al-Afkar, Journal For Islamic Studies
Vol. 6 No. 4 (2023)

Price Mechanisms in Islamic Economics Perspective of Yahya Bin Umar and Ibn Taymiyah

Lina Pusvisasari (STAI Al-Azhary Cianjur)
Yadi Janwari (UIN Sunan Gunung Djati Bandung)
Ahmad Hasan Ridwan (UIN Sunan Gunung Djati Bandung)



Article Info

Publish Date
02 Sep 2023

Abstract

This study discusses the role of prices in Islamic economics from the perspective of Yahya bin Umar and Ibn Taymiyah. In the view of Yahya bin Umar, the price mechanism in Islamic economics must follow the principles of justice and transparency and avoid speculation that harms the community. Meanwhile, Ibn Taymiyah argues that the price of goods and services should be determined by market demand and supply, assuming that the market runs freely and there is no fraud. Through a qualitative approach using the literature study method, this article discusses the views of Yahya bin Umar and Ibn Taymiyah on the price mechanism in Islamic economics. The results show that both agree that the price mechanism must follow the principles of fairness and transparency. However, there are differences of opinion in terms of how to determine prices, where Yahya bin Umar emphasizes more on the need for government and community supervision of the price mechanism, while Ibn Taymiyah emphasizes more on market freedom.

Copyrights © 2023






Journal Info

Abbrev

Afkar_Journal

Publisher

Subject

Social Sciences

Description

al-Afkar, Journal for Islamic Studies is published by Association of Secondment Lecturers (Asosiasi Dosen DPK) UIN Sunan Gunung Djati Bandung Indonesia. Focus of al-Afkar, Journal for Islamic Studies is on publishing original empirical research articles and theoretical reviews of Islamic Studies, ...