Iḥtikār (احتكار)
Definition
Iḥtikār (احتكار) refers to the practice of hoarding essential commodities, specifically with the intent to manipulate the market by raising prices. Commonly extended to monopolistic behaviors of all kinds, iḥtikār is regarded as morally reprehensible and is strictly forbidden in Islamic teachings.
Etymology
The term “iḥtikār” is derived from the Arabic root حَكَرَ (ḥakara), which means “to hoard” or “to monopolize.” The noun form “iḥtikār” translates directly to “monopolization” or “hoarding.”
In Turkish, the term retains the same form and pronunciation: İhtikâr.
Prohibition in Islamic Teachings
Islamic law, or Sharia, prohibits iḥtikār due to its potential harm to the community and its contradiction with the principles of fairness and equity.
Hadith References
The Prophet Muhammad (peace be upon him) explicitly forbade monopolistic practices. He is reported to have said:
- “Whoever monopolizes is a sinner.”
- “Those who bring grain to a city to sell at a cheap rate are blessed, and they who keep it back in order to sell at a high rate are cursed.” (Mishkāt, book xii. ch. viii.)
Schools of Thought
Ḥanafī School
Abū Ḥanīfah, the founder of the Ḥanafī school of jurisprudence, restricts iḥtikār specifically to the monopolization of life’s necessities, such as food, water, and other essential goods.
Ethical Dimensions
Iḥtikār contravenes the ethical and moral frameworks of Islam, as it directly affects the well-being of the community. By artificially inflating prices, monopolists cause undue hardship, especially to the poor and vulnerable.
Legal Implications
In many Islamic countries, laws inspired by Sharia explicitly penalize iḥtikār. These laws are designed to maintain market equilibrium and ensure fair distribution of essential goods.
Recommended Readings
For further understanding of iḥtikār and its implications, consider the following texts:
- “Islamic Economics and the Finance Crisis: Theory and Practice” - by Abbas Mirakhor & Hossein Askari
- “The Economic Ideas of Ibn Khaldun” - by Charles Issawi
- “Introduction to Islamic Law: Principles of Civil, Criminal, and International Law under the Sharia” - by Jonathan G. Burns
- “Economic Justice in Islam” - by S. M. Hasan-uz-Zaman
Key Takeaways
- Iḥtikār is prohibited in Islam because it conflicts with principles of fairness and community welfare.
- The practice involves hoarding essential goods to inflate prices artificially.
- Various hadiths explicitly condemn this practice as sinful and harmful.
- Islamic legal and ethical frameworks prioritize communal well-being over individual profit.
Conclusion
Understanding iḥtikār helps in appreciating the comprehensive nature of Islamic economic ethics. The prohibition against hoarding and monopolistic tendencies highlights Islam’s commitment to social justice and economic fairness. Studying such practices offers valuable insights into how Islamic teachings aim to cultivate a balanced and equitable society.
