Hisbah

This entry examines the concept of hisbah and its evolution throughout the history of Islam and further analyzes it as an institution set up to uphold moral values and standards across the society. The institutionalization of hisbah has its roots in the Islamic precepts and principles which then had impact upon the conduct of business transactions as well. A unique office that became particularly influential in the Medieval times in the Muslim world, hisbah played a major role in promoting ethical standards in the business and financial transactions without requiring heavy intervention by the state and the political administration, thus serving as a semicivilian initiative of regulation.