Islamic market as essential goods

Abstract

The market theory is Islamic if it is compatible with Islamic principles and principles based on Islamic norms and with the "method of deducing Islamic economic theory" from the book and tradition. This market is characterized by: "adherence to Sharia", "rule of ethics", "honesty" and "guidance, policy, and government supervision". The economic man in this market, as a demander, has chosen the criterion of "indulgent, voluntary, true and lasting pleasure" and as a producer seeks "to obtain a fair solvent profit for the cost of the family and to perform religious and social duties." The economic man in this market allocates his limited resources and capacities well, per Islamic positive and negative values ​​, and with respect for the rights of others. The three strategic principles derived from Islamic norms, namely 'observance of values', 'livelihood', and 'social Islamic insurance "Takaful" ', which are manifested in 'spirituality', 'growth', and 'justice', respectively, are coordinated and synergistic, simultaneously. Therefore, with the basics that act as infrastructure, they affected the behaviors and consequently the positive segment of the market and they cause this market to be more stable and more efficient than the market of complete competition depending on the degree of compliance with Sharia, governance of ethics and guidance, policy-making and government supervision.

Keywords

• islamic
• market
• essential goods
• islamic market supply
• islamic market demand
• balance