Proceedings of the 3rd Economics and Business International Conference, EBIC 2022, 22 September 2022, Medan, North Sumatera, Indonesia

Research Article

Involvement of Market Mechanisms and Pricing Policies for Indonesian Traditional Market Products (Fiqh Muamalah Study)

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  • @INPROCEEDINGS{10.4108/eai.22-9-2022.2337429,
        author={Almas  Rizqullah and Mulyono  Jamal and Isma Aulia Roslan},
        title={Involvement of Market Mechanisms and Pricing Policies for Indonesian Traditional Market Products (Fiqh Muamalah Study)},
        proceedings={Proceedings of the 3rd Economics and Business International Conference, EBIC 2022, 22 September 2022, Medan, North Sumatera, Indonesia},
        publisher={EAI},
        proceedings_a={EBIC},
        year={2024},
        month={4},
        keywords={market mechanism pricing traditional market fiqh muamalah},
        doi={10.4108/eai.22-9-2022.2337429}
    }
    
  • Almas Rizqullah
    Mulyono Jamal
    Isma Aulia Roslan
    Year: 2024
    Involvement of Market Mechanisms and Pricing Policies for Indonesian Traditional Market Products (Fiqh Muamalah Study)
    EBIC
    EAI
    DOI: 10.4108/eai.22-9-2022.2337429
Almas Rizqullah1,*, Mulyono Jamal1, Isma Aulia Roslan1
  • 1: Darussalam Gontor University
*Contact email: almasrizqullah90@gmail.com

Abstract

The history of product pricing in the traditional market is always dynamic following the times and technology. Market mechanisms are also always involved in the process. This article aims to explore the phenomenon of market mechanisms that occur, especially in traditional Indonesian trade. In the end, Islam offers a solution to pricing market products that are under sharia. The real contribution of this paper is to provide a clear concept of the consequences of deviant actions in the market mechanism. Then the concept can be used as an analysis of the role of the government as a regulator of the market. This research is library research with a qualitative approach. The analysis process will be described using content analysis techniques. Market mechanisms and fair pricing policies from an Islamic economic perspective are different from conventional systems. The Concept of Islamic Economics asserts that market mechanisms and pricing need to be regulated to uphold market balance and economic justice by considering the interests of the parties involved in the market. A fair and fair price is a price obtained based on the strength of supply and demand. When there are actions that are like a market distortion or the price is not at its equilibrium point, the government plays a very important role in taking the distortion and returning the price to its original equilibrium point.