Ethics of dealing with rising prices A Comparative Jurisprudence Study

Ethics of dealing with rising prices
A Comparative Jurisprudence Study
 
Khadija Mahmoud Rushdie Muhammad Hassan
Faculty of Islamic and Arabic Studies, Al-Azhar University, Cairo, Egypt.
Email: khadegamahmoud1871.el@azhar.edu.eg
 
Abstract:
The research aims to shed light on the phenomenon of rising prices from the perspective of Islamic jurisprudence, and to explain the reasons for high prices, which are many, including: increased demand for goods and lack of supply, commercial dumping, monopoly, meeting the caravans on the way (to buy the goods away from the market, and sale from the dweller of the town to the Bedouin. It also aims to explain the ethics of dealing with high prices and ways of combating such rise in prices, including: pricing, hisbah, rationalization of consumption, satisfaction with what Allah has divided, continually asking pardon, and social solidarity. The research follows the inductive, deductive methods, and reaches a number of results, the most important of which are:
The many aspects of social solidarity, starting with self-consolation by participating with the poor in rationalizing consumption, so that the rich prevent themselves from buying what the poor cannot buy in order to achieve the goal of rationalization, which is the lack of demand for the supply; Consequently, merchants will be forced to reduce prices in response to the law that controls the pricing process, and ending with the role of the state in achieving this solidarity. The research recommends paying zakat in advance if necessary, during times of need and distress, so that the rich person should pay his zakat or part of it or divide it into monthly installments to meet the urgent need of the poor person. It is advisable to expand the establishment of cooperative societies that sell goods at prices suitable to the consumer. It also recommends that the state introduce new forms of support for low- and middle-income people, such as a cost-of-living allowance, and prevent the reception of subsidy to those who do not deserve it, which will increase support for those who deserve it. It also recommends that the executive authority accelerate its procedures to address this dangerous phenomenon.