Market Mechanism in the View Of Ibn Taimiyyah

Ans Shinta Pancarini

MPRA Paper from University Library of Munich, Germany

Abstract: The advancement of the economy is heavily dependent on market conditions. The market brings together the sellers and buyers, to conduct transactions on goods and services (supply and demand). Balance in supply and demand is needed to maintain economic stability. Market urgency attracts the characters to put forward their theories of both Islamic and western thinkers. Islam is a divine religion that brings the benefit of the afterlife. Islam has different views and thoughts about market mechanisms. This thinking precedes what western thinkers have expressed. Ibn Taimiyyah reveals five concepts in the development of market mechanisms, namely fair prices, fair markets, fair profit concepts, the concept of fair wages and aims for society. The essence of Ibn Taimiyyah's thought is about the justice of the ummah. Broadly speaking Ibn Khaldun thought of concept of justice.

Keywords: Ibn Taymiyyah; Market Mechanism; History of Islamic Economics. (search for similar items in EconPapers)
JEL-codes: A11 A13 B0 B00 D40 E20 (search for similar items in EconPapers)
Date: 2018-03-17, Revised 2018-05-10
New Economics Papers: this item is included in nep-hme, nep-hpe and nep-isf
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