Islamic Economics Promotes Fair Markets, Rejects Monopolistic Practices for Mutual Benefit
The article examines market structures from an Islamic perspective, focusing on perfect and imperfect competition. Perfect competition aligns with Islamic market principles, where prices are set by supply and demand. It benefits both consumers and producers. Imperfect competition, like monopolies, harms consumers and should be avoided. In Islamic economics, competition is seen negatively, so a new concept called ta'awun market, emphasizing mutual assistance, is suggested.