Monopoly in Islamic Context (Iḥtikār)
Etymology and Translations
- Arabic: إحتكار (Iḥtikār)
- Turkish: Tekelcilik
The term “iḥtikār” in Arabic derives from the root “ḥakara,” which means to appropriate or gather something greedily. It generally refers to monopolistic practices, especially the hoarding of essential goods to manipulate market prices.
Islamic Law on Monopoly
In Islamic jurisprudence, iḥtikār is explicitly forbidden, particularly when it involves the hoarding of essential life necessities like grain, oil, and other staple foods. The prohibition is rooted in the desire to protect societal welfare and ensure equitable distribution of resources.
Prophetic Sayings (Ahadith)
The prohibition of iḥtikār is supported by various sayings of the Prophet Muhammad (peace be upon him), such as:
- “Whoever monopolizeth is a sinner.”
- “Whosoever keepeth back grain forty days, in order to increase its price, is both a forsaker of God, and is forsaken by God.”
These sayings can be found in respected collections like the Mishkāt al-Maṣābīh (Book xii. ch. x) and the legal text al-Hidāyah (vol. iv. p. 114).
Ethical Considerations
In Islamic ethics, monopolistic practices are seen as fundamentally unfair and harmful to society. By hoarding essentials, the monopolist not only disrupts market dynamics but also endangers the well-being of the community, potentially leading to:
- Increased prices
- Scarcity and famine
- Economic inequality
Legal Rulings
Islamic scholars have laid down specific legal rulings to prevent monopolistic behavior. These rulings are derived from various schools of Islamic thought (madhāhib) and are centered on upholding justice and preventing harm (mafsadah) to the community.
Cultural Practices
In many Muslim-majority communities around the world, the concept of iḥtikār continues to be relevant. Traditional markets often self-regulate to prevent such monopolistic behaviors, reflecting the ethical and legal principles outlined in Islamic teachings.
Suggested Books for Further Studies
- “The Relevance of Islamic Economics” by Muhammad Akram Khan - This book provides a comprehensive overview of how Islamic economic principles can be applied in the modern world, including the prohibition of monopolistic practices.
- “Islamic Commercial Law” by Muhammad Yusuf Saleem - This text delves into the various aspects of Islamic commercial transactions and business ethics.
- “The Muqaddimah: An Introduction to History” by Ibn Khaldun - Although broader in scope, this classic work touches upon economic principles in the context of Islamic civilization.
Takeaways and Conclusion
The Islamic prohibition against iḥtikār underscores a commitment to fairness and social justice:
- Protect Community Welfare: Ensuring essential goods remain accessible and affordable.
- Prevent Exploitation: Guarding against the unethical manipulation of resources.
- Encourage Ethical Trade: Promoting honesty and transparency in business practices.
In conclusion, Islamic warnings against monopoly highlight a broader ethical framework that prioritizes collective well-being over individual gain. Understanding these principles is pivotal not only for those engaged in commerce but also for anyone interested in the intersection of faith and economics.
