Sheikh Ali Zahir bin Qasim has stated that selling products at reasonable prices was an Islamic value.
Speaking to Miadhu regarding the inflated prices during Ramadan, Sheikh Ali Zahir said jacking up prices solely because the product is in high demand was not justified and not part of Islamic values.
“God had made trade lawful and at the same time set certain principles for it. We have to follow them when we trade,”
He said that Muslims have to focus on making life easier for other, stressing that if a product is in high demand, then they have to be given respites or lower rates.
“Islam does not specify the profit range or a percentage. It falls under business values. We create businesses for profit. But profits have to be made in a just manner,”
He said increasing prices was only applicable when the cost of production rises alongside demand.
Sheikh Ali Zahir also said it was strictly banned to withhold products of essential goods to jack up prices.
“This practice is call Ihthikar in Islam, which is strictly forbidden. The Prophet had said that only a sinner will commit an act of Ihthikar,”
One of the biggest issues faced by the needy in the country is the issue of rising prices during Ramadan.