MONOPOLY IN BUSINESS EXAMINED THROUGH THE LENS OF ISLAMIC BUSINESS LAW: AN ANALYSIS OF JUSTICE AND ECONOMIC EQUILIBRIUM.

Abstract

This paper examines the practice of monopoly from the perspective of Islamic business law, emphasizing its implications for justice and social welfare. Monopoly, defined as market dominance by a single entity, often leads to economic imbalances, exploitation of consumers, and disruption of fair competition. Using a qualitative descriptive method through library research, this study analyzes primary sources such as the Qur'an and Hadith, alongside classical and contemporary Islamic scholarly works. The findings indicate that Islam prohibits monopolistic practices, including ihtikar (hoarding), due to their detrimental impact on society and violation of the principles of maqashid syariah. Unlike modern legal frameworks, which focus on legality and consumer protection, Islamic business law adopts a holistic approach by integrating moral and spiritual dimensions to ensure justice and equitable distribution of wealth. The study also highlights the applicability of Islamic principles in regulating markets, preventing exploitation, and ensuring fairness. This paper concludes that harmonizing Islamic principles with contemporary legal systems is essential for addressing the challenges of globalization and fostering sustainable economic welfare. The results contribute to the discourse on integrating Islamic ethics into modern economic regulations to achieve a balanced and just market system.