Monday 27 October 2008

Prophetic statements on economic principles

I will labor to transmit a the statement of the noble Prophet of Islam with regards to economics and justice financial dealings.

1. it is difficult to deny the alignment of Muslim economic thought with free market economies. This is what Prophet Muhammad had to say about free market forces. "prices are fixed by God. He alone contracts and expands the means of livelihood, and I wish to meet my Sustainer having no claims of injustice being made against me in respect of blood and wealth".
1400 year ago, prophet Muhammad made it clear people shouldn't try to fixed prices and interfere in the market forces. God made it easier for people to afford commodities. Manipulating or hoarding good just to force price increase is sinful and haram. Thus Islamic economics takes its guide lines from the Quran and sunnah and contemporary economic activities that are not against the laws of God.

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