al-Mejelle
Writing by abuhatem on Tuesday, 27 of May , 2008 at 4:18 am
I have been reading the Ottoman business law handbook al-Mejelle for the past few days which contains traditional Islamic regulations concerning the doing of business. One of the most impressive parts of the book, which is still used and studied in some Islamic countries, is the emphasis it places on the right of the seller to set a price and the right of the buyer to agree or disagree with the price. The rejection of price controls and the fallacious notion of “just price” has been central to Islamic affirmations of the market economy. Al-Mejelle also notes the importance of property rights, economic freedom, and commerce when honest and ethical.
Overall a recommended book for more on Islam and the market.
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