PRICE AND MARKET DYNAMICS IN ISLAMIC MICROECONOMICS A SHARIAH PERSPECTIVE

Abstract

This study aims to analyze the dynamics of prices and markets in Islamic microeconomics from a sharia perspective. In practice, conventional economics tends to allow prices to form freely based on the forces of supply and demand, which often triggers inequality, speculation, and monopolistic practices. Likewise, Islamic economics emphasizes the principles of justice, blessings, and ethics of muamalah in every transaction, including in market mechanisms and pricing. This study uses a qualitative descriptive approach with data collection methods through interviews, observations, and documentation involving micro-entrepreneurs, consumers, and Islamic economic figures. The results of the study show that micro-entrepreneurs who apply sharia principles tend to set prices based on honesty, balance between producers and consumers, and consider social benefits. Market mechanisms in this context are influenced by moral values ​​and community-based social control that reflect the concept of hisbah. However, challenges still arise in the form of low sharia economic literacy among MSMEs. Therefore, ongoing education and mentoring are needed to encourage the wider implementation of sharia-based microeconomics. This study provides an important contribution in glorifying Islamic economic studies, as well as providing practical recommendations for strengthening a fair and sustainable market system in accordance with maqashid sharia.