How trade flourished in Suq al-Islam?

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What was Suq al-Islam?

The messengers of Allah (SAW) established a Muslim Bazar as a replacement for the Jewish market in the town a few days after the relocation from Mecca to Medina.

The market was called “Suq al-Islam,” meaning in Arabic “Islamic bazaar.” A trading platform where Muslims would achieve their legal living would be the target of the Messenger of Allah (SAW). He reversed the people who were trading there and said to the Sahaba: “This is your bazaar. This market did reflect the modern idea of an offshore field, which led to its rapid growth. It is not going to be cunning or bribery.

At first, according to the old habit, Medina’s people tried to resort to cunning in trade, but the ayah “Woe to those who give less [than due], who, when they take a measure from people, take in full. But if they give by measure or by weight to them, they cause loss. Do they not think that they will be resurrected”? ( Surat Al-Mutaffifin [verse 1-4]) forced them to be more attentive in this matter.

Financial Changes

The Messenger of Allah (SAW) made it acceptable to maintain previous units of weight and measurement. It has also allowed two types of coins, i.e., gold and silver, to be used. He was not embarrassed that they had images of Byzantine and Iranian rulers.

Changes to the tax system have been made, in particular, canceled pre-existing customs duties, which have allowed internal trade to be increased. According to some tribe’s agreements, trade duty was abolished, but Zakat (a tax on the poor) was expected to pay.

Abu Bakr traded clothes on Suq al-Islam, Uthman traded dates, and Auf traded milk and cheese.

A Bazaar For All

The Messenger of Allah (SAW) often appeared the bazaar himself, communicated with the Sahaba or bought something, offered dua (prayers) for their trade to be beneficial. Besides, he inspected the market along with other inspectors named muhtasibs. The Mukhtasib’s duties were to prohibit traders from any cunning activities and not violating the public order.

Women, including Kayla, Mulayka, Asma, and Haula, were trading together in the bazaar. A dumb dealer named Munkiz was also there. When the Messenger of Allah (SAW) saw how the 10-year-old son of Jafar ibn Abu Talib Abdullah, left orphaned, was trading in the bazaar, he approached him and offered a dua for his trade to be blessed.