Islamic Economics as a Framework for Reducing Unjustified Hoarding During Crises in Bangladesh

Unjustified hoarding of goods during economic crises can make prices go up and down a lot. It also makes it harder for people to buy what they need. This affects families the most. Having prices and enough food is very important for peoples well-being, in Bangladesh. Therefore, policy measures targeting unjustified withholding of essential goods are vital. This paper employs a focused narrative review to formulate policy alternatives and analyzes the applicability of selected Islamic economic principles to address unjustified hoarding in Bangladesh. Using the Islamic prohibition of ihtikar (harmful hoarding), coupled with the ethical principles of justice, social responsibility and public welfare, and utilizing Bangladesh’s existing competition and essential commodities’ legislation, this paper outlines a framework for ethical market governance. According to World Bank data the average inflation in Bangladesh for the year 2024-25 was 10.0 percent. This is a bit higher than the 9.7 percent, for the fiscal year 2023-24. In November 2024 the food inflation was 13.8 percent. While these statistics warrant a closer look at the markets and household purchasing power, they do not establish hoarding as the cause of inflation. This paper proposes five complementary interventions to ameliorate the impact of unjustified hoarding: ethical business commitments, community based market surveillance, collusive practice enforcement, and targeted consumer protection. It is argued that the interplay of Islamic economics and business ethics could strengthen existing business regulation framework. The remaining part of the paper outlines areas that deserve further investigation to assess the impact of the interventions.