What is the degree of authenticity of the hadith: “The One who sets prices is Allah”?

Abu Malik: What is the extent of the question regarding the hadith: ; meaning, is it authentic?

The Shaykh: Is the question clear?

The questioner: Yes, this is the question.

The Shaykh: Yes, this hadith is authentic; that is, the original ruling is that there should be no price-setting; because Allah is the One who sets prices, as stated in the authentic hadith in its full text. The meaning of this is that the freedom of buying and selling should be firmly established, and it is not permissible for the Muslim ruler—the truly Muslim ruler—to intervene in the general market; because the Islamic society is guided by a system in which there are two means: one is education stemming from the heart of the believer; so he fears Allah (Mighty and Majestic) and does not contravene the rulings of his religion. The other education arises from the Muslim ruler, who is supposed to be sensitive to the conditions of the Muslims and to look into or become aware of their circumstances. Then, if he finds deviation among them, he corrects them sometimes with his tongue, sometimes with his voice, and sometimes with his whip; according to the reality he first becomes aware of, and then sees that the Sharia interest requires a type of that educational means I referred to earlier.
On this basis, buying and selling should be absolute from the ruler; there is no restriction or condition; because what Allah brought through the tongue of His Prophet (peace and blessings be upon him) in terms of restrictions and conditions is sufficient to correct the Islamic society so that it walks evenly on a straight path. It is necessary that some of these individuals who live under the rule of this Muslim ruler—the truly Muslim ruler—may deviate and go astray from the path and the straight way, even in some rulings. Here, the Muslim ruler intervenes, and the report narrated from Uthman ibn Affan applies to him, and Allah knows best its authenticity; because we consider it wisdom: “Indeed, Allah (Mighty and Majestic) restrains—meaning: prevents and educates—by the authority what the Qur'an does not restrain”; because the Qur'an educates the believers in deed and in truth, as for those in whose hearts is illness or corruption or weakness or something similar; it is the authority that undertakes their education. This price-setting is prohibited by the Sharia so that people proceed, as we said, with a deterrent from their hearts. For example, he (peace and blessings be upon him) said: , ; meaning: the price-setting is according to what the owner of the goods sees, and you know that the system known as the economic system is subject to what? To supply and demand. It is not permissible to set a specific price limit for any goods; because goods differ from goods, and needs differ from needs, and so on.
But if a society becomes corrupt and goes astray from this first means, education by the Sharia rulings; they went out of it and no longer adhere to it; that is, they do not rule according to the rulings of Islam; at that time, the Muslim ruler may set prices in a way that does not stem from the judgment of one or two persons only, who do not have knowledge, first: of the rulings of Islam, second: of the economic system in Islam, and third: of the reality of the needs of the Islamic society. Rather, there should be a committee or body or ministry that gathers from all specialties from the people of knowledge; at that time, these people study the situation and set prices for some things and leave others as they are, according to the original ruling. But this should not be a continuous system as is the case in the lands of disbelief, price-setting all the time. Why? Here the secret appears to you in the first part of Islamic education. They do not have Sharia rulings to adhere to, they do not have a psychological and heart deterrent that guides them in the correct direction; and therefore their system became price-setting in a continuous, permanent, and eternal manner.
The Muslim ruler, as we said in some of the previous rulings in the previous session—also—that the original ruling in such and such is... but it is permissible sometimes to deviate from this original ruling for the sake of interest. Similarly, we say in price-setting: . The reason for this hadith, perhaps, is what I mentioned earlier. They said: Set prices for us, O Messenger of Allah? He said: . Set prices for us, and he is the ruler, he said: , meaning: the original ruling is that price-setting should be like this from Allah (Mighty and Majestic), according to what He provides for the servants, much or little, and so on.
As for the Muslim ruler, it is not permissible for him to resort to price-setting except under specific, particular circumstances and by a scientific body that gathers those with different specialties.
Yes.

The questioner: And I think it is prescribed for him—our Shaykh—that he be named Abd al-Musayyir (Servant of the One who sets prices).

The Shaykh: Yes, yes, yes, regarding the name.
Yes. .

The questioner: A person, any person who wants to set a price—for example—any item that the state has priced may suffer harm; meaning, for example, the price of... becomes ten... eleven; because the profit in it is small... with eleven, for the sake of... supply, it may be said?
Abu Malik: This; no, this is a good question, our Shaykh.
... he does not pay him according to his opinion, meaning, he sells this item for a dinar and five qirsh—for example—, so naturally, there is no doubt that this deviation and contravention of the price-setting undoubtedly exposes him to liability, liability for punishment, and the punishment here is sometimes a strict punishment that may not compensate for what he pays for this contravention or because of the contravention from a year of selling this item!

The Shaykh: ... we.

The questioner: Peace be upon you.

The Shaykh: And upon you peace.
Abu Malik: Therefore, our Shaykh, this, yes, yes.

The Shaykh: Yes, it is known—may Allah bless you—this is an important question, but I intended that he raise his voice a little so that the recorder hears me with him!! [Everyone laughs!].

The questioner : My Shaykh...

The Shaykh: I say: the price-setting that must be followed, do you know its condition or shall I repeat it? But as I said regarding the ruler, that he must consider the interest of the people he rules; similarly, I say regarding the one who is ruled—also—that he must consider his own interest. If his own interest requires him not to sell at the government price-setting, he has that right. But he should be like that ruler; that is, he does not go out of the text: except for an interest.
Ah, this interest considers the interest of the people. Now, this individual from among the people sees, as stated in the previous question, that if he sells at the price-setting price, he is harmed. Do you think he is truthful in this statement? If he is truthful, I say—also: he considers his own interest. But do you think his interest is to sell at more than the price-setting to avoid the harm arising from his adherence to the price-setting, or is the interest that he does not fall into that punishment?
Here, he should balance and compare; this if he is truthful in his statement. And it may be that the matter is not so; that is, for example, he profits in a kilo of such goods—for example—he profits according to his free sale ten, ten qirsh, meaning, or ten dinars, this is not important in the matter. But the state set the price that I profit a dinar or a qirsh, for example; so he profits in this, he does not lose. But he considers not profiting ten compared to five as a loss, and he says: this price-setting does not suit me; because it causes me harm. What is the harm here? It is not loss, but the loss of some of the profit... any seller and any merchant, even if there is no forced price-setting, sells at a lower price; because this stems from contentment, contentment in profit. “And contentment is a treasure that does not perish,” as stated in the hadith whose chain is weak but whose meaning and text are reasonable. So I have given you the answer, if Allah wills.

The questioner : ... .

Another questioner : Raise your voice.

The questioner: In which book is it found?

The Shaykh: What is this?

The questioner : .

The Shaykh: It is found in “Sunan Abu Dawud” and “Musnad Imam Ahmad” and others, and the Shaykh here also says: and al-Tirmidhi, but... in his saying, Allah knows best [Everyone laughs!].
Abu Malik: This reminds me, my Shaykh, this reminds me of a joke by Wail, Wail Abu Ayub. It reminds me of a group who were writing schoolbooks, and they were all highly regarded. One day they were gathered together, and they disagreed about a hadith, or perhaps they did not disagree but found a hadith. Of course, they were not people of hadith nor practitioners of this craft. So each one took a turn, and so-and-so would say: "This is al-Bukhari," "This is Muslim," "This is such-and-such." Then they said: "Instead of all this, my brother, so-and-so, you go ahead and take charge of tracing this hadith to its sources, and bring it to us." And their leader, who had taught them sorcery, said to them: "My brother, why the trouble? Just write: Sunan Ibn Majah. Write: Narrated by Ibn Majah."

The Shaykh : Narrated by Muslim.
Abu Malik: Yes, indeed, narrated by Ibn Majah.

Another questioner : And one went around?
Abu Malik: Yes, indeed, so this reminds me, may Allah know best.