Universitas Islam Negeri Alauddin Makassar Proceedings, The 1st International Conference on Science and Islamic Studies (ICOSIS-2023)

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Analysis of supply and demand from the perspective of Islamic thinkers from the classic to the contemporary age
Nahlah Nahlah, Irwan Misbach, Arfin Hamid, Muslimin Kara, Harbani Pasolong, M. Abdut Tawwab

Last modified: 2023-09-19


This study aims to find out how supply and demand are in Islamic economics according to Islamic thinkers from the classic to the contemporary age. The research method is library research with a qualitative approach. Data sources were obtained from the Al-Qur'an, hadith, national and international journals, books, and web pages that discuss topics related to supply and demand in Islamic economics. The research results show that the concept of supply and demand existed long before the emergence of this concept in conventional economics. Several Islamic scholars have discussed these concepts, such as Abu Yusuf, Al-Juwayni, Al-Mawardi, Al-Ghazali, Ibn Khaldun, Ibn Taimiyah, Rasyid Ridha, Sayyid Qutb, Muhammad Taqiyuddin, Mannan, Monzer Kahf, Baqr Al-Sadr, and Umer Chapra. The concept is the same as that found in conventional economics: the higher the price of goods or services, the demand for these goods and services decreases, and from the seller's point of view, the higher the price of goods and services, the greater the quantity supplied. The government does not intervene in prices unless market distortions occur, requiring regulation to stabilize prices. The difference lies in several values, ethics, product halalness, and pricing motivations in Islamic economics, which do not exist in conventional economics. In maintaining the balance of supply and demand, three main factors must be considered: aqidah, sharia, and morals. Aqidah is a way of life; sharia is a law that helps regulate practices in everyday life that shape behaviour, while morality is an ethical way of life that arises from explicit beliefs and established rules.


Islamic economics; supply; demand

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