By: Mustapha Ridwan
Islamic principles emphasise economic justice and societal well-being, with Maqasid al-Shariah (objectives of Islamic law) prioritising the protection of human life, including safeguarding people from harmful economic practices.
In Nigeria, inflation has led to a significant rise in food prices, placing a heavy burden on vulnerable communities.
The Islamic Market in Iwo, Osun State, established by Sheikh Daood Imran Molasan, Grand Mufti of Yorubaland, Edo, and Delta and the President of the Jamaat Taawunil Muslimeen, seeks to mitigate this by offering essential goods at fair prices.
The market encourages sellers to reduce prices in a manner that does not harm their profitability, while simultaneously easing the financial burden on shoppers.
This initiative aims to reduce the pangs of inflation by striking a balance between the interests of both sellers and consumers.
This article explores the market’s alignment with Islamic ethics, alongside critiques from Sheikh Habeebullah Adam Al-Ilory, OON, and commendations from Professor Ishaq Oloyede CON FNAL, Secretary General of the Nigerian Supreme Council for Islamic Affairs and the Registrar of the Joint Admissions and Matriculation Board (JAMB). It also investigates the broader historical roots of Islamic market ethics and its impact on community welfare.
Historical background of the Islamic market and its basic etiquettes
Markets in Islam occupy a significant and esteemed position due to their essential financial and economic roles in people’s lives. They serve as centres of exchange and commerce, where individuals acquire their livelihoods and fulfil their essential needs.
The concept of the Islamic market, as established during the time of the Prophet Muhammad (PBUH), is rooted in prophetic guidance aimed at promoting economic justice and ethical conduct in trade. The migration of Muslims to Medina intensified the economic challenges faced by the nascent Islamic state.
In response, the Prophet Muhammad (PBUH) initiated several measures to address these challenges. A critical step was fostering brotherhood between the immigrants (Muhajirun) and the local supporters (Ansar), alongside the establishment of the Suffah, a space adjacent to the Prophet’s mosque to accommodate poor immigrants.
Upon examining the economic landscape of Medina, the Prophet (PBUH) recognized that the Jewish community wielded significant control over trade, manipulating prices and resources to exploit the needs of the population. To counter this, it was imperative to create, a market that would enable Muslims to engage in commerce and showcase Islamic ethical standards.
Thus, the Prophet (PBUH) designated a location for the Muslim market to the west of the mosque, personally marking the area and declaring, “This is your market; let it not be diminished, and no tax shall be levied upon it” (Ibn Majah, 2233). Under his supervision, the market flourished, and he established guidelines and ethical standards to govern its operations. This included the elimination of deceitful practices prevalent in pre-Islamic trade, promoting fairness and equal opportunities for all participants.
The historical foundation laid by the Prophet (PBUH) was guided by fundamental etiquettes and principles of justice that have continued to shape Islamic economic practices.
The Prophet Muhammad (PBUH) instituted numerous etiquettes and sanctities for the Medina market to protect its integrity, and these etiquettes continue to serve as a moral compass for economic activities in Islamic societies today.
Prominent wealthy companions like Othman bin Affan, Talha bin Obeid-Allah, Zubair bin Awam, and Abdul Rahman bin Auf were significant contributors to the market’s success.
Objectives of establishing the Islamic market: A comparison with modern markets
A Muslim market abides by Sharia principles in all sectors. There are acceptable religious viewpoints regarding this. For example, in Muslim countries, non-Halal products or products that do not adhere to Sharia principles are sold in restaurants and hotels, such as alcohol and pork.
Some Muslim customers have no problem eating in these establishments as long as their orders do not include pork or alcohol. In many countries, like Malaysia, restaurants must be free of pork for Muslims to dine in them. Besides protecting dietary practices, these markets also regulate prices to bring relief to the public.
The objectives of establishing the Islamic market include promoting economic freedom while adhering to Sharia principles and creating a marketplace that respects Islamic values and facilitates trade. This emphasis ensures that all transactions comply with Islamic laws, including prohibitions against interest (riba) and unethical practices.
Additionally, the Islamic market aims to reduce government interference in market transactions and minimize excessive taxation that could hinder economic activity. It seeks to balance societal and individual economic needs, fostering a fair trading environment for both the community and individual traders.
Promoting fair business practices is central to this objective, banning monopolies and ensuring equal access to information while prohibiting unethical practices such as gambling and usury.
In comparison with modern markets, contemporary markets often prioritize profit maximization, sometimes neglecting ethical considerations and fairness.
They are frequently characterized by monopolistic practices, which contradict the Islamic principles of competition and fairness. Moreover, modern markets typically experience significant government intervention, leading to inefficiencies that do not align with the Islamic emphasis on economic freedom.
Consequently, prevailing practices in modern markets, such as interest-based transactions, undermine the core Islamic principles of fairness, justice, and ethical trading.
The Iwo Islamic market: Context and purpose
The Islamic market in Iwo, Osun State, has provided significant relief to shoppers by offering essential food items at more affordable prices. This initiative, spearheaded by Sheikh Daood Imran Molasan, was launched to address the economic pressures arising from inflation and the removal of fuel subsidies. Vendors at the market are able to sell their goods at lower prices while maintaining fair profit margins, meeting the demands of the local population for affordable commodities.
A key factor contributing to the market’s fair pricing is the absence of union or association levies, which often inflate prices in other markets. For instance, a vendor highlighted that selling fish at this market is significantly cheaper than elsewhere, while still yielding a healthy profit.
In addition to providing economic relief to residents, the market has drawn a diverse range of shoppers from various backgrounds. Plans include partnerships with local farmers to cut out middlemen, ensuring that farm produce can be brought directly to the market.
Mechanized farming initiatives are also under consideration, aimed at guaranteeing a steady supply of affordable produce. By aligning with Islamic principles, the Iwo Islamic Market represents a proactive step toward economic justice, offering an inclusive space for buyers and sellers from all walks of life. It also reflects the Sunnah of the Prophet Muhammad (PBUH), whose teachings stress the alleviation of hardship within the community.
Commendations and critiques: Perspectives from the gown and town
The Iwo Islamic Market has attracted both commendation and critique from key figures in the Muslim community. Before the Rabitah conference, several notable personalities visited the market and praised the initiative. Among them was Alhaji Mutiullahi Onimalu, Asiwaju Musulumi of Oyo State, who visited the market and expressed admiration for its efforts in providing economic relief to the local community.
He acknowledged how the market, by offering food items at lower prices, was helping to ease the financial strain on residents, particularly in the face of rising inflation and subsidy removal.
During the Rabitah conference, although the Iwo Islamic Market was not a central topic of discussion, Professor Ishaq Oloyede, CON, FNAL, Secretary-General of the Nigerian Supreme Council for Islamic Affairs (NSCIA) and Registrar of the Joint Admissions and Matriculation Board (JAMB), mentioned the market in his keynote address.
He praised the initiative as a proactive step towards fostering an ideal Islamic community, highlighting how it aligned with Islamic principles of justice, fairness, and economic welfare.
However, Sheikh Habeebullah Adam Abdullah Al-Ilory, OON, Mudir of Markaz, voiced his criticism following the keynote speech. He questioned the legitimacy of the market, asking whether such an institution truly conformed to Islamic teachings. Sheikh Habeebullah speculated that the market might have been established as a means to seek financial support from Saudi Arabia for personal use.
Despite this critique, the market had already received widespread commendation for its ability to alleviate the economic burden on low-income earners and uphold Islamic values in trade.
Speculation on Sheikh Habeebullah’s opposition
Some Muslim netizens speculate that Sheikh Habeebullah’s opposition is rooted in his earlier disapproval of Sheikh Daood Molasan’s appointment as the Grand Mufti of Yorubaland by His Royal Highness Abdul Rasheed, the Oluwo of Iwo (Telu 1).
In contrast, Sheikh Habeebullah presided over the installation of Sheikh Abdularasaq Abdul Azeez I. as the Grand Mufti of Yorubaland, Edo, and Delta, reinforcing the authority of the Rabitah in appointing Muftis. Other speculations suggest that Mudir’s criticism may be because the initiators of the Islamic Market are not part of his immediate circle of students or associates.
Despite these critiques, Sheikh Habeebullah’s allegations have not diminished the market’s appeal or impact. Research shows that even non-Muslims are actively participating in the market by lowering prices to support the community.
The label “Islamic Market” does not exclude individuals of other faiths; instead, it promotes fairness and economic justice for all, consistent with Islamic ethical principles.
Conclusion
During the time of the Prophet Muhammad (PBUH), the primary purpose of establishing an Islamic market was to regulate trade according to Islamic laws, allowing participation from individuals of other faiths as long as they adhered to the principles laid down by Muslims.
This principle is similarly reflected in Sheikh Molaasan’s market, where we encountered Christian neighbours, such as Mrs. Alabi Gloria, who confirmed that both Muslims and Christians engage in trade within the market. Therefore, it appears that Sheikh Habeebullah may be jurisprudentially incorrect in this context, given the historical actions of the Prophet and his companions in establishing and regulating Islamic markets.
Read Also: Nigeria eyes $1.4tr Islamic finance market
Islamic history illustrates that during the development and rising economy of Madinah, Umar appointed Shifa Bint Abdullah as an officer and Controller of the Madinan Market to ensure that all business practices adhered to Islamic rulings, teachings, and values.
Her wisdom and knowledge significantly contributed to equitable trading in the marketplace, allowing the people to greatly benefit from her presence. This underscores how Muslims actively monitored market affairs in accordance with Islamic principles, ensuring that trade was conducted justly and in alignment with their teachings.
While it could be argued that the Prophet Muhammad (PBUH) did not explicitly mention an “Islamic Market,” it is essential to recognize that his actions were guided by divine command, indicating that such initiatives can indeed be considered “Islamic.”
In our modern world, we have Islamic schools, Islamic banking, and other institutions based solely on Islamic principles. Thus, it is reasonable to assert that the establishment of the Iwo Islamic Market aligns with Islamic principles, and its designation as an “Islamic Market” is fully justified.