The Dynamics of International Trade and the Relevance of the Sharia Economic System in the Global Market
DOI:
https://doi.org/10.59890/mjst.v2i1.43Keywords:
International Trade, Islamic Economics, Maqashid Al-Shariah, Sukuk, Halal TradeAbstract
International trade drives global economic growth, but structural disparities and the dominance of developed countries continue to hinder fairness. The Islamic economic system offers a value-based alternative grounded in justice and sustainability. This study aims to analyze the dynamics of international trade and examine the relevance of Islamic economic principles in shaping a fairer and more inclusive global trade system. A qualitative-descriptive approach was employed through literature review and analysis of secondary data from WTO, UNCTAD, World Bank, and relevant academic publications on Islamic economics and international trade. Findings indicate that Islamic economic principles—such as the prohibition of riba, gharar, and ihtikar-contribute to creating balance in cross-border trade. Instruments like sukuk and the halal sector serve as strategic tools for empowering developing countries in global markets. Islamic economics holds significant potential in addressing trade inequalities. However, its implementation faces challenges, including regulatory gaps and low literacy among business stakeholders. International collaboration and policy reform are essential to integrate Shariah principles into global trade systems
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