SEJARAH PEMIKIRAN EKONOMI ISLAM, "IBNU AL QAYYIM"

Summary

The video discusses the economic thoughts of Ibn Al-Qayyim, particularly his views on market mechanisms and price setting. It explains when price regulation is permissible, especially to ensure justice and prevent exploitation. The script covers the role of government in regulating markets, including inspecting for unfair practices. Additionally, it touches on Ibn Al-Qayyim’s broader economic philosophy, which includes topics like justice, ethics, cooperation, and the role of zakat and riba. The video aims to clarify how these Islamic economic principles can be applied in modern contexts.

Takeaways

• 😀 Ibn al-Qayyim, a prominent Islamic thinker, contributed significantly to Islamic economic thought, particularly on market mechanisms and price setting.
• 😀 Ibn al-Qayyim was born in Damascus, Syria, on 7 Safar 691 Hijriyah (1291 CE), and his full name is Syamsudin Bin Abu Bakar Bin Ayub bin Sa'ad bin Haris Al-Jauziyah.
• 😀 He emphasized the importance of fairness and justice in market transactions, outlining when price setting is permissible and when it is forbidden in Islamic economics.
• 😀 Price setting is haram (forbidden) when it involves oppression, coercion, or unfair practices that harm sellers or buyers.
• 😀 Price setting is allowed, and even mandatory, if it ensures fairness and justice for both buyers and sellers, preventing exploitation.
• 😀 Ibn al-Qayyim proposed that the government can intervene in the market to prevent harmful practices like hoarding, fraud, or manipulation.
• 😀 The government, or relevant authorities, should ensure the fairness of market transactions by monitoring the market and preventing unjust practices.
• 😀 One of Ibn al-Qayyim's key proposals is the use of a monitoring body called the Wilayah Hisbah, which supervises markets to prevent unethical practices.
• 😀 He advocated for mutual agreement on prices between buyers and sellers, ensuring that neither party is exploited or forced into unfair deals.
• 😀 Based on Ibn al-Qayyim’s principles, the recent fuel price hike by the government would be considered haram if it causes harm to citizens and does not follow fair market practices.
• 😀 Ibn al-Qayyim also delved into broader Islamic economic philosophy, discussing human welfare, cooperation, wealth distribution, zakat, and the ethical concerns surrounding interest (riba).

Q & A

Who was Ibn al-Qayyim, and what were his contributions to Islamic economics?

Ibn al-Qayyim, born in Damascus in 1291 CE, was a renowned Islamic scholar and thinker. He contributed significantly to Islamic economic thought, including the mechanisms of market regulation and price determination. His ideas emphasized justice and fairness in trade, as well as the role of the government in ensuring ethical market practices.

What is Ibn al-Qayyim's stance on price regulation in the market?

Ibn al-Qayyim argued that price regulation is permissible under specific conditions. It is haram (forbidden) if it leads to injustice, such as forcing sellers to sell at an unfair price or preventing them from trading freely. However, price regulation is allowed and even required when it ensures fairness and justice for both sellers and buyers.

What is the role of the government in price setting according to Ibn al-Qayyim?

According to Ibn al-Qayyim, the government plays a crucial role in overseeing the market to ensure fairness. This includes intervening in cases where market practices are unfair, such as price manipulation or hoarding. The government, particularly through the institution of Hisbah (market oversight), should ensure that prices are set equitably and protect the interests of both sellers and consumers.

What is the concept of Hisbah in Islamic economics?

Hisbah is an institution in Islamic economics that was responsible for overseeing market practices to prevent fraud, deception, and unjust behavior. It ensures that transactions are fair and just, and that there is no exploitation of either buyers or sellers.

How does Ibn al-Qayyim view the relationship between the buyer and seller in market transactions?

Ibn al-Qayyim emphasized the importance of mutual consent and fairness in transactions. Prices should be agreed upon freely by both the buyer and seller, without coercion or exploitation. Any practice that forces one party into an unfair agreement is considered unjust and impermissible in Islam.

What does Ibn al-Qayyim say about the role of the government in ensuring fair market prices?

Ibn al-Qayyim believed that the government should actively intervene to ensure fair pricing in the market. This includes investigating market practices, preventing price manipulation, and ensuring that prices benefit both buyers and sellers. Government intervention should always aim to promote justice and avoid harm.

What is the philosophical foundation of Ibn al-Qayyim’s economic thought?

Ibn al-Qayyim’s economic philosophy is grounded in the principles of justice, equity, and ethical conduct. He emphasized the importance of maintaining fairness in market transactions and the role of government in preventing exploitation and ensuring that economic activities align with Islamic values of cooperation, fairness, and respect for human dignity.

How does Ibn al-Qayyim differentiate between types of price regulation?

Ibn al-Qayyim distinguished between two types of price regulation: one that is unjust and coercive, leading to harm and exploitation, and another that is just and fair, promoting equity in the market. The latter is necessary to ensure that both buyers and sellers are treated fairly.

What does Ibn al-Qayyim say about the government’s ability to regulate the market?

Ibn al-Qayyim argues that the government has the authority to regulate the market, but only after confirming that there are practices of injustice or manipulation. Price setting by the government is not a blanket action; it must follow an investigation to determine whether the market is functioning ethically and justly.

What other aspects of Islamic economics does Ibn al-Qayyim address besides market regulation?

In addition to market regulation, Ibn al-Qayyim addressed several other aspects of Islamic economics, including human nature in economic activities, cooperation in economics, the ethical distribution of wealth, and the role of zakat (charitable giving). He also discussed the negative impacts of usury (riba), distinguishing between two types of riba: riba al-fath (excessive interest) and riba al-nasiah (delayed interest).