Basically, price is the cost of product or service. In other word, sum of amount that consumer willing to change for the advantage or benefit of product or service. In setting the price for product and service, it must be follow the law of Islam or Shariah. According in Islam, there are some elements that cannot be in when practicing the pricing. Firstly, Maisir which is getting or gaining something without effort or working for it such as receive the profit without work for it. Second, Tatfif means adjust the quantity or quality of the product without changing to suitable price or known as fraud. Quran command Muslim to be honest in whatever of situation. Thus, the seller should weight or measure of the product with suitable price. Thirdly, Ikhtikar (hoarding) means the seller stop supply the product till demanded increase or creating artificial scarcity in order to impose the higher price. This is always being practicing during the celebration season such as ‘Hari Raya’. This behavior is strongly against by Islam religion and also against the concept of justice. Next, fixing price which is practicing that prohibited in Islam since it considered an injustice to the consumer.
According to Islam, market need to respond to the nature supply and demand and thus, government should control the price for the consumer not to feel overwhelmed. Besides that, price discrimination should not be practice by the Muslim. This normally happen in business to business transaction. For example, a seller offers a better price than another seller just to get consumer. Hence, it gives the unfair competitive advantage. Next, is dumping which happen when company cut the price to the low price without the solid reason in order to driven the competition out of market. This practice leads to monopoly which is also prohibited in Islam. Last not least, is Riba the element should not be exist when setting up the pricing. Riba means excess which is generally additional to the principle. In short, marketer should know that they are obligated for all their actions in this world and hereafter.