The Prophet of Islam was the first to predict economic inflation

The world lives a state of inflation that made the presidents of countries scream before their people: We are not bankrupt. The money and gold, which they save, do not match the high prices that threaten the entire world with hungry upheavals. The word "billion" became frequent to ears and a million only can buy an apartment or a piece of land, whereas one thousand can buy a mobile phone or a game by which children play. As for one hundred, it is enough to buy a meal, whereas ten pounds cannot be given as a tip to a waiter who can look at you in discontent and show regret for serving you.

Economists and researchers compete in defining the phenomenon of inflation, which suffocated the entire world, and wrote books to define inflation and its causes. However, the Prophet (peace be upon him) informed us about inflation fourteen hundred years ago in the narration of `Awf ibn Malik (may Allah be pleased with him) who narrated: "I went to the Prophet (peace be upon him) during the Battle of Tabuk while he was sitting in a leather tent. He said: "Count six signs that indicate the approach of the Hour: My death, the conquest of Jerusalem, a plague that will afflict you (and kill you in great numbers) as the plague that afflicts sheep, the increase of wealth to such an extent that even if one is given one hundred Dinars, he will not be satisfied; then an affliction which no Arab house will escape, and then a truce between you and Bani Al-Asfar (i.e. the Byzantines) who will betray you and attack you under eighty flags. Under each flag will be twelve thousand soldiers."

In the previous Hadith, the Prophet (peace be upon him), who did not speak out of self-desire, summed up the concept of inflation which we are facing today in a short statement (the increase of wealth to such an extent that even if one is given one hundred Dinars, he will not be satisfied). I cannot find a definition more precise and more accurate than this description which included inflation by all its meanings and types. The increase of money is a metaphor for the inflation of salaries, incomes, and profits. The discontent of a worker is a metaphor for the inflation of prices and production costs which people suffer today. A person can gain hundreds and thousands but they do not satisfy his needs because money has become worthless and wrath increased among people. Some people said that the mentioned sign was seen during the time of `Umar ibn `Abdul-`Aziz when money increased. However, this is false because money at that period had its value and crops were abundant, but the meaning which the Messenger of Allah intended was the abundance of money along with poverty and discontent. In other words, the value of money decreases because of its abundance and products go high because of their rareness, therefore a worker or a person shows discontent if you give him one hundred because it is worth nothing in the time of high prices.

As for the Prophet's saying: "He will not be satisfied," it indicates the continuation of discontentment before and after receiving salary because of the dire need which is not met by the given salary. As for the time of `Umar ibn `Abdul-`Aziz, it was a time of economic prosperity and not inflation.

If we look at the causes of inflation, we will find the first cause is not adopting the manners of Islam regarding trade, where monopoly, exploitation, cheat, usury, withholding charities and Zakah spread, in addition to the accumulation of gold and silver, seeking richness by all means, greed, and foolishness of rulers which led to the decrease of money value. Rulers have mastered the decrease of coinage costs to the extent that they have pricked metal coins to decrease their weight and decrease its coinage process, in addition to other selfish and stupid solutions which led to high prices that disturb both the rich and the poor.

The Prophet (peace be upon him), who was given the short eloquent phrases, said the truth when he described our conditions fourteen hundred years ago as if he is living among us today to cope with the sayings of today's scholars. He preceded all today's scholars and scientists to show his miraculousness after they had denied his prophethood. Allah (may He be Glorified and Exalted) says: "Nor does he speak of (his own) desire. * It is only a Revelation revealed." [Surat An-Najm: 3 - 4].