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I would like to know the criteria of setting up a price for a commodity/service for a shariah-compliant business. How the companions of the Prophet Muhammad (may peace and blessings be upon him and them) used to assign a price tag for their business or trade?

Is it just the supply and demand factor that we have to follow as a Muslim trader/business person to set up a price? Please explain and in detail.

Jazakallah!

  • There's AFAIK no specific rule, as long as people are ready to pay the price it is fine. – Medi1Saif May 2 at 14:23
  • @Medi1Saif So meant to say that there is no concept of "Price Control" in Islam? – Maxood May 3 at 21:31
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    There are some rules on markets etc.. But the Islamic concept of trade isn't too much restricted. But I'm not an expert on the relevant fiqh. – Medi1Saif May 5 at 2:24

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