Types and Issues of Online Commerce and Basic Principles of Islamic Commerce: An Analytical Study

Abstract

In today's digital age, online commerce has increased dramatically and revolutionized the way we do business. At the same time, Islamic trade principles have been established for centuries and provide a clear ethical framework for economic interactions. This overview covers different types and issues of online transactions and critically analyzes their compliance with the fundamental principles of Islamic transactions. Online commerce, often referred to as e-commerce, encompasses a variety of business models, including B2C (business-to-consumer), B2B (business-to-business), C2C (consumer-to-consumer), and more. The rapid growth of online commerce, digital payment systems, and the sharing economy has changed the business landscape. However, this increase is not without its challenges. Issues such as data security, privacy, fraud, and the digital divide require close scrutiny and effective solutions. In contrast, Islamic trade is deeply rooted in ethical and moral principles and is based on Sharīʻah, Islamic law. This framework emphasizes fairness, transparency and fairness in all financial transactions. At the heart of Islamic business transactions are principles such as halāl (permission) and ḥarām (prohibition), ribā (usury) and gharar (uncertainty), which form the basis of ethical business practices. The purpose of this study is to analytically examine the relationship between types and themes of online transactions and the basic principles of Islamic transactions. We highlight areas of agreement and disagreement and highlight the unique challenges that online commerce presents, including: B. Electronic fraud and data protection from an Islamic perspective. Additionally, this overview considers how the principles of Islamic commerce can act as a driving force to address these issues and promote ethical online business practices. This highlights the potential for the introduction of Islamic financial products such as: B. Sharīʻah-compliant fintech solutions that reduce risk and increase the security of online transactions while promoting ethical behavior.