The Bazaar of Madinah, established by the Prophet of Islam, is the first bazaar in "human history" to have developed "modern economic principles."Today, high standards are set for economies around the world based on these modern economic principles.
When the market had been established on these two grounds,ie firstly it will be a completely "tax free" zone and secondly that there will be no any kind of "middleman" between the real owner of produce and the market ( the one who buy cheap things based on capital and sells them in the market at his own price), so the Prophet (peace and blessings of Allah be upon him) gave an other "golden rule" to this "market economy" that no one would have the slightest authority to set prices in this market, even if those things were a basic necessity.
Imam Ahmad ibn Hanbal (may Allah be pleased with him) narrated from Anas (may Allah be pleased with him) that when prices increased in the time of the Messenger of Allah (may peace be upon him), people said, “O Messenger of Allah! Set the prices. He said: Allah is the Creator, He gives death, the Extender, the Sustainer, the Determiner of the prices. I wish to meet Allah in such a way that no one demand revenge from me for the injustice I have done to his life and property. (By setting price)”.
This golden rule of modern economics, given by the Prophet of Islam (PBUH) fourteen hundred years ago, is today the "foundation of the market economy". Islam forbids any kind of "price list", because it opens the way to hoarding and the goods begin to disappear from the market. Today, the world's largest market stands on the principle of demand & supply.
When this market of Madinah was founded on these golden principles, it was now very important to determine the actions and deeds that become a source of looting in any market.
The first of these "penal" laws was about "hoarding". A hoarder is a person who stores items in anticipation of rising prices in order to sell them at a higher price.
The Holy Prophet (sws) said, "The merchant is given sustenance and the hoarder is cursed" (Mushkoat). "Cursed" means the one completely far from the Blessings of Allah.
He PBUH said, "Whoever withholds grain and sells it to Muslims at a high price, Allah will make him suffer from leprosy and poverty."(Mushkoat).
There is such a promise of hoarding that the Prophet (peace be upon him) said, "He who hoards for forty nights has become detached from Allah and Allah has become detached from him" (Musnad Ahmad).
That is, after that, even if he worships and gives alms, it will not be acceptable to Allah.
After the implementation of the law against hoarding, the implementation of "business ethics" in the bazaar of Madinah was also very important. In this regard, the Prophet (peace be upon him) has given orders for every occasion. The biggest evil is Deceit in trade. The Prophet (peace be upon him) went to a grain seller. He put his hand in his grain and his fingers got wet.
The Prophet (peace and blessings of Allah be upon him) asked: O owner of grain, how is this moisture? He said, "O Messenger of Allah, it rained on this grain." He PBUH said, "Then why didn't you put the soaked grain on top so that people could see it?" Then He PBUH said, "Whoever deceives has nothing to do with me, (ie he is not from my Ummah) (Muslim: Kitab al-Iman). This is not a small promise that the Holy Prophet is announcing the expulsion of the deceiver from his Ummah.
Even the slightest deception in business was declared prohibited in the bazaar of Madinah. The three persons whom the Messenger of Allah said, "Allah will not speak to them, nor will He look upon them, nor will He purify them, but for them is a painful punishment." one of them is the person who sells his stuff by swearing falsely ”(Sahih Muslim).
In the case of deception and fraud, it has been ordered to have such a precaution that the Prophet (peace and blessings of Allaah be upon him) said: Do not deceive in price either, that is, if you know that the price of a "thing" (that you are going to buy) is high and the seller does not know its real price, So don't buy that thing cheaper than the exact price. It has been called "Criminal Fraud" (Musnad Ahmad).
The next evil of business that was forbidden is "gambling". Gambling is the process by which the market for speculation heats up in the modern economic world. In the "stock market", ordinary people always "ruined" their life, and "monopolists" earn from this exploitation. Markets around the world are populated by lotteries, betting and pure gambling.
In today's world, the tourism market revolves around two things, the so-called nightlife clubs and the gambling casinos. There is an "exploitative class" behind all this business, which in the form of market mafia also sponsors bullying, murder, kidnapping and drug trafficking. But all these evils begin with the simple income, which is earned from gambling, betting, speculation and lottery. All these laws of the economy of Medina are not just stories based on moral advice, but the Prophet (peace be upon him) shown the world by enforcing them. These are all rules that can be easily framed in terms of "laws" according to the basic standards of punishment.
When such a bazaar was established in Madinah, the most important prohibition announced by Allah and enforced by the Messenger of Allah PBUH was "interest". All the economists of the world agree that the only reason for rising prices and making business difficult is interest.
Just look at the "sugar" business in the market, if the cost of its production is PKR 15 (Pakistani Rupees) per kg, then it also includes "interest" of about PKR 20 on seeds, fertilizers, factory loan and purchase of chemicals etc.
Thus, the production cost of sugar alone reaches PKR 35 per kg. let's suppose If this sugar is produced on the basic principles of Islam with no "interest economy" and prices are not controlled in any way and the market is running on the basis of "Demand & Supply", then it's market price will not be more then PKR 16 per kg.
The Prophet (peace and blessings of Allah be upon him) established another law: do trade with gold, silver, dates, barley, rice and salt, that is, trade for something that can be sold in the market alone, by definition of economics which is called "intrinsic value" .
If paper currency notes are sold in the market, then they can't be sold as even a junk. Modern day inflation and shortages of goods are born out of this "paper currency".
This is a brief outline of the market of the "State of Madinah", the laws of which, if enacted today, will make people breathe a sigh of relief. There will be no sign of inflation. It will be easier for the trader to earn a living and the farmer will get the fruits of his labor and hard-work.
The same principles and laws are considered the best by "modern economists", but in the presence of the "global interest-bearing financial system" that has trapped the world, the peace, comfort, happiness and prosperity can never come in human life.
The End
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