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Journal > Majalah Ekonomi > MARKET CONCEPTS: CONTRIBUTION OF THE CLASSICAL ISLAMIC SCHOLARS

 

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Majalah Ekonomi
Vol 16, No 2 (2006): MAJALAH EKONOMI
MARKET CONCEPTS: CONTRIBUTION OF THE CLASSICAL ISLAMIC SCHOLARS
Article Info   ABSTRACT
Published date:
28 Dec 2011
 
Islam is a comprehensive religion whereby it explains not only the way to worship God but also it deals with the economic aspect of human life. The aim of this paper is to elaborate the views of classical Islamic scholars on the specific subject of the economics namely market mechanism. Abu Yusuf, Al-Ghazali, Ibn Taimiyyah, Ibn al-Qayyim al- Jawziyyah, and Ibn Khaldun are chosen for their significance contribution related to it. In general all Islamic scholars are of the view that supports free trade in the perfect market. The role of the state start to take place only when there is an injustice towards any parties involved. Our findings is that there are no significant differences between what we have learnt in the mainstream economic (Classical and Keynesian Economics) and what the Islamic scholars have suggested.Key Words : market mechanism, Abu Yusuf, Al-Ghazali, Ibn Taimiyyah, Mn al-Qayyim al-Jawziyyah, and Ibn Khaldun
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