Ibn Taymiyya

Ibn Taymiyya was a renowned medieval scholar and reformer born in 661/1263 in Harran, a region in southeastern Turkey. He studied in both Damascus and Cairo, which were major Islamic centers during his era. Ibn Taymiyya adhered to strict Islamic views, strongly opposed heretical innovations within the Muslim community, and authored several treatises on creed, leading to imprisonment at times. His collected works do address the economic issues present during his era. Specifically, his writings on economics explore market operations, government involvement in economic activities, and the principles of supply and demand. Ibn Taymiyya contends that factors such as scarcity, production shortfall, and demand fluctuations affect commodity pricing, and anticipates modern free market principles by addressing the concept of the “equivalent” as a determinant of fair value. He generally supports a laissez-faire approach to market economics but acknowledges instances where regulation and intervention may be necessary, such as situations involving irregularities, monopolization of essential goods, and emergency scenarios like famine or war. He stresses the significance of refraining from arbitrary interventions, which may result in negative repercussions like black markets or changes in product quality. In addition, Ibn Taymiyya discusses ribā (usury or interest) and advocates its complete prohibition. Although he differentiates between various forms of ribā, he maintains that all of them are ultimately prohibited by the Qur’an, with few exceptions in cases of necessity. While Ibn Taymiyya’s economic theories may anticipate principles of modern free-market economies, it is essential to note that his perspectives were firmly grounded in Islamic jurisprudence. He opined that individual economic activities must conform to Sharī‛a, the Islamic legal framework, to guarantee socio-economic justice.