The Concept of Just Price in Islam: The Philosophy of Pricing and Reasons for Applying It in Islamic Market Operation

DOI

10.2991/icaf-19.2019.19How to use a DOI?

Keywords

pricing, justice, Islam, market, transaction, ‘an taradhin

Abstract

Islamic Economics covers a large number of economic areas including the theory of pricing. This theory has been developed in conventional economics, while only a few are covered by Islamic economics. This paper aims to conceptualize the just price in Islam using the qualitative approach. It is exploratory research and content analysis; the analyzed data were obtained from various sources: Quran, Sunnah, Islamic philosophers, and jurisprudence. This paper reveals that a just price in Islam is based on the principles of ‘an taradhin minkum (mutual goodwill) and al’adl (justice) which must exist in goods and services pricing. These are also described in the principles of Islamic market operations which is to uphold justice and the willingness between the market players as well as to maintain the order of the supply and demand in the market.

Copyright

© 2019, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Kumara Adji Kusuma
PY  - 2019/11
DA  - 2019/11
TI  - The Concept of Just Price in Islam: The Philosophy of Pricing and Reasons for Applying It in Islamic Market Operation
BT  - Proceedings of the 5th International Conference on Accounting and Finance (ICAF 2019)
PB  - Atlantis Press
SP  - 116
EP  - 123
SN  - 2352-5428
UR  - https://doi.org/10.2991/icaf-19.2019.19
DO  - 10.2991/icaf-19.2019.19
ID  - Kusuma2019/11
ER  -