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Islam’s attitude towards monopoly

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His Eminence Shaikh Ahmed al Khalili, Grand Mufti of the Sultanate –
Monopoly is a great sin that invokes the wrath of God, the Prophet Muhammad (PBUH) says in the Hadith: “Curse awaits the monopolist” laying
strong emphasis on the subject matter of
monopoly.
Omar Ibn al Khattab, the Second Caliph of Islam, was so intolerant towards monopolist traders that
he exiled them or disallowed them from trading
at the market as a punishment for exercising monopoly.
Traders should put into consideration that all Muslims should help one another in virtue, righteousness and piety and not to exploit one another.
The Muslim society should be as described by the Prophet Muhammad (PBUH): “The believers in their mutual kindness, compassion and sympathy are just like one body when any organ of it aches, the whole body responds with sleeplessness and fever”.
This is exactly what the Muslim society should be like; Muslims should not exploit one another and they are disallowed from getting rich at the expense of others as exploitation cuts off the bonds and loosens
social ties, thereby downgrading the entire society as a result of selfishness on the part of greedy
traders who think of nothing but to accumulate wealth while others are left to suffer abject poverty.

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