Business Law in the Muslim Community

Posted on in Islamic Lawyer

Islamic business attorney, Illinois business attorney, Illinois business law,Are you in the process of forming a business or expanding a business venture? Do you have plans for upcoming business negotiations or business litigation? No matter what kind of business law issue you currently are facing, it is extremely important to seek advice from an experienced DuPage County business law attorney. Dealing with contracts and other business agreements can sometimes result in complications for the Muslim community.

Negotiating Business Contracts

For Muslims in the business world, it is important to understand the relationship between business law and the terms set forth for doing business in the Quran. Generally speaking, for contracts to be valid under U.S. civil law, they must have two elements according to the U.S. Small Business Administration:

  • The parties doing business agree on an offer, which is made by one party and accepted by the other party; and
  • The parties exchange an entity of value for another entity of value. Those items of value can be both tangible and intangible, such as physical goods or services.

 In addition to these two general requirements of business contracts, business agreements will require many additional details and elements depending upon the nature of the specific transaction. An attorney can assist you with numerous aspects of your business deal, including but not limited to:

  • Reaching an agreement;
  • Determining how long a business offer should remain open;
  • Dealing with counteroffers;
  • Negotiating the terms or amount of your investment; and
  • General bargaining and negotiating tactics.

Most importantly, you need to have a contract that is in writing. While contract law in the U.S. does not absolutely require a written contract for an agreement to be valid, ensuring that your agreement is in writing can save you significant difficulties at a later date. And the Quran confirms the significance of having a written contract. Indeed, 2:282 states:

“O You who have attained to faith! Whenever you give or take credit for a stated term, set it down in writing. And let a scribe write it down equitably between you; and no scribe shall refuse to write as God has taught him: thus shall he write.”

In short, the Quran states that Muslims should conduct business matters in writing, and the practice of contract law in the U.S. substantiates the importance of this procedure.

Creating New Business Ventures in the Muslim Community

With a rise in new entrepreneurs and business ventures in the Muslim community, it is essential that business contracts be developed with the assistance of a DuPage County Islamic business lawyer to ensure that you have a proper business structure and properly developed documents under U.S. civil law.

Our attorneys want to safeguard the ability for members of the Muslim community to thrive in business. On the one hand, Islamic law provides principles for us to follow as we consider the terms of contracts and the tenets of new business ventures. On the other hand, in order for your business to flourish in an environment that often is secular, it is essential to work with an experienced Islamic business attorney who understand the ins and outs of both Islamic law and secular contract law.

Contact a DuPage County Business Lawyer

Whether your business needs are large or small, a dedicated Oakbrook Terrace business law attorney at Farooqi & Husain Law Office can assist you today. Contact us to learn more about the services we offer to business owners and new entrepreneurs in the Muslim community.

  Source:

https://www.sba.gov/blogs/contract-law-how-create-legally-binding-contract

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