Price Control in an Islamic Economy
JOURNAL REVIEW
Title:
Price Control in an Islamic Economy
Author:
Muhammad Lawal Ahmad Bashar
Publish:
1997
Introduction
This paper emphasizes the control of the Islamic economic price. Government intervention in price control has been discussed in Islamic economics in 1950. Islamic economic margins redefine government intervention to raise the question of why, when, where and how the intervention will be allowed. These efforts have led to a different conclusion because it has happened with earlier scholars between the eleventh and sixteenth centuries.
Moreover, the purpose of this study was to throw doubt on the Shari’ah position in the market price, reviewing cases of price controls in the conventional economy and introduce contemporary scholars of Islamic law to the particular decision in the economic literature, Islamic theory rebuild price control.
Review
There are two facts that are considered authorities in Islamic law, namely first, a hadith reported by Anas that “One person came to the Prophet and requested him to fix prices in the market but he refused. Another man came and made the same request; the Prophet said it is Allah who pushes prices up or down, I do not want to face Him with a burden of injustice”. Second, Imam Malik reports on Caliph Umar intervention in the market by pushing sellers to sell at lower prices. He recorded the incident in Muwatta reported by Yunus bin Saeed bin Saif and Musaiyib that: "Umar bin Khattab passed by Hatib bin Balta'ah that sells dried grapes in the market. Umar told whether to raise prices or leave the market".
The four major schools of fiqh, namely, Maliki, Hanafi, Shafi’i and Hanbali there is little difference of opinion on price control in Islamic economics. For Imam Shafi'i and Imam Ibn Hanbal view that social authority is not entitled to set prices for two reasons and lack of goods where the cheapness and if higher prices as a result of natural causes, so the pricing is not fair to the
Title:
Price Control in an Islamic Economy
Author:
Muhammad Lawal Ahmad Bashar
Publish:
1997
Introduction
This paper emphasizes the control of the Islamic economic price. Government intervention in price control has been discussed in Islamic economics in 1950. Islamic economic margins redefine government intervention to raise the question of why, when, where and how the intervention will be allowed. These efforts have led to a different conclusion because it has happened with earlier scholars between the eleventh and sixteenth centuries.
Moreover, the purpose of this study was to throw doubt on the Shari’ah position in the market price, reviewing cases of price controls in the conventional economy and introduce contemporary scholars of Islamic law to the particular decision in the economic literature, Islamic theory rebuild price control.
Review
There are two facts that are considered authorities in Islamic law, namely first, a hadith reported by Anas that “One person came to the Prophet and requested him to fix prices in the market but he refused. Another man came and made the same request; the Prophet said it is Allah who pushes prices up or down, I do not want to face Him with a burden of injustice”. Second, Imam Malik reports on Caliph Umar intervention in the market by pushing sellers to sell at lower prices. He recorded the incident in Muwatta reported by Yunus bin Saeed bin Saif and Musaiyib that: "Umar bin Khattab passed by Hatib bin Balta'ah that sells dried grapes in the market. Umar told whether to raise prices or leave the market".
The four major schools of fiqh, namely, Maliki, Hanafi, Shafi’i and Hanbali there is little difference of opinion on price control in Islamic economics. For Imam Shafi'i and Imam Ibn Hanbal view that social authority is not entitled to set prices for two reasons and lack of goods where the cheapness and if higher prices as a result of natural causes, so the pricing is not fair to the