Economic functions
Øright weights and measures
Øchecking business frauds
Øcorrecting market imperfections
ØHoarding
Øunfair monopolies
Øinformation monopoly
Øessential goods supply and price
Øownership rights
AL-HISBAH ECONOMIC FUNCTIONS
This institution is important to ensure the economic activities are within the boundaries of Shariah. This is the responsibility of the hisbah institution embedded within the government. There is no manipulation on the demand and supply curve. For example, government need to ensure that the suppliers did not hoard any supply of goods as to create excessive demand and later increasing price of goods unnecessarily . Hisbah institution also plays an important role as agent to the government in monitoring the economic activities within the country. such monitoring is inertial as to ensure continuous fair dealings.
ReplyDeleteAs Hisbah is the religious institution that aimed to protect the faith and safeguard the society, in matter of Islamic economy it will monitor the market to ensure the quality standard are maintained there. And it's application in Malaysian government may be seen from the Ministry of Domestic Trade, Co-operatives and Consumerism in Malaysia as one of the main responsibility of the ministry is to regulate both the consumers and traders in the marketplace. Besides, it is its responsible to determine and monitor prices of essential goods.
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ReplyDeleteHisbah can be concluded as a supervision instrument introduced by Islam in order to ensure the operation of the market mechanism is perfect. As to make the market perfect and balance, both suppliers and consumers must satisfy each other. Besides, the specific duties in hisbah is supervise the various economic activities in the market, supervise market mechanisms in order to operate in a justice. Actually, in Malaysia government hisbah is exist but not in a specific organization. As examples, it can be seen from JAKIM where they are supervising halal matters and Ministry of Domestic Trade that supervise pricing matters. Although the hisbah concept is already available in some institutions such as JAKIM and KPDNKK, but the monitoring function has yet to be maximized. The government should establish an institution to supervise the economic activities in the production, buying and selling in the market, as well as pricing.
ReplyDeleteRefrences: 1) http://faisolmuamalah.blogspot.m
2)https://djabbars.wordpress.com/2015/01/31/peran-al-hisbah-dalam-mengawal-kegiatan-ekonomi-indonesia-menghadapi-mea-2015-2/