Competition Regulations in the Islamic Market

Abstract

treatments. These Islamic instructions could generate an Islamic market which override in it's organization and performance all other markets that have been proposed by other western scholars. The bases for organizing these Islamic markets and how to control their competition regulations have been presented in this paper. All Islamic scholars stated that; the market in the Islamic economy is a competitive market, and there is a freedom for entering and leaving these markets depending on the economic exchange between producers and consumers. These solid principles emphasize on the illegality of putting some constraints in the way of the producers if they decide to enter any investment project, since this matter will bring the rightness to the nation. Islam established a price control system (called Hisbaa) in order to organize the markets and supervising the economical operations in these markets. Hisbaa system is considered as watching, organizing, and controlling device for the Islamic economic.