‘Islamic’ markets: Speakers decry price controls, hoarding

ISLAMABAD: Former president of the Pakistan Chamber of Commerce and Industry Senator Ghulam Ali has said that the hoarding of items is un-Islamic. Speaking in a seminar titled ‘Islamic Market is a Free Market’ organised by the Economic Freedom Network Pakistan, he said that: “A minimum profit margin should be kept on items, because Islam prohibits profiteering,” he added. He said state intervention in price fixing leads to price distortion and hoarding of items, so the state should instead focus on ensuring buffer stocks instead. “Shariah forbids price control by the state and guarantees individual freedom to economic agents, leading to overall consumer welfare,” said Ali Salman, author of Discord Between Economic Freedom and Social Justice in Islam.

Published in The Express Tribune, August 15^th, 2012.