Friday 29th of March 2024
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   Op-ed
Rising commodity prices: Islamic perspective
  Date : 29-03-2024

Dr. Muhammad Mahtab Hossain Mazed: Islam is a complete way of life. There are Islamic teachings in every aspect of life starting from family, social, political, international. Like all other subjects, there are definite and definite principles of Islam in the field of trade and commerce. Rising commodity prices are currently one of the national problems of the country. The prices of most commodities are now beyond the reach of low-income people. The prices of rice, pulses, oil and other daily commodities have been increasing from time to time.

1. The traders` syndicate is the main reason for the increase in commodity prices. It is often alleged that a class of profiteering unscrupulous merchants controlled the market by building a stockpile of essential commodities. The government also blames the traders` syndicate for the rise in prices.

2. Heavy extortion on industrial owners, entrepreneurs, producers and traders is another reason for the rise in commodity prices. Traders and producers compensate extortionists by increasing commodity prices. As a result, ordinary consumers are affected.3 .The effect of rising commodity prices in the international market is also felt in the domestic market. When the price of a product increases in the international market, its price naturally increases in the domestic marketIn the field of trade, Islam has all the time-honored well-thought-out policies and far-reaching market plans, which, if implemented, would help control prices, curb undesirable inflation and, above all, alleviate market worries and instabilityIslamic Perspectives on Rising Commodity Prices: First of all, I would like to quote some verses of the Holy Quran related to business for the readers. Allah says: Alas for those who are corrupt in the measure, who take the measure from the people properly. When man is measured, he manipulates the weight. Do they not think that they will be resurrected on a great day (Surah Mutaffifin, verses 1-4)? You measure and Do not lose weight. I see you in good health, and I fear for you the Day of Torment (Surah Hud, Ayat 84). O people, measure and weigh in a just and just manner, do not harm the people by reducing their possessions, do not spread corruption in the world (Surah Hud, verse 85). O you who believe, do not devour each other`s wealth unjustly. Do not kill yourself for the sake of mutual consent. Surely Allah is Merciful to you (Surah An-Nisa `, verse 29). Do not mix truth with falsehood and do not conceal the truth knowingly (Surat al-Baqara, verse 72). I am quoting from the hadith related to the second business-There is a hadith narrated in Ibn Majah Sharif, ‘Whoever stores the food of Muslims for 40 days, Allah will punish him with leprosy and poverty.’ (Ibn MajahSaid, ‘How inferior the stockholders are! News of falling commodities makes him feel bad; And he rejoices at the news of the price increase. `Another hadith states, What is the duty of Allah, what is supererogatory, He does not accept any worship. `(Shami: 6/398)

Fiqh principles regarding stocks

Hidayah, a well-known book in Hanafi jurisprudence, mentions that it is makrooh to stockpile food for people and cattle, if it harms the townspeople. If the people of the city are not harmed, then it is not makrooh. `(Hidaya, 4/470)

‘Fatwa-i-Alamgiri’ mentions, ‘Imam Muhammad (ra)He said, "If there is a danger of endangering the city dwellers, the government will force the stockholders to sell their goods at a normal price or at a price that is acceptable to the people." (Alamgiri: 3/214)Elsewhere, if the government is informed about the stockpile, the government will order him and his family to sell excess food and prohibit them from stockpiling. If he does not stop, then advice must be given, caution must be given. If he still does not stop, if he is again accused of hoarding, then he will be imprisoned. (Al-Muhith) ‘Al-Mujaraat’ mentions that the jurists agree that, if necessary, the judge can sell the stored food without the consent of the stockists.Commodity prices also rise in many cases due to the inaction of middlemen. That is why such malpractices of middlemen have been banned. In this connection, it is narrated in a hadith from Abdullah Ibn Masood (may Allah be pleased with him) that the Prophet (peace and blessings of Allah be upon him) forbade meeting with foreign sellers to buy at low prices. (Tirmidhi) means that the Prophet (peace and blessings of Allaah be upon him) forbade the owner of goods or the commercial (commercial) caravan to buy goods from them in order to make more profit before they reach the city. This is because it destroys the interests of ordinary buyers and consumers and increases the price of goodsHe said that no city dweller will sell on behalf of any villager. Leave the people in their normal state, so that Allah may provide for them one by one. (Tirmizi). In other words, usually the villagers are the producers of a lot of food. When the villagers come directly to the city and sell the food, the price of goods is naturally at a tolerable level, the city dwellers do not have to pay high prices. But the middlemen took the market price from the villagers themselves. That is why the Prophet (peace be upon him) forbade such acts. In a hadith, the Prophet (peace be upon him)Irshad said, "Whoever interferes in the transactions of the Muslims with the intention of increasing the price, on the Day of Resurrection Allah will punish him by putting him on fire." (Tabarani: 8/210) . The Prophet (peace be upon him)That too has been banned. In the hadith it is called `Najash`. The Prophet (peace and blessings of Allaah be upon him) said in a hadeeth narrated from Abu Hurairah (may Allaah be pleased with him):

* The provision of Shariat is - usually the government will not fix the price of goods. In this context, there is a hadith narrated from Anas (ra) that the price of goods increased once in the time of Rasul (sa). People then say, ‘O Messenger of Allah! You set the price for us. `The Prophet (peace and blessings of Allaah be upon him) then said, I hope to meet my Lord in such a way that none of you will have any claim against me for blood or wealth or anything. `(Tirmidhi: 1/245)In the light of this hadith, the jurists say that if the market situation is normal, the government will not fix the price of goods; However, if the traders charge extra prices or the prices of commodities go up so much that the public may suffer if the prices are not fixed, then the government, in consultation with the concerned experts, will increase the prices of commoditiesBe able to determine.In order to alleviate the suffering of the people, the government will then consider it prudent to fix the price of goods. `(Hidaya, Alamgiri) If they conspire to increase prices, the Muslim government will be able to intervene in the market and fix prices so that the situation returns to normal. (Takmilatu Fathul Mulhim: 1/312) Allama Ibn Qayyimil Jawziya (Rah.)He said, "In the interest of establishing justice and balance among the people, pricing of goods is not only legal but also necessary in certain cases." (At-Turk: 1/355)

In the context of pricing policy, Bahrur Rayek has mentioned in the book, "When the government wants to fix the price of a commodity, it will bring together a significant number of people in the market of the product concerned." The government will present to the buyers. The sellers will verify the truth by asking what price they are selling and what price the buyers are buying. Then the producer-importer-trader will not be harmed, again the buyer will set the price in such a way that it does not exceed the purchasing power limitIn the end, we follow the rules of Islam in buying and selling and trading. We refrain from making money in illegal ways including profiteering, hoarding, speculation, black market and interest. May Allah grant us the grace to do business honestly in accordance with Islamic guidelines. Protect yourself from being a sinner in the great sin of dishonest business - Amen.

Author: Dr. Muhammad Mahtab Hossain Mazed is the editor and publisher of Daily Health Information. He is also Founder of Bangladesh Patient Welfare Society. Dr. Muhammad Mahtab Hossain Mazed can be reached at drmazed96@gmail.com



  
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