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.

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