In this critical review published in the prestigious Journal of Research in Islamic Economics (Jeddah), Professor Dr. Abul Hasan M. Sadeq evaluates the theoretical framework of resource allocation and price determination within an Islamic economic system.

Key Analytical Pillars:

• Price Sovereignty: Assessing the Islamic principle of free market pricing while exploring the ethical boundaries that prevent exploitation, monopoly (ihtikar), and artificial price manipulation.
• Allocation Efficiency: Evaluating how an Islamic economy achieves optimal resource allocation not just through the "invisible hand," but through the integration of Maslaha (public interest) and moral filters.
• State Intervention: Analyzing the specific conditions under which a state or the Hisbah (market supervision) authority should intervene in price mechanisms to protect the vulnerable.
• Distributive Justice: Highlighting the distinction between conventional market-led allocation and the Islamic model, which ensures that resource distribution aligns with social equity and the needs of the underprivileged.

This 1984 review article remains a significant reference point for understanding how early contemporary Islamic economists sought to reconcile classical market principles with the social justice mandates of Shari'ah.

Core Concepts: Price Theory, Resource Allocation, Market Supervision, Hisbah, King Abdulaziz University, Maslaha, AUB.