266 chapter six
beneficial use, (c) the subject must be in the actual ownership of
the original selling party, (d) articles must be capable of delivery, (e) the
quantity of the good subject to sale must be specified, and (f ) the
articles for sale must be within the possession of the original selling
party in that sale and delivery should be taken place simultaneously.
The last condition in particular raises a question about the validity
of transactions in the stock market when a sale is concluded with a
view to delivering the shares within a specified period in the near
future (for further discussions of this point see El-Ashker, 1995). It is
within the duties, and authority of the Muœtasib, as Ibn al-Ukhùwwah
emphasised, to observe these issues when inspecting the work of the
market. But as far as pricing is concerned, “The Muœtasib is not per-
mitted to fix the prices of commodities in opposition to the owners”,
which is in line with the practice of the Prophet. To complete the
factors of the validity of contracts with regard to the form of contract,
Ibn al-Ukhùwwah clarified that there must be a formal offer by the
seller and acceptance by the buyer for the deal to be concluded.
In implementing the governance rules of the market, ibn al-
Ukhùwwah has provided various recommendations to the Muœtasib.
The following are some examples, (Levy, 1938, Ibn al-Ukhùwwah):
(1) The Muœtasib must remain close to the markets, observing them
at all times and going amongst the traders.
(2) He must investigate shops and streets and test weights and mea-
sures and see what is adulterated.
(3) He must make his visits unannounced and at any time of day
or night.
(4) He must seal up for the night any shop which he has not been
able to search during the day and make his investigation early
the next morning.
And about his assistant:
(5) He must have reliable assistants but must depend upon his own
examination when taking a decision.
(6) He must always have assistants by his side whether he is seated
at home or riding abroad.
(7) The assistants must be people of chaste honourable life, strong
and courageous.
(8) He must hold them in check and train them in their duties.