SHOAIB KHAN

ISLAMABAD – The new study ‘State Intervention in Commodity Markets — Discords between Economic Freedom and social Justice in Islam’ by Ali Salman argues that Sharia forbids price control by the state and guarantees individual freedom to economic agents, leading to an overall consumer welfare, which is more compatible with the voluntary nature of Islamic tradition and its passionate calls for justice.

Renowned scholar and IRI Director General, Dr Muhammad Khalid Masud chaired the book launching ceremony. Chief Coordinator EFN Pakistan Zubair Ahmed Malik, Director General Trade Policy, Ministry of Commerce Dr Safdar Sohail, Senator of Jamiat-e-Ulema Islam (F) Ghulam Ali, economist and author Ali Salman was also present on the occasion. The book was launched here at Islamic Research Institute on Monday.

The Chief Coordinator of Economic Freedom Network put light on the working of EFN, which was established in 2006 and includes politicians, businessman and students.

Ali Salman while speaking on the occasion said that main reason behind the launching of the book is that in Ramazan commodity and its prices were really on a hike and what’s the position of sharia in commodity prices hike was discussed in the book. Islam supports the free market economy and prices convey the value of goods in society. Moreover issue of Tas’ir (price control by the state) had puzzled the Islamic jurists for centuries. There are various hadiths which had conveyed the same meaning and the message related to prices in market.

Speaking on the occasion, Dr Safdar A Sohial said that discussion about the negative freedom was excellent in the book. Economic thought in Islam is intellectual economics is the only department which has least to do with religion. Moreover tensions can be very productive. The main agenda which would be made under discussion is that what’s the role of state according to Islam and what’s the role of economy in managing economy of the society.

Senator Ghulam Ali said that it’s not the duty of government to check the prices rather than its duty is to manage things according to the market needs. “Teaching of Islam keeps us away from hoarding and more over we are restricted not to make more profit,” he added.

At the end of the ceremony, Dr M Khalid Masud said, “We should not ask that government is responsible for all the things, we should take responsibility ourselves.”