “Whoever monopolizes is a sinner.”

6. Free enterprise, the price of the commodities should not be fixed unless there is a
situation of crisis or extreme necessity.

7. Hoarding merchandise in order to increase the prices is forbidden.

8. Transaction of forbidden items, such as intoxicants, is forbidden.

Understanding Business Ethics:

1. How does the text explain the consequences of unethical business practices in relation
to inflation and shortages of goods?
2. According to the text, what are the specific guidelines and principles outlined by the
Holy Qur’an and Prophet Muhammad for conducting business with integrity?
3. What are the key prohibitions and guidelines provided in the text to ensure fair and
ethical business practices according to Islam?
 UNIT 2

ISLAMIC BANGKING IN THE DIGITAL ERA

(p.1) Islamic banking refers to a system of banking activities that is consistent

with the Islamic law and guided by Islamic economics. Thus, banking procedures
including payment of Ribaa (interest) is Haram (Islamically prohibited). Islamic law also
prohibits trading in financial risk (which is seen as a form of gambling), investing in
businesses that include alcohol or pork, or businesses that produce anti-Islamic media,
etc. In the late 20th century, a number of Islamic banks were created to cater to this
particular banking market.

(p.2) Islamic banking has the same purpose as conventional banking except that
operates in accordance with the Islamic rules, known as Fiqh Al-Mu’amalaat (Islamic
rules on transactions). The basic principle of Islamic banking is the sharing of profit and
loss and the prohibition of Ribaa. Amongst the common Islamic concepts used in Islamic
banking are profit sharing (Mudarabah), safekeeping (Wadee’ah), joint venture
(Mushaarakah), cost plus (Murabaha), and leasing (Ijaarah).

(p.3) In an Islamic mortgage transaction, instead of loaning the buyer money to

purchase an item, a bank might buy the item itself from the seller, and re-sell it to the
buyer at a profit, while allowing the buyer to pay the bank in instalments. However, its
profit cannot be made explicit and therefore there are no additional penalties for late
payment. In order to protect itself gainst default, the bank asks for strict collateral. The
goods or land is registered to the name of the buyer from the start of the transaction. This
arrangement is called Murabaha.
 (p.4) There are several other approaches used in business deals. Islamic
banks lend their money to companies by issuing floating rate interest loans. The floating
rate interest is pegged to the company’s individuals rate of return. Thus the banks profit
on the loan is equal to a certain percentage of the company’s profits. Once the principals
amount of the loan is repaid, the profit-sharing arrangement is concluded. This practice is
called Mushaarakah. Further, Mudarabah is venture capital funding of an entrepreneur
who provides labour while financing is provided by the bank so that both profit and risk
are shared.

(p.5) Such participatory arrangements between capital and labor reflect the
Islamic view that the borrower must not bear all the risk/cost of a failure, resulting in a
balanced distribution of income and not allowing lender to monopolize the economy.

(p.6) Today, there are about seventy five (75) Islamic equity funds worldwide
based in Muslim countries and targeted at institutional investors in the Middle East. The
growth of the middle class in the Muslim world id driving the advent of a ‘new economic
order’.

Understanding Islamic Banking in the Digital Era:

4. What distinguishes Islamic banking from conventional banking in terms of its
adherence to Islamic law and economics?
5. According to the text, what are some of the banking procedures that are deemed
Haram (prohibited) in Islamic banking due to Islamic law?
6. Can you explain the difference between a conventional mortgage and an Islamic
mortgage based on the information provided in the text?
7. How does Islamic banking practice the principle of sharing profit and loss, and how
does it differ from conventional banking in this aspect?
8. Based on the text, what role does the growth of the middle class in the Muslim world
play in shaping the landscape of Islamic banking in the modern era?
 UNIT 3

WOMAN IN ISLAM

(p.1) Islam confirms that both men and woman are equal in the sight of Allah
SWT. In the Quran, Allah SWT declares, “….Indeed, the most noble of you in the sight
of Allah SWT is the most righteous of you…” (49: 13). At another place in the Quran,
Allah SWT clearly states that all humans are equal: “To whoever, male or female, do
good deeds and have faith, we shall give a good life and reward the according to the best
of their actions.” (16:97).

(p.2) Similarity, the right, roles, and responsibilities of women are evenly
balanced with those of men but are not necessarily the same. As Islam has granted
individual identities to men and women, a constant comparison between the two is futile.
Each plays a unique role to mutually uphold social morality as societal balance.

(p.3) Education

Back in the 7th century, Muhammad (PBUH) declared that the pursuit of
knowledge is obligatory on every Muslim – male and female. This declaration was very
clear and was largely implemented by Muslims throughout history. One of the most
influential scholars of Islam was Muhammad’s wife, Aisha. After his death, men and
women would travel to learn from her because she was considered a great scholar of
Islam. The recognition of female scholarship and women’s participation in academia has
been encouraged and practiced throughout the majority of Islamic history. For instance,
al-Qarawiyin Mosque and University, the oldest running university, was funded by
woman, Fatima al-Fihri, in Morocco in 859 C.E.
 (p.4) Motherhood

In Islam, Allah SWT clearly gives mothers as a high status and elevates
their position in the family. In the Quran, Allah SWT mentions all the scarifies mothers
make in bearing children to remain people to treat their mothers with love, respect, and
care. Emphasizing the importance of mothers, the Prophet Muhammad (PBUH) said,
“Heaven lies under the feet of your mother.”

(p.5) On another occasion, a man repeatedly asked Muhammad (PBUH), “Who

amongst the people is the worthiest of my good companionship?” Each time, the Prophet
(PBUH) replied, “Your mother.” When man asked for the fourth time, he replied, “Your
father”.

(p.6) Inheritance

Before Islam, women all across the globe were deprived of inheritance and
were themselves considered property to be inherited by men. Islam gave women the right
to own property and inherit from relatives, which was a revolutionary concept in the
seventh century. Whether a woman is a wife, mother, sister, or daughter, she receives a
certain share of her deceased relative’s property. This share depends on her degree of
relationships to the deceased and the number of heirs.

(p.7) Financial Responsibilities

In Islam, women are not obligated to earn or spend any money on housing,
food, or general expenses. If a woman is married, her husband must fully support her
financially, and if she’s not married, that responsibility belongs to her closet male
relatives (father, brother, uncle, etc). She also has the right to work and spend the money
she earns as she wishes. She has no obligations to share her money with her husband or
other family members, although she may choose to do so out of good will. For instance,
Khadija, the wife of the Prophet Muhammad (PBUH), was one of the most successful
businesswomen of Mecca, and she willingly spent her wealth to support her husband and
the cause of Islam.

(p.8) Marriage
 A woman has the right to accept or reject marriage proposals and her
approval is required to complete the marriage contract. She cannot be forced to marry
someone against her will and if this occurs for cultural reasons, it is in direct opposition
of Islam. By the same principle, women also have the right to seek divorce if they are
dissatisfied with their marriage.

(p.9) In Islam, marriage is based on mutual peace, love and compassion.

Moreover, Muhammad (PBUH) embodied the best character and is a role model for all
Muslims.

Comprehension Questions about WOMAN IN ISLAM:

9. In what ways are the rights, roles, and responsibilities of women compared to those of
men in Islam?
10. How was female scholarship and women’s participation in academia encouraged and
practiced throughout the majority of Islamic history?
11. What revolutionary concept did Islam introduce regarding women and inheritance in
the seventh century?
12. What financial responsibilities do men have towards women in Islam, especially when
the woman is married?