Wednesday | 15 January 2025 | Reg No- 06
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Wednesday | 15 January 2025 | Epaper

Islamic ways to control commodity prices

Published : Saturday, 26 October, 2024 at 12:00 AM  Count : 427
MAHBUBUR RAHMAN
In a report published last week in the international media, the Food and Agriculture Organization of the United Nations (FAO) said that the price of food products increased for the third month in the world until last October. As a result, food prices have reached the highest level in the last 10 years. Food prices have increased by 31.3 percent over the same period last year. In Bangladesh, the prices of consumer goods have also increased in the last six months.

Prices of some consumer goods have increased by up to 50 percent. Islam enjoins the prevention of unbridled inflation. The Islamic State's responsibility is to keep market prices stable to reduce public suffering.

The general principle of market price control: The general principle of Islam in market price control is that the producer shall enjoy freedom in determining the price of the product.

In general state will not fix the price of goods. Because if the price of the product is set, the producer can reduce the quality of the product. Hazrat Anas (RA) said, The people said, O Messenger of Allah (PBUH), the price of goods has increased. You set the price for us.

Then Rasulullah(PBUH) said, 'Surely Allah is the One who determines the speed of commodity prices, He is the One who brings narrowness and breadth, and He is the Provider of sustenance. I want to meet Allah in such a condition that none of you can raise a complaint against me regarding his life and wealth.' (Sunan Abi Dawud, Hadith: 3451)

Main causes of price increase: Islamic Shariah has identified the main causes of price increases and ordered to combat them. For example -

Hoarding: Hoarding is one of the main reasons for the increase in commodity prices. Even if there is a shortage of goods in the market, it is forbidden in Islam to stockpile goods for personal profit. Especially if it is cereal. Rasulullah(PBUH) said, "Whoever hoards the food grain of a Muslim, Allah will impose poverty on him." (Sunan Abi Dawud, Hadith: 55)

Market Syndicates: Unscrupulous business syndicates are a major obstacle in market price control. Islam's directive is that after the production of the product, it should freely enter the market. The market will not hold it back for price increases. Rasulullah(PBUH) said, "Whoever keeps food for 40 days is released from the responsibility of Allah." (Musannaf Ibn AbiShayba, Hadith: 20396)

Black Market: The price of goods is increased through the black market. The black market involves direct fraud, oppression, and financial dishonesty. Allah Ta'ala says, "O believers, do not consume your wealth unjustly." (Surah Baqarah, verse 188)

Middlemen: Due to middlemen consumers cannot buy the product at a fair price. Islam forbids creating obstacles between production and marketing of products. Abdullah (RA) said, "We used to meet businessmen and buy food from them. The Prophet (peace be upon him) forbade us to buy food before reaching the market.' (Sahih Bukhari, Hadith: 2166)

Taking advantage of natural calamities: AllahTa'ala sends down natural calamities such as heavy rains, lack of rains, floods, floods, droughts, etc. to test people or to punish them for their deeds or to turn away from their sins and return to the path of Allah. (Surah Sajdah: 21; Surah Baqarah: 155; Surah Rum: 41). In such a situation inflation occurs due to less production of goods. A class of businessmen take this as an opportunity to make more profit. The surprising thing is that on the pretext of floods, the prices of imported products or products produced outside the flood-affected areas are also increased. (Editorial, Prothom Alo, 26th July'19, p-10) This is a familiar picture of Bangladesh during floods. In this situation, the Islamic State should take a benevolent role.

Inattention to agriculture: Inattention to agriculture can lead to food shortages and an increase in commodity prices. Islam says to ensure optimal utilization of agricultural land. Rasulullah(PBUH) said, "Seek your livelihood from the soil." (MazmaulZawaid)

What to do when commodity prices rise: When commodity prices rise, believers can resist it in various ways. For example -

One. Price fixing: If the price of goods increases, the government will fix the price of daily necessities. As mentioned above.

Two. Boycott of overpriced goods: Society may boycott overpriced goods to protest unfair price hikes by traders. During the era of Umar ibn al-Khattab (RA), when the price of meat increased, people complained to him and demanded to fix its price. He said, you reduce its value. Stop buying meat from them. (Al Bidayah One Nihaya: 9/141)

Three. Ease of buying and selling: Traders should adopt ease of buying and selling in such difficult times. The Holy Prophet (PBUH) said, 'Allah will admit such a person to Paradise, who was easygoing in the situation of buyer, seller, judge and judge. (SunanNasa'i, Hadith: 4696)

Four: Crackdown on product hoarding:Stocking increases the price of goods. Islam forbids hoarding for the sake of greater profit. Ma'mar Ibn Abdullah Ibn Fazalah (RA) said, "I heard the Messenger of Allah (PBUH) say, No one hoards except a sinner." (Tirmidhi). In another hadith, 'A person who stores food for 40 nights has no relationship with Allah.'

In the eyes of Islam, the increase in commodity prices is a kind of punishment from Allah. Therefore, when the price of goods increases, it is necessary to avoid sin and repent. May Allah protect everyone from this crisis of earthly life. Ameen.

The writer is a PhD Researcher at the University of Rajshahi and Lecturer of Rajshahi Cantonment Public School & College



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