Ibn Taimiyah’s Concept of Market Mechanism
Presents Ibn Taimiyyah's views on demand and supply. Compares these views with early Muslim thinkers such as Imam Abu Yusuf and Ibn Khaldun. Also compares these views with Western thinkers up to the mid-eighteenth century. Concludes that Ibn Taimiyyah presented much more mature ideas in the 13th century on market mechanism than Western thinkers up to the mid-eighteenth century. Descriptive. For Muslim economists. Based on primary sources. Documented.
Economic thought of Ibn Al Qayyim (1292-1350 C. E.)
This paper seeks to report and analyse the economic thoughts of Ibn AI-Qayyim. He discussed mainly the problems of price control, market mechanism, supervision of economic activities under al- Hisbah, riches and poverty and interest and Zakah, at different places of his numerous works. The author argues that the main considerations before Ibn AI-Qayyim were realization of welfare, social interest, establishment of justice and elimination of exploitation and hardship from economic life. In the first instance, the author has tried to discuss his economic views in detail. Afterwards, an attempt is made to make a comparison of these views with those of his contemporaries. Lastly, the author attempts to show the main thrust of his ideas. Thus the paper provides a critique of the three principles ‘adl, maslahah and sadd shari’ah, as developed by Ibn al-Qayyim in order to solve the economic problems of his time. It is argued that his analysis is in conformity with the spirit of Shari’ah and has a validity even today. These principles provide a vast scope of Ijtihad for economists engaged in solving the economic problems of today in the light of the Shari’ah. They may also provide some guidance to Muslim economists for various policy issues relating to intervention by the state in regulating the rights to private property, Zakah assessment, the prohibition of interest-ribal fadl and ribal nasi’ah and price control.
Economic Thought of Ibn al-Qayyim (1292-1350 A.D.)
Reviews Ibn al-Qayyim’s views on private property, zakah, riba, al-hisba and market mechanism. The three principles of justice, public interest and preventive measures can contribute to policy formation in this age. Descriptive. For professional economists. Based on primary sources. Documented.