Abstract

This study addresses the pricing of Islamic products and their mechanisms. The study aims to identify the applied pricing mechanisms in Islamic products and the general rules for its pricing The paper reviews this development pricing mechanism using arguments advanced by four major schools of Islamic jurisprudence. This study used the inductive approach to get the views of Islamic scholars on the pricing process. Besides, it used the analytical approach to identify the Islamic views on the pricing mechanisms. The results of this study indicate that the Muslim marketer needs to ensure that in the process of marketing, several elements must be considered and one of the most important elements that are worth giving attention to is pricing decision.