Point 4 of 7 — Lesson 2: Business Ethics, the Prohibition of Fraud and MonopolyQuestion bank: 0 questions (0 with pictures)
04Fourth: the prohibition of monopoly (ihtikar)
Definition
Ihtikar: withholding goods from people in order to drive their prices up.
It harms public interests and contradicts the principle of mercy and solidarity.
Evidence
The Prophet ﷺ said: "Only a sinner withholds (monopolises)" — la yahtakiru illa khati'. Here "khati'" means the one who commits sin.
The Islamic position on monopoly and hoarding wealth
The Qur'an forbids bothmonopoly and hoarding wealth and withholding it from circulation, and urges directing wealth to what serves the public good of the society.
"And those who hoard gold and silver and do not spend it in the way of God — give them tidings of a painful punishment" — at-Tawba 34.
What monopoly produces
Rising prices and heavier burdens on the poor and the needy.
Depriving people of their basic needs and sowing resentment between the classes of society.
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