Abstract
The Institution of ḥisbah has gained significance in the modern-day. The institution of ḥisbah performs different important tasks including the administration of marketplace. This Institution of has acquire its legacy from the verses of the Holy Qur‟an, which order to enjoin good and forbid evil and Ahadith of the Holy Prophet (Peace Be upon Him. Foundation of ḥisbah is based on the practical examples of the Holy Prophet, (صلى الله عليه وسلم (and his companions. This article will discuss the role and responsibilities of the Muḥtasib in the State and the Scholar's views on the functions of ḥisbah. This study will focus on the evolution of the institution of ḥisbah its role in the administration of markets in Muslim societies. This research will also discuss the techniques of market supervision implemented by various muslim societies concentrating on ottoman pricing policy because Ottoman price system was a replication of Hisbah and it developed the foundation for controlling commercial activities and public administration. The ottoman pricing policy established his independent commercial policy and Nerkh System due to which ottoman administration was a big supplier of finish goods and as well as raw material. This study will also highlight the Nerkh System of Ottoman administration and the effective role of the Islamic organization in its development and Qāḍī and Muḥtasib managed institution of nerkh system and Ottoman pricing policy. The paper wills also explore the role different institutions and authorities established under the institution of Ḥisbah; this study will also draw a comparison between the roles of various institutions like ḥisbah Mazalim courts wafāqi Muḥtasib etc.
Keyword(s)
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