Kwara State University
Khalid Bello
Designation: Lecturer I
Department: Religions, History and Heritage Studies
| My Publications | ||||||||
|---|---|---|---|---|---|---|---|---|
| S/N | Title | Abstract | Authors | Volume Numbers | Publication Type | Publication Date | Link | |
| 1 | Market Practices in Islam |
The contributions of market to a healthy economy cannot be quantified. It facilitates the movements of goods and services from the surplus unit of the economy to the deficit unit. This principle of exchange through market has been accepted from the beginning of human civilization as a major and exchange means through which goods and services one needs are obtained. Through market institution, people give and take, thereby, leading to resources distribution among people. This was why the Prophet of Islam prescribed some rules of fair dealings in market. To show the importance of market, he visited the market in Madinah immediately he entered the city. He noticed some un-Islamic practices such as heavy taxes and unlawful charges paid by the sellers buyers. He later established another market wherein he demonstrated how market should be operated in an Islamic economy. In this article all these were discussed in details. We also discussed some major rules of fair business in an Islamic environment. In Islam, one should not ‘eat’ people’s property wrongly. There should be equal access to information for all parties. For instance, Farm producers should be allowed to reach the market place in order to be familiar with what is going on there. We also discussed some prohitions in relations to market practices in Islam such as monopoly, oligopoly, uncertainty (gharar), interest (riba) and gambling (maysir). | http://www.ir.library,ui.edu.ng | |||||