Pricing Mechanism in Panyabungan Tradisional Market Viewed from Islamic Economic Perspective


Rini Hayati Lubis(1*)

(1) Universitas Islam Negeri Syekh Ali Hasan Ahmad Addary Padangsidimpuan, Indonesia
(*) Corresponding Author

Abstract


This study analyzes the pricing mechanism in the Panyabungan traditional market using the perspective of Islamic economics. The Panyabungan tradisional market is the focus of research because it is the local economic center of the Muslim community. Using a qualitative approach, data is collected through observation and interviews with traders and sellers as well as market stakeholders. The results of the study show that the pricing mechanism in the Panyabungan Old Market is largely based on market forces, which is not in accordance with Islamic economic principles that emphasize fairness in prices. In the traditional market of Panyabungan, there is still intransparency related to prices, price increases at certain moments that are not affected by the substance of the availability of goods, and buying and selling credit without paying attention to sharia principles. The implications of this study reinforce the importance of understanding and applying Islamic economic principles in traditional market practices to achieve the goals of economic justice and sustainability at the local level.

Keywords


Pricing Mechanism; Market; Islamic Economic.

Full Text:

PDF

References


Al Mamun, Md. Abdullah, M. Kabir Hassan, Md. Abul Kalam Azad, and Mamunur Rashid. “A HYBRID REVIEW OF ISLAMIC PRICING LITERATURE.” The Singapore Economic Review 67, no. 01 (March 2022): 477–509. https://doi.org/10.1142/S0217590821420029.

Al-Aifari, Zaid, and Monzer Kahf. “Venture Capital Investment: Challenges and Potential Solutions استثمار رأس المال المُخاطر: التحديات والحلول.” Journal of King Abdulaziz University: Islamic Economics 34, no. 2 (2021): 3–18. https://ideas.repec.org/a/abd/kauiea/v34y2021i2no1p3-18.html.

Al-Asbahi, Al-Imam Abdillah Malik. “Ibn Anas Ibn Malik Ibn Abi Amir, al-Muwatha’.” Mesir: Tijariyah Kubra, tth, n.d.

Ali, Abbas J., and Abdulrahman Al-Aali. “Marketing and Ethics: What Islamic Ethics Have Contributed and the Challenges Ahead.” Journal of Business Ethics 129, no. 4 (July 2015): 833–45. https://doi.org/10.1007/s10551-014-2131-x.

Alwi, Shahzada Azam Khan. “Determining the Role of Major Macroeconomic Indicators in Widening Income Gap in Pakistan.” Propel Journal of Applied Management 3, no. 1 (2023): 59–92. https://www.pjam.propelmas.com/index.php/pjam/article/view/26.

Babasyan, T. M. “LEGAL ASPECTS OF THE ISLAMIC ECONOMY.” In Анализ, Моделирование, Управление, Развитие Социально-Экономических Систем (АМУР-2023), 28–42, 2023. https://elibrary.ru/item.asp?id=54684575.

Bernardlauwers, B., Rezaul Islam, M. Muthoifin, and Jihan Husna Srifyan. “Islamic Business Ethics and Political Economy: A Study of Government Policies in Handling the Food Crisis.” Demak Universal Journal of Islam and Sharia 2, no. 02 (2024): 91–110. https://journal.walideminstitute.com/index.php/deujis/article/view/107.

Bertillo, Julius B., and Eva B. Bertillo. “The Role of Islamic Financial Systems and Banking Institutions in Global Economic Recovery.” Available at SSRN 4116857, 2022. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4116857.

Boersma-de Jong, Margreet, and Gjalt De Jong. Foundations of a Sustainable Market Economy: Guiding Principles for Change. Cham: Springer International Publishing, 2023. https://doi.org/10.1007/978-3-031-28186-0.

Dusuki, Asyraf Wajdi, and Nurdianawati Irwani Abdullah. “Maqasid Al-Shariah, Maslahah, and Corporate Social Responsibility.” American Journal of Islamic Social Sciences 24, no. 1 (2007): 25.

El Maghrebi, Nabil, Abbas Mirakhor, Tarık Akın, and Zamir Iqbal. “Ethics of Iqtiṣād.” In Revisiting Islamic Economics, by Nabil El Maghrebi, Abbas Mirakhor, Tarık Akın, and Zamir Iqbal, 151–82. Palgrave Studies in Islamic Banking, Finance, and Economics. Cham: Springer International Publishing, 2023. https://doi.org/10.1007/978-3-031-41134-2_4.

Eyerci, Cem. “The Approach of the Modern Islamic Economics to the Prohibition of Interest in the Context of Theories of Time Preference and Price Control,” 2019. https://acikbilim.yok.gov.tr/handle/20.500.12812/702680.

Furqani, Hafas, and Mohamed Aslam Haneef. “Configuring Problems of Economics in Islamic Perspective: Moral Nexus, Realities and Its Unification.” International Journal of Ethics and Systems 39, no. 4 (2023): 875–91. https://www.emerald.com/insight/content/doi/10.1108/IJOES-04-2022-0076/full/html.

Garcia, Devin, Levent Kutlu, and Robin C. Sickles. “Market Structures in Production Economics.” In Handbook of Production Economics, edited by Subhash C. Ray, Robert G. Chambers, and Subal C. Kumbhakar, 537–74. Singapore: Springer Nature Singapore, 2022. https://doi.org/10.1007/978-981-10-3455-8_4.

Gerring, John. “Qualitative Methods.” Annual Review of Political Science 20, no. 1 (May 11, 2017): 15–36. https://doi.org/10.1146/annurev-polisci-092415-024158.

Ghazālī, Abū Ḥāmid al. “Ihya’Ulum Al-Dīn.” Arabic.) Cairo: Dar al-Shu’ab, Nd Gwāliyārī, Muḥammad Ghaws. Awrad-i Ghawsiyya.(Persian MS.) Calcutta: Asiatic, 1966.

Ghofur, Abdul, Muslich Shabir, and Nur Asiyah. “Wilāyah Al-Ḥisbah and Its Urgency to the Modern Economy in Indonesia.” Webology 19, no. 1 (2022): 5867–78. https://www.webology.org/data-cms/articles/20220206011440pm19393.pdf.

Hou, Hongyu, Feng Wu, and Xin Huang. “Dynamic Pricing Strategy for Content Products Considering Consumer Fairness Concerns and Strategic Behavior.” Industrial Management & Data Systems, 2024. https://www.emerald.com/insight/content/doi/10.1108/IMDS-09-2023-0669/full/html.

Interview with Mr. Puli, 20 April 2024.

Interview with Mr. Rudi Rangkuti, 15 Januari 2024.

Interview with Mr. Subur Nasution, 23 Februari 2024.

Interview with Mrs. Desi, 3 Maret 2024.

(Interview with Mrs. Salmah, 3 Maret 2024.

Intes, Amina, Uwe Barroso, and Eladdadi Mark. “Permissible and Prohibited Businesses in Islam.” Sharia Oikonomia Law Journal 1, no. 4 (2023): 275–85. https://journal.ypidathu.or.id/index.php/solj/article/view/657.

Islahi, Abdul Azim. “Al-Asadi and His Work al-Taysir: A Study of His Socio-Economic Ideas,” 2016. https://mpra.ub.uni-muenchen.de/id/eprint/80122.

———. “How to Ensure Research Quality in Islamic Economics? كيف نضمن جودة البحث في الاقتصاد الإسلامي؟.” Journal of King Abdulaziz University: Islamic Economics 34, no. 2 (2021): 147–56. https://ideas.repec.org/a/abd/kauiea/v34y2021i2no10p147-156.

———. Islam & Economics: Shah Wali-Allah’s Approach. Kube Publishing Ltd, 2022. https://scholar.

Jabbar, Siti Faridah Abdul, and Asma Hakimah Ab Halim. “The Concept of Fraud in Islamic Law.” In Research Handbook on International Financial Crime, 356–65. Edward Elgar Publishing, 2015. https://www.elgaronline.com/downloadpdf/edcoll/9781783475780/9781783475780.00041.

Johar, Johar, and Maghfirah Maghfirah. “Re-Interpretation of Islamic Transaction Principles in Economic Activities.” Madania: Jurnal Kajian Keislaman 27, no. 1 (2023): 23–34. https://ejournal.uinfasbengkulu.ac.id/index.php/madania/article/view/3385.

Kader, Haithem. “Human Well-Being, Morality and the Economy: An Islamic Perspective.” Islamic Economic Studies 28, no. 2 (2021): 102–23. https://www.emerald.com/insight/content/doi/10.1108/IES-07-2020-0026/full/html.

Kahf, Monzer. “Institutional Structure of the Islamic Economic System.” In Institutional Islamic Economics and Finance, 1–9. Routledge, 2022. https://www.taylorfrancis.com/chapters/edit/10.4324/9781003227649-1/institutional-structure-islamic-economic-system-monzer-kahf.

Kahf, Monzer, and Amiirah Mohomed. “Credit Cards: Contemporary Issues from Economic and Shariah Perspective.” Journal of King Abdulaziz University: Islamic Economics 29, no. 1 (2016). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3061809.

Khaldun, Ibn. “Muqaddimah.” Translated by Ahmadie Thoha. Ed 12 (1986). https://www.cambridge.org/core/journals/journal-of-economic-history/article/jeh-volume-19-issue-1-back-matter/7AC31F898A902F58E4B50A5138A0B2D5.

Krawiec, Kimberly D. “Markets, Repugnance, and Externalities.” Journal of Institutional Economics 19, no. 6 (2023): 944–55. https://www.cambridge.org/core/journals/journal-of-institutional-economics/article/markets-repugnance-and-externalities/67FF8040AB35DEDA82EC5A67E80A3C05.

Kuran, Timur. Islam and Mammon: The Economic Predicaments of Islamism. Princeton University Press, 2004.

L. Haven, Tamarinde, and Dr. Leonie Van Grootel. “Preregistering Qualitative Research.” Accountability in Research 26, no. 3 (April 3, 2019): 229–44. https://doi.org/10.1080/08989621.2019.1580147.

Latifah, Umi, Ida Nurlaeli, and Ulfi Zulfikar Faridhun. “Development of Classical Fiqh towards Contemporary: Relevance of Thought of Islamic Figures and Operational Transformation of Fiqh Products.” Santri: Journal of Pesantren and Fiqh Sosial 4, no. 1 (2023): 1–20. https://journal.ipmafa.ac.id/index.php/santri/article/view/692.

Lubis, Rini. “Penentuan Sub Sektor Unggulan Pada Sektor Pertanian Di Kabupaten Tapanuli Selatan.” At-Tijaroh: Jurnal Ilmu Manajemen Dan Bisnis Islam 2, no. 2 (2016): 214–29. http://jurnal.iain-padangsidimpuan.ac.id/index.php/attijaroh.

Mohiuddin, Syed Khalid, and Danish Ahmed Siddiqui. “The Development of the Maqasid al Shariah Index to Assess the Sharia Compatibility Performance of Islamic Industry Including Other Industry and Financial Industry & Banks.” Available at SSRN, 2023. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4432530.

———. “The Development of the Maqasid al Shariah Index to Assess the Sharia Compatibility Performance of Islamic Industry Including Other Industry and Financial Industry & Banks.” Available at SSRN, 2023. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4432530.

Muhammad, Zayn bin Ibrahim bin. “Al-Bahr al-Ra’iq Sharh Kanz al-Daqa’iq.” Beirut: Dar al-Marifah. Al-Zuhayli, 1997.

Observation In Pasar Lama Panyabungan, 05 Januari- 24 April 2024.

Samans, Richard. “Original Sin or Wayward Practice? Living Standards as a Trickle-Down, Residual Consideration of Modern Economics.” In Human-Centred Economics, by Richard Samans, 55–106. Cham: Springer International Publishing, 2024. https://doi.org/10.1007/978-3-031-37435-7_3.

Santi, Mei, Misbakhul Khaer, and Wahyu Firmansyah. “Implementation of Buying and Selling Transactions in the Perspective of Islamic Economics:(Case Study of Traders at the Kauman People’s Market, Tulungagung).” EKSYAR: Jurnal Ekonomi Syari’ah & Bisnis Islam 10, no. 1 (2023): 67–78. https://ejournal.staimta.ac.id/index.php/eksyar.

Siddiqi, Muhammad Nejatullah. Teaching Islamic Economics. Islamic Economics Research Centre, King Abdul Aziz University, 2005. https://shibircloud.com/pdf/teaching_islamic_economics.

Siregar, Erni Yusnita. “Analisis Mekanisme Pasar Menurut Perspektif Islam Di Kabupaten Mandailing Natal.” Islamic Business and Finance 1, no. 1 (2020). http://ejournal.uin-suska.ac.id/index.php/IBF/article/view/9486.

Taimiyyah, Ibn. “Al-Hisbah Fil Islam (Beirut.” Lebanon: Dar Ul Kutb Al, 1967.

Taymiyyah, Ibn. “Majmu ‘ah al-Fatawa Ibn al-Taymiyyah,” 2005.

Von Auer, Ludwig, and Tu Anh Pham. “Imperfect Collusion in Monitored Markets with Free Entry.” Journal of Economics 140, no. 3 (December 2023): 181–207. https://doi.org/10.1007/s00712-023-00835-w.

Wahyuni, Rini, Muchtar Muchtar, and Muh Ferils. “ANALYZING THE IMPACT OF PROMOTION STRATEGIES AND PRICING ON PURCHASE DECISIONS AT MUTIARA FAMILY STORE IN TASIU, MAMUJU DISTRICT.” Jurnal Ekonomi 12, no. 04 (2023): 107–14. https://ejournal.seaninstitute.or.id/index.php/Ekonomi/article/view/2971.

Zarqā’, Muṣṭafā A. az-. Al-ʻUqūd al-Musammāt Fi’l-Fiqh al-’islāmī ʻaqd al-Bayʻ. Dār al-Qalam, 1999.




DOI: https://doi.org/10.15575/am.v11i2.35080

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Web Analytics Made Easy - Statcounter View My Stats