Islamic Market: A market born out of the economic system of Islam

Before the adventof Islam in the Arabian Peninsula، there was no powerful government due to the special geographical situation of the peninsula. Also، because of ways of communication، the northern and southern areas، were the only places of high commercial emphasis. However، after the adventof Islam and th formation of an Islamic government by the prophet Mohammad (peace be upon him)، certain rules were enacted in all aspects of life، and the economic system of Islam was thus created. This system has various components the most fundamental of which is the Islamic bank. Sincemorality is the main feature of Islamic teachings، it can be seen everywhere in Islamic markets، and all participants in the market are required to comply with it. Even the construction of markets is in line with fulfillment of moralities. There is no particular template for the comparison of Islamic markets with current counterpart structures. It is possible for the bank to have a close perfect competition with other banks with regard to the large number of buyers and sellers and some other conditions. The presence of the government in some aspects is also clear. There is mutual consent and option in various types of transaction among the participants، and emphasis is on the principles and rules of Islam.