Do you know that fixing a price is forbidden, in Islam? (God’s proposed structure – part 11)
Sunan Abu Dawud Hadith 3451 (Concerning Fixing Prices):
It was recorded that Anas bin Malik (RAA) stated:
“The people requested: ‘O Allah’s Messenger, the prices have gone too high, fix these prices for us.’ In response the Messenger of Allah (PBUH) stated: ‘Allah is the One Who determines prices, Who takes and provides, and He is the sustainer. I wish that I shall meet Allah with no person amongst you having any claim against me regarding any matters of blood or wealth.'” (Sahih) [Sunan Abu Dawud Hadith 3451]
So in an Islamic Economy it is not allowed to Fix a price, but this price MUST be set by the market forces. This is critical to ensure optimal setting of equilibrium prices and utilisation of resources.
Do you want to know more of what is allowed and what is forbidden ? How should the economy and finance on the whole be structured?
The book “Islamic Finance and Trade: God’s Economic System”, is the culmination of over 25 years of research, to present the answer to the above question. You are kindly invited to Read, Review and Recommend the book. It is available at https://a.co/d/f1jTXvP and on all Amazon sites.
