THEORY OF CONSUMER BEHAVIOR IN THE HOLY QURAN AND SUNNAH

Abstract

Consumption is of pivotal importance in economic analysis both at the micro and macro level because of its vast effects on the economy as its main engine and motive for production. Moreover, many economic problems are due to the absence of rational behavior on the part of consumers.

The study and analysis of consumer behavior also helps to explain economic phenomena and contributes to solve many of the dilemmas of economy. As a result, consumer theory has occupied a significant space in the earthly economic thought for a long period of time and occupied many economic researches and studies that aimed at explaining consumer behavior materially in isolation from ethics and morals.

There are some studies, analyses and research in the Islamic economy that dealt with this theory,
 but there is still a need for more studies with a scientific methodology that would highlight the
 Islamic approach to consumer behavior, and determine its governing rules.

Here comes the need to establish an integrated Islamic theory of consumer behavior independent
 of the perceptions of other economic systems; it needs to be based on the provisions of Islamic 
law and adopted according to their perceptions of man, the universe and life, and shaped within 
the framework of values and ethics.

The present study attempts to attain the abovementioned goals. It is comprised of four sections.
 The first one defines consumer behavior linguistically and conventionally or pragmatically. 
The second section sheds light on consumer behavior in economics. The third topic deals with 
the behavior of the consumer in the light of economic capitalism, and the fourth one is devoted 
to study consumer behavior in Islamic economic theory. The research ends with a conclusion 
that summarizes the main findings of the study. The first one is that the theory of consumer 
behavior in the capitalist economy has succeeded in finding theoretical models and analytical 
tools, but failed to explain consumer behavior objectively. The theory of consumer behavior 
in the Islamic economy is a theory in which spirituality, morals and legislation come together, 
so there is a balance between the demands of the individual and the community, and between 
the spiritual and the material.