THE IMPORTANCE OF ETHICS IN PRICING IN ISLAM

Abstract

This research explores the concept and role of prices in an economic context, with a focus on market urgency, dynamics in Islamic markets, and challenges and solutions in implementing pricing ethics. Combining literature studies and market analysis, this research outlines the role of prices as a market adjustment mechanism, resource allocation, income determinant, and indicator of economic health. In Islamic markets, the concept of pricing and competition is guided by sharia principles, emphasizing fairness, transparency and sustainability. Challenges in implementing ethical pricing, such as pressure for maximum profits and unhealthy competition, are overcome through solutions in the form of transparent pricing, attention to consumer welfare, and adaptation to market changes. The research also looks at the development of business ethics in Indonesia, which shows an increase in corporate awareness of social and ethical responsibility in managing business, especially in the context of fair and transparent pricing. In conclusion, this research provides in-depth insight into the concept of price, its role in the Islamic market, as well as the dynamics and development of business ethics in Indonesia.