Authors
1
research institute Hawzeh & university
2
Parliamentary Research Center
3
High-level professor at Qom Seminary
4
emam sadeq university
5
Qom Seminary
6
Research Institute and University
10.30471/jee.2025.11383.2556
Abstract
Market governance in Islamic economics, as an approach distinct from conventional free market models, emphasizes the integration of Sharia, ethical, and economic efficiency principles. This study, using a systematic review method, comprehensively analyzed studies related to factors affecting market governance from the perspective of Islamic economics. Through a review of 56 scientific articles, 3 doctoral theses, and 4 books published up to 1403, ten key elements were extracted and categorized, including competitiveness, justice and fairness, property rights, transparency and asymmetry of information, facilitation and regulation, supervision, resilience, market environment, price system, and economic ethics. These elements were analyzed using Williamson's four-level framework (social roots, institutional environment, governance structure, and resource allocation). At the level of social roots, Islamic norms (social justice, prohibition of usury, prohibition of harm, respect for property) guide the behavior of economic institutions. At the level of the institutional environment, antitrust laws, prohibition of hoarding, transparency, and fair pricing regulate the rules of the game. Governance structures, by reviving the institution of Hasbeh through popular and sovereign oversight in the context of technology, ensure the implementation of rules, and at the operational level, the behavior of actors (healthy competition or collusion) under the influence of these rules determines the efficiency of the market. The findings indicate the high capacity of Islamic and jurisprudential teachings in market governance in eliminating market failures and securing public interests, but research gaps in market governance, Islamic market design, regulation, determining property rights, reviving the institution of Hasbeh, and the scope of government intervention, highlight the need for interdisciplinary research.
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