The Concept of Price Mechanism in The Halal Industry Refers to The Thought of The Price Concept of Yahya Bin Umar and Ibnu Taimiyah

Abstract

The price mechanism in the halal industry has an important role in determining the value and price of halal products. The concept of pricing mechanism in Islam has been initiated by the thinkers Yahya bin Umar and Ibn Taymiyyah. The purpose of this study is to find out how the relationship between the pricing mechanisms of the two Islamic thinkers in the halal industry. Descriptive analytical with qualitative research methods and a historical approach are used in this research. As a result, Yahya bin Umar and Ibn Taymiyyah's approaches to the pricing mechanism provide different perspectives but are in line with the context of healthy and fair pricing. Yahya bin Umar views that prices are determined by the ideal market mechanism, while Ibn Taymiyyah emphasizes the importance of healthy competition and wise government intervention. The price mechanism in the halal industry should reflect the intrinsic value of the product, ensure fairness in transactions, and support the sustainability of the industry. The government can use the price mechanism to set a minimum price or ensure halal products meet certain standards. Fair and competitive pricing will enable wider access to halal products and maintain consumer confidence over a longer period.