The Rule of Pricing in the Jurisprudence Of the Four Schools of Thought: A Comparative Jurisprudential Study

Abstract

Human acts are based on freedom, therefore, a sale contract cannot be concluded without the contractors ‘approval. Following the supply and demand law, commodities prices may rise if a commodity is not available in the market and highly demanded. In such a situation, the state can’t intervene. Some vendors might abusively use their rights and increase the prices above the normal; in this case the state can intervene to assure balance in prices by reducing the artificial price to a natural price or what is literally called “equivalence price.” Nevertheless, there is a divergence among scholars about the state intervention concerning the pricing of commodities. This has led researchers to deal with the issue within the framework of comparative jurisprudence to give it a clear and a concise perception, so as to highlight the role of scholars in Islamic Economics issue .In studying this topic, I followed the descriptive, analytical and comparative approach, where I explained the definition of pricing, the pricing rule in Islamic jurisprudence, the pricing conditions, the image of pricing, the ruling on violating pricing, how to pricing, then the sayings of the four schools of thought in each issue and the statement of the most correct of them.