Ibn Al Qayyim Analysis
1 His views on the economic philosophy of Islam.
a) Homo Islamicus and Not Homo Economicus
Ibn al-Qayyim highlights the basic Islamic faith that every man is accountable before
Allah (SWT) for his conduct and that Allah (SWT) is the source of guidance and direction. Ibn al-Qayyim emphasises the Islamic view that this life is a test and a trial. This test and trial is administered by Allah (SWT) through awarding riches as well as through taking them away. The possession of wealth is not a proof …show more content…
They should cooperate with each other. This cooperation will reward human beings with bounties which they can never enjoy independently. Ibn al-Qayyim believes in the multiplicity and diversity of human beings which necessitates cooperation and division of labour. f)Private Property and State Intervention
Ibn al-Qayyim recommends state intervention in private property if individual owners use their properties against the larger interest of the society. In this connection he infers especially from hadith al-`itq (tradition of emancipation). A jointly owned slave was freed by one of the masters, but the other master refused to do so.
The Holy Prophet (SAW) decreed that the just value of the slave be assessed and the other partner be asked to accept his share of it. When it was done, the slave was freed. After quoting this hadith,
Ibn al-Qayyim writes that this tradition provides a basis for the rule that jointly owned indivisible objects maybe sold if one of them desires to do so and the sales revenue would be distributed among the partners.
The tradition also supports the rule that if someone has to be compensated, he should be compensated by a just …show more content…
People, especially in rural areas, carried little cash and generally exchanged one kind of food grain for another. So it was wise and merciful of the Lawgiver to prohibit deferred payment in exchange of foodstuffs as he had done in the case of precious metals”. The point Ibn al-Qayyim is making deserves attention. The Prophet (SAW) prohibited deferred delivery by one of the parties in such cases, though he allowed difference in the quantity of food grains exchanged, provided they were different in kind, for example, wheat exchanged for corn. Should deferred delivery be allowed, the difference in quantity would, in all probability, become a function of the time allowed to the other party and would partake of the crucial feature of riba, increase in quantity due to increase in time allowed.
5 Market mechanism and price regulation.
Since Ibn al-Qayyim was a very close student of Ibn Taymiyah, he followed the ideas of his teacher word by word in many cases. Especially, in his book al-Turuq al-Hukmiyah, he has touched on the same economic issues that Ibn Taymiyah discussed in his book alHisbah fi'l-Islam, for example, inspection of market, price control, monopoly,