“The jurists (Islamic scholars) have a very interesting statement. They say you can make as much profit as you want (it’s not haram), but it’s disliked to do so, although it is valid. The amount of profit to make is obviously a very subjective matter, but at the end of the day, there are a few things that are prohibited. For example, hoarding is prohibited, and in this context, hoarding means accumulating staple products.

I don’t mean, for example, that if someone knows Louis Vuitton is going to close down tomorrow, they go and buy up all the bags that will be on sale, knowing they will become very expensive next month. If they buy the bags and wait about four months before selling them for ten times the price, that’s fine because luxury products are not staple products. However, if someone does this with wheat, salt, or any essential items people need, hoarding them until the supply diminishes and then selling them when people need them most, that is not compassionate.

These points must be kept in mind for traders to be successful. The point being made by The Prophet Muhammad (peace and blessings be upon him) is that there is a lot of inclination and temptation in business to do things wrong to make an extra buck.”

~ Mufti Abdur Rahman ibn Yusuf

The Prophet (peace and blessings be upon him) said:

“The honest and trustworthy merchant will be with the prophets, the truthful, and the martyrs in the afterlife.”

Source: Sunan al-Tirmidhī 1209