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In his commentary on al-Iqnāʻ it is stated: The hoarder is compelled to sell at the same price for which people customarily sell, in order to avert harm. If he refuses to sell the food he has stockpiled and there is a fear it will spoil while the public needs it, the ruler distributes it among those in need, and they will later return an equal amount once the hardship has passed.
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Shaykh al-Islām said: The concept of ʿiwaḍ al-mithl (equivalent compensation) appears repeatedly in the jurists’ writings, and it is indispensable for establishing justice, through which the interests of this world and the next are fulfilled. It is therefore one of the pillars of the sharīʿah. Matters such as qīmat al-mithl (fair market value), ujrat al-mithl (customary wage), mahr al-mithl (standard bridal gift), and the like are needed whenever liability arises for the destruction of life, private parts, benefits, or property, as well as in both invalid and valid contracts. This principle is unanimously accepted among Muslims—indeed, among all people—and it embodies al-qisṭ (equity), for which Allah sent the messengers and revealed the scriptures: rewarding good with its like and repaying evil with its like. It corresponds to what is commonly called “custom and usage.”
Accordingly, the consideration (musammā) stipulated in contracts is of two kinds:
- One that people customarily practise and recognise; this is the familiar, ordinary compensation.
- One that is uncommon because of excessive desire, potential harm, or some other reason; in such a case it is referred to as thaman al-mithl (the going market price), and its foundation lies in people’s own choice, will, and inclination.