Economic Justice and Perfect Competition A Synthesis of Ibn Taimiyah’s Thought and Modern Microeconomics
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Islam regulates the human life system comprehensively, covering social, political, and economic dimensions, as emphasized in the Qur'an. This study aims to analyze the role of the Islamic market in creating economic justice through the perspective of the perfect competition market model. Using a qualitative approach with library research, this study synthesizes the thoughts of Ibn Taimiyah on market mechanisms and compares them with classical microeconomic theories. The results indicate that the characteristics of perfect competition, such as price-taking behavior and perfect information, align with Sharia principles that prohibit monopoly (ihtikar) and deception (gharar). Empirically, the Islamic economy in Indonesia contributes significantly to the national GDP (11.34%) and supports the inclusivity of SMEs. The study concludes that the Islamic market provides a moral framework that ensures economic efficiency is coupled with social justice. The implications suggest a need for stronger integration of Sharia values in national economic policies to mitigate wealth inequality.
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