Definition
Iḥtikār (احتكار) refers to the monopolization or hoarding of essential goods with the intention of inflating their prices. In Islamic jurisprudence, it particularly condemns the monopolization of necessities, creating unjust hardship for the community.
Etymology
The Arabic term احتكار “Iḥtikār” derives from the root word حكر (ḥkr), meaning “to constrain” or “to monopolize.” It connects etymologically to linguistic forms that evoke control over supply and demand dynamics.
Background
The concept of Iḥtikār has its roots in the teachings of Prophet Muhammad. Islamic tradition vigorously denounces this practice as it causes public harm. Traditional Islamic scholars like Abū Ḥanīfah emphasized Iḥtikār limitations primarily to life’s essentials like food and water.
Cultural Differences and Similarities
Iḥtikār is universally condemned, albeit practiced variably within different cultural and economic contexts. Unlike some secular traditions where monopolies might have certain legal allowances, Islamic economic ethics stress unswerving prohibition.
Synonyms
- Monopoly
- Hoarding
Antonyms
- Distribution
- Fair Trade
Related Terms
- Ribā (ربا): Usury or interest, financially exploitative practice strongly condemned in Islam.
- Zakāt (زكاة): Obligatory almsgiving in Islam to promote economic fairness.
Exciting Facts
- Iḥtikār not only encompasses hoarding but also extends to practices preventing goods from reaching the market unless artificially priced higher.
- In historical Islamic markets, price controls were instituted by state-appointed officials called “Muḥtasibs.”
Quotations
“Those who bring grain to a city to sell at a cheap rate are blessed, and they who keep it back in order to sell at a high rate are cursed.” - Mishkāt, book xii. ch. viii.
References
- “Mishkāt al-Maṣābīḥ,” a classical Islamic text.
- Al-Ghazali’s thoughts on Iḥtikār in “Iḥyā́ ‘Ulūm ad-Dīn” (Revival of Religious Sciences).
Literature and Sources for Further Study
- “Early Islam and the Birth of Capitalism” by Benedikt Koehler
- “Iḥtikār (Usury and Monopolization): An Economic Term and its Applications in Islamic Jurisprudence” by Fathi Osman
- Online Islamic Finance certifications and courses to understand modern implications
Inspirational Farewell
“The economies of fairness and compassion are the traits of wisdom and Islamic ethics. The guardian of such values lives not just for personal gain but for the nurture of humanity itself.” - Fatima Karim
