A Contrast of Honesty and Transparency in Islamic Market

Market transparency can be defined as a "timely and reliable trend of economic, social and political information available to those who interest in market". Although most economists have explained the feature of transparency or confidential information for healthy competition market have been defined, most economists admit that most markets suffer from lack of information. They have proposed such strategies like supplier's signaling, organizing institutions and state's management and supervision as a means to compensate this lack of information in market. It seems that capitalist economy cannot compensate this lack by relying on its principles.In Islamic market, the term "honesty" is a moral virtue and a graded perfection with a foundation and value load which are not found in transparency. It is not only the characteristics of market but also of the agents of the market that should be considered. By honesty, we mean its broad meaning, that is, honesty in terms of intention, conduct, and structure. In a market in which honesty is dominant, both sides of transaction have a sense of quiescence towards each other's behavior and no one of them keeps things secret while purchasing goods. If there is a mistake, it can be compensated through a certain market mechanism.