Editing Price Control in Islam

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== Opinions of the Muslim Scholars ==
 
== Opinions of the Muslim Scholars ==
 
===== Ibn Qudamah =====
 
===== Ibn Qudamah =====
  Two facts can be derived from the hadith. First, the Prophet did not control prices despite people’s pressure on him which should suggest that it is disallowed. If it were lawful the Prophet would have yielded to their demand. The second point is that the Prophet equated price control with injustice (zulm) and injustice is forbidden. The goods whose price was sought to be controlled were property of a man (trader). And that man cannot be prevented from selling his goods at an agreed upon price by the two parties, i.e. the buyer and the seller(Ibn Qudamah,1374:44).
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  Two facts can be derived from the hadith. First, the Prophet did notcontrol prices despite people’s pressure on him which should suggest
 +
that it is disallowed. If it were lawful the Prophet would have yielded to their demand. The second point is that the Prophet equated price control with  
 +
injustice (zulm) and injustice is forbidden. The goods whose pricewas sought to be controlled were property of a man (trader). And that man cannot be  
 +
prevented from selling his goods at an agreed upon price
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by the two parties, i.e. the buyer and the seller (Ibn Qudamah, 1374:44).  
  
  In a way the control of price may give rise to price rise. The traders from outside will not bring their goods in a place where they would be forced to sell them at a price against their wish. The local traders would hide the goods instead of selling. People would get less than their need, so they would offer a higher price to obtain the goods. Both parties (sellers and buyers) would lose; the sellers because they were prevented from selling their goods, and the buyers because they were prevented fromful filling their needs. So this act will be termed as forbidden(Ibn Qudamah,1374:44-5).
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  In a way the control of price may give rise to price rise. The traders from outside will not bring their goods in a place where they would be forced to  
 +
sell them at a price against their wish. The local traders would hidethe goods instead of selling. People would get less than their need, so they would  
 +
offer a higher price to obtain the goods. Both parties (sellers and buyers) would lose; the sellers because they were prevented from selling their goods,  
 +
and the buyers because they were prevented fromful filling their needs. So this act will be termed as forbidden (Ibn Qudamah, 1374:44-5).
  
 
== Extra Reading ==
 
== Extra Reading ==

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