The legislated Profit is according to the Custom of the Market

Question :

A friend buys a product for 60 pounds and sells it for 280 pounds. So, what is the Islamic ruling on that? What is the allowed profit according to the Islamic law in business?

Answer:

The Muslim must be sincere to the Muslims in general and he must avoid dividing them and causing harm to them in transactions. Thus, it is not permissible to exploit the ignorance of the ignorant person by increasing the price on him. The salesman must be satisfied with a profit that is customary among the people of the markets.

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