Do you know only the seller has the right to set the price, by mutual consent, in Islam? (God’s proposed structure – part 12)
Sahih Al-Bukhari Hadith 2106 (Regarding the owner of a possession has to suggest a price for it):
Anas (RAA) Narrated:
The Prophet (PBUH) asked, “O Bani Najjar! Suggest a price for the garden you own.” At that time a portion of it was in ruins and it had some date-palms. [Sahih Al-Bukhari Hadith 2106]
Sunan Ibn Majah Hadith 2185 (Transactions With The Option To Cancel):
It was recorded from Dawud bin Salih Al Madani that his father stated:
I heard Abu Sa’eed Al-Khudri narrating: “The Messenger of Allah (PBUH) stated: ‘Transactions can only be undertaken through mutual consent.”‘ (Sahih) [Sunan Ibn Majah Hadith 2185]
So in an Islamic Economy you can not force a price on the seller, rather the seller has the right to set their own price and the transactions are conducted purely on mutual consent. This is critical for the operation of free and fair markets, that 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.
