Research Article

The Perplexing Issue Of Monopoly (Iḥtikār) In Islamic Law And Its Negative Impact On Socıety: Evidence From Turkey's Perspective

Volume: 23 Number: 2 September 30, 2023
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The Perplexing Issue Of Monopoly (Iḥtikār) In Islamic Law And Its Negative Impact On Socıety: Evidence From Turkey's Perspective

Abstract

This study investigates the Islamic concept of monopoly, termed "Iḥtikār," and its detrimental effects on economic stability and commodity prices. In the modern capitalist system, monopoly power has gained prominence and is exploited by governments and multinational corporations for various purposes. Such practices have disrupted lives and exacerbated inequalities, particularly affecting low-income individuals. This research uses Turkey as a case study to examine how dishonest monopoly tactics within chain markets have led to inflated prices and consumer harm. The research delves into the Islamic legal stance on monopoly and advocates for a nuanced understanding, considering various schools of thought. The study uses qualitative methodology to analyze primary and secondary data from Turkey's perspective. Findings reveal that monopoly practices have adversely impacted the Turkish economy, especially amid the COVID-19 pandemic, causing increased commodity prices and reduced stability. Limitations include the case-specific focus, potentially affecting generalizability. The study's significance lies in exploring the Islamic law viewpoint on monopoly's influence on financial stability and commodity prices, offering insights into contemporary regulatory strategies. Addressing monopolistic practices through effective regulation is vital to bolster economic stability and reduce disparities. This study's uniqueness lies in its Islamic examination of monopoly and its implications, contributing to the literature and suggesting avenues for contemporary regulation.

Keywords

References

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Details

Primary Language

English

Subjects

Religion, Society and Culture Studies

Journal Section

Research Article

Publication Date

September 30, 2023

Submission Date

May 13, 2023

Acceptance Date

September 19, 2023

Published in Issue

Year 2023 Volume: 23 Number: 2

ISNAD
Ershad Uddın, Ahm. “The Perplexing Issue Of Monopoly (Iḥtikār) In Islamic Law And Its Negative Impact On Socıety: Evidence From Turkey’s Perspective”. Dinbilimleri Akademik Araştırma Dergisi 23/2 (September 1, 2023): 805-830. https://doi.org/10.33415/daad.1296630.