PANIC BUYING: ITS CORRELATION WITH THE PRACTICE OF IKHTIKAR AND QS. HUD VERSE 61 REGARDING THE COMMAND TO PROSPER THE EARTH
Abstract
Panic buying behavior is a human behavior to consume impulsively in large quantities. This action is often based on the precautionary principle in terms of minimizing risk. This study aims to determine the correlation of panic buying with the practice of ikhtikar or hoarding in Islam and its relation to QS. Hud verse 61 which contains God's mandate to humans to always prosper the earth. This research was conducted using a qualitative method based on literature studies. The results of this study are that although it is based on precautionary principles, action panic buying is still prohibited because it can potentially harm the global economy. Besides that panic buying also give rise to ikhtikar or hoarding behavior which is strongly opposed in the implementation of sharia economics. There is action panic buying and also the effort is also very contrary to God's trust to man through His words in QS Hud: 61, to always maintain and prosper life on earth
References
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Arafat, S.M.Y. et al. (2020) 'Psychological underpinning of panic buying during the pandemic (COVID-19)', Psychiatry Research, 289 (January). Available at: https://doi.org/10.1016/j.psychres.2020.113061
Ali Bawafie, A. A., Kara, M., Wahyuddin Abdullah, M., Bukhari, B., & Zikri Dwiatmaja, A. (2024). Trade Monopoly Practices and Ikhtikar in the Perspective of Sharia Economics. HEI EMA: Journal of Legal Research, Islamic Economics, Economics,Management and Accounting, 3(1), 1-10. https://doi.org/10.61393/heiema.v3i1.193
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Anita, S. Y. (2022). The Effect of Panic Buying on Consumer Purchase Interest in Impluse Buying on Cooking Oil Products. Derivative: Journal of Management, 16(1), 72-84.
Asirah, S., Saleh, S. P., Islam, U., & Alauddin, N. (2021). The Concept of Isti'ma'r (Prospering the Earth) in the Qur'an (A Tahlili Study of Qs. Hud/11: 61). AL-ḤAḌᾹRAH AL-ISLᾹ MIYAH JOURNAL, 63-90.
Atikah, I. (2018). Al-Ikhtikar (Hoarding of Merchandise) and the Role of the Government in Handling it to Achieve Economic Stability. Journal of Sharia Economic Law, 10(2), 1-27.
Bahri, A. (2014) 'ETIKA KONSUMSI IN ISLAMIC ECONOMIC PERSPECTIVE Andi', Hunafa: Journal of Studia Islamika, 11(2), pp. 347-370.
Barnes, S. J., Diaz, M., & Arnaboldi, M. (2021). Understanding panic buying during COVID-19: A text analytics approach. Expert Systems with Applications, 169. https://doi.org/10.1016/j.eswa.2020.114360
Faizah, F.N., Khabibah, A.N. and Afidah, S. (2022) 'PANIC BUYING IN THE ERA OF COVID-19 PANDEMIC: CONSUMER BEHAVIOR PERSPECTIVE OF MONZER KHAF', Islamiconomic: Journal of Islamic Economics, 13(1), pp. 23-40.
Kharismaputri, B.Y., Musawar and Mansyur, Z. (2021) 'Panic Buying Behavior in Islamic Consumption Perspective (Phenomenological Study on New Bridge Retail Consumers in Mataram City)', Schemata, 10(2), pp. 1-100. Available at: https://doi.org/10.1186/s40248-017-0101-8.2.
Khusnul, F. (2021) 'Declining Purchasing Power Vs Panic Buying in the Midst of Covid-19 Pandemic. How is the Sharia Review?', Syarikah Journal, 7(1), pp. 18-25.
Kurniawan, P. (2020) 'Islamic Business Ethics Against Hoarders of Goods Due to Covid- 19', MEA Scientific Journal (Management, Economics, and Accounting), 4(3),pp.275-281.http://www.journal.stiemb.ac.id/index.php/mea/article/view/375
Fajar, M. K., & Rahman, P. (2021). The Role of Man in Realizing a Prosperous Country in the Perspective of the Qur'an (Thematic Study). Al-Misykah: Journal of Al-Qur'an and Tafsir Studies, 2(2), 82-99. https://doi.org/10.19109/almisykah.v2i2.10864
Hall, M. C., Prayag, G., Fieger, P., & Dyason, D. (2021). Beyond panic buying: consumption displacement and COVID-19. Journal of Service Management, 32(1), 113–128. https://doi.org/10.1108/JOSM-05-2020-0151
Humaira, A., & Marisa Tri Setia. (2024). Basic Principles of Morals towards Economic Development in Islam. Religion: Journal of Religion, Social, and Culture, 3(3), 338-351.
Ilyas, R. (2013). Human as Caliph in Islamic Perspective. Journal Information, 2(30), 1-17.
Johnson, L., & Brown, R. (2021). Panic Buying and Market Stability: Lessons from the COVID-19 Pandemic. International Journal of Market Research, 59(3), 234-250
Machfudz, M., Sani, A. and Buchori, M. (2022) Sharia Economics. Malang: CV. Literasi Nusantara Abadi. Nur, S.K. (2019) 'Panic Buying during the Pandemic and its Relevance to Efforts in the Islamic View', At-Tasharruf; Journal of Sharia Economics and Business Studies, 1(2), pp. 79-87.
Nasution, A. W., Siregar, R. A., & Harahap, I. (2022). Monopoly in the Perspective of Islamic Economics. Jambi Batanghari University Scientific Journal, 22(2), 920. https://doi.org/10.33087/jiubj.v22i2.2090
Nový, M., & Jarý, Č. (2021). Economic and Social Impacts of COVID 19 on National Economies from the Point of View of Economic Theory. SHS Web of Conferences, 92, 01036. https://doi.org/10.1051/shsconf/20219201036
Oza Syafriani, Relifra, R., & Qumil Laila Arham. (2023). The Effect of Panic Buying and Risk Perception on Purchasing Decisions at the Era Covid-19 Pharmacy. MAMEN: Journal of Management, 2(3), 351-359. https://doi.org/10.55123/mamen.v2i3.2301
Rahmat, A. (2017) 'Humans as Prosperers of the Earth', Manhaj, 6(3).
Shadiqi, M.A. et al. (2020) 'Panic buying in the COVID-19 pandemic: A literature review from a psychological perspective', Journal of Social Psychology, 19(2), pp. 131-141. Available at: https://doi.org/10.7454/jps.2021.15.
Sikos, T., Papp, V. and Kovacs, A. (2021) 'Panic Buying in Hungary During the Covid-19 Pandemic', Theory, Methodology, Practice, 17(1), pp. 56-65. Available at: https://doi.org/10.18096/tmp.2021.02.06.
Saadati, N., & Haryono, S. (2023). Panic Buying in Islamic Perspective: Case Study of Cooking Oil Scarcity in Indonesia. Economist: Journal of Economics and Business, 7(2), 937. https://doi.org/10.33087/ekonomis.v7i2.1168
Smith, K. (2020). Economic and Social Impacts of COVID-19. Journal of Economic Perspectives, 34(2), 3-20.
"Social Justice and Solidarity during a Global Crisis." (2021). Community Development Journal, 56(4), 567-580
Sya'bana, Y. A., & Anggraini, T. (2023). The Impact of Ikhtikar and Risywah in the Economy. Tabarru' Journal: Islamic Banking and ..., 6. https://journal.uir.ac.id/index.php/tabarru/article/view/13287%0Ahttps://journal.uir.ac.id/index.php/tabarru/article/download/13287/5302
Soenjoto, W.P.P. and Mujiyono, A. (2020) 'Panic Buying and Scarcity Phenomena during the Covid 19 Pandemic in 2020 (Conventional and Sharia Economic Studies)', Economics and Business, 6(2), pp. 2599-3348.
Thohir, M., Sari, A.I. and Aini, E.N. (2021) 'Consumerism and E-commerce: Online Consumer Behavior during the Pandemic in the Review of Islamic Economic Education',At-Taradhi: Journal of Economic Studies, 12(2), p. 121. Available at :https://doi.org/10.18592/at- taradhi.v12i2.5041.
Wahyuni, A. (2010) 'Hoarding of Goods in the Perspective of Islamic Law', Al- Iqtishad:Journal of Islamic Economics, 2(2). Available at: https://doi.org/10.15408/aiq.v2i2.2490
Wibawa, M. L. W. G. G. (2020). Panic Buying Analysis of Islamic Law Perspective. Al-Hanan Journal of Sharia Economic Law, 4(4).
Zahra, S. K. (2019). Panic Buying During the Pandemic and Its Relevance to Ikhtikar in the Islamic View. At-Tasharruf: Journal of Sharia Economics and Business Studies,1(2),79-87. https://www.researchgate.net/profile/SitiNur/publication/349108139_PANIC_BUYING_During_PANDEMI_AND_RELEVACE_WITH_IKHTIKAR_IN_ISLAM_VIEW/links/6020bff1a6fdcc37a80e66f3/PANICBUYINGDuring_PANDEMI_ANDELEVANCE_WITH_IKHTIKAR_IN_ISLAM_VIEW
Zaki, K. (2022). Islamic Economic Perspective on the Practice of Hoarding Goods. SEMB-J:Sharia Economic Management Business Journal, 2(2),1-4. http://dx.doi.org/10.31219/osf.io/dxjue
Ahmed, S. (2019). Islamic Economics and Resource Management. Islamic Economic Review, 21(1), 45-62.
Anita, S.Y. (2022) 'THE INFLUENCE OF PANIC BUYING ON CONSUMERS' BUYING INTENTION BY IMPULSE BUYING ON CHICKEN OIL PRODUCTS', Derivative:Management JUrnal, 16(1), pp. 72-84.
Arafat, S.M.Y. et al. (2020) 'Psychological underpinning of panic buying during the pandemic (COVID-19)', Psychiatry Research, 289 (January). Available at: https://doi.org/10.1016/j.psychres.2020.113061
Ali Bawafie, A. A., Kara, M., Wahyuddin Abdullah, M., Bukhari, B., & Zikri Dwiatmaja, A. (2024). Trade Monopoly Practices and Ikhtikar in the Perspective of Sharia Economics. HEI EMA: Journal of Legal Research, Islamic Economics, Economics,Management and Accounting, 3(1), 1-10. https://doi.org/10.61393/heiema.v3i1.193
Altinay Özdemir Mugla Üniversitesi, M. (2020). The Novel Coronavirus Covid-19 Crisis on Incoming Travel Agencies: Current Situation and Post-pandemic Scenarios. www.iksadyayinevi.com
Anita, S. Y. (2022). The Effect of Panic Buying on Consumer Purchase Interest in Impluse Buying on Cooking Oil Products. Derivative: Journal of Management, 16(1), 72-84.
Asirah, S., Saleh, S. P., Islam, U., & Alauddin, N. (2021). The Concept of Isti'ma'r (Prospering the Earth) in the Qur'an (A Tahlili Study of Qs. Hud/11: 61). AL-ḤAḌᾹRAH AL-ISLᾹ MIYAH JOURNAL, 63-90.
Atikah, I. (2018). Al-Ikhtikar (Hoarding of Merchandise) and the Role of the Government in Handling it to Achieve Economic Stability. Journal of Sharia Economic Law, 10(2), 1-27.
Bahri, A. (2014) 'ETIKA KONSUMSI IN ISLAMIC ECONOMIC PERSPECTIVE Andi', Hunafa: Journal of Studia Islamika, 11(2), pp. 347-370.
Barnes, S. J., Diaz, M., & Arnaboldi, M. (2021). Understanding panic buying during COVID-19: A text analytics approach. Expert Systems with Applications, 169. https://doi.org/10.1016/j.eswa.2020.114360
Faizah, F.N., Khabibah, A.N. and Afidah, S. (2022) 'PANIC BUYING IN THE ERA OF COVID-19 PANDEMIC: CONSUMER BEHAVIOR PERSPECTIVE OF MONZER KHAF', Islamiconomic: Journal of Islamic Economics, 13(1), pp. 23-40.
Kharismaputri, B.Y., Musawar and Mansyur, Z. (2021) 'Panic Buying Behavior in Islamic Consumption Perspective (Phenomenological Study on New Bridge Retail Consumers in Mataram City)', Schemata, 10(2), pp. 1-100. Available at: https://doi.org/10.1186/s40248-017-0101-8.2.
Khusnul, F. (2021) 'Declining Purchasing Power Vs Panic Buying in the Midst of Covid-19 Pandemic. How is the Sharia Review?', Syarikah Journal, 7(1), pp. 18-25.
Kurniawan, P. (2020) 'Islamic Business Ethics Against Hoarders of Goods Due to Covid- 19', MEA Scientific Journal (Management, Economics, and Accounting), 4(3),pp.275-281.http://www.journal.stiemb.ac.id/index.php/mea/article/view/375
Fajar, M. K., & Rahman, P. (2021). The Role of Man in Realizing a Prosperous Country in the Perspective of the Qur'an (Thematic Study). Al-Misykah: Journal of Al-Qur'an and Tafsir Studies, 2(2), 82-99. https://doi.org/10.19109/almisykah.v2i2.10864
Hall, M. C., Prayag, G., Fieger, P., & Dyason, D. (2021). Beyond panic buying: consumption displacement and COVID-19. Journal of Service Management, 32(1), 113–128. https://doi.org/10.1108/JOSM-05-2020-0151
Humaira, A., & Marisa Tri Setia. (2024). Basic Principles of Morals towards Economic Development in Islam. Religion: Journal of Religion, Social, and Culture, 3(3), 338-351.
Ilyas, R. (2013). Human as Caliph in Islamic Perspective. Journal Information, 2(30), 1-17.
Johnson, L., & Brown, R. (2021). Panic Buying and Market Stability: Lessons from the COVID-19 Pandemic. International Journal of Market Research, 59(3), 234-250
Machfudz, M., Sani, A. and Buchori, M. (2022) Sharia Economics. Malang: CV. Literasi Nusantara Abadi. Nur, S.K. (2019) 'Panic Buying during the Pandemic and its Relevance to Efforts in the Islamic View', At-Tasharruf; Journal of Sharia Economics and Business Studies, 1(2), pp. 79-87.
Nasution, A. W., Siregar, R. A., & Harahap, I. (2022). Monopoly in the Perspective of Islamic Economics. Jambi Batanghari University Scientific Journal, 22(2), 920. https://doi.org/10.33087/jiubj.v22i2.2090
Nový, M., & Jarý, Č. (2021). Economic and Social Impacts of COVID 19 on National Economies from the Point of View of Economic Theory. SHS Web of Conferences, 92, 01036. https://doi.org/10.1051/shsconf/20219201036
Oza Syafriani, Relifra, R., & Qumil Laila Arham. (2023). The Effect of Panic Buying and Risk Perception on Purchasing Decisions at the Era Covid-19 Pharmacy. MAMEN: Journal of Management, 2(3), 351-359. https://doi.org/10.55123/mamen.v2i3.2301
Rahmat, A. (2017) 'Humans as Prosperers of the Earth', Manhaj, 6(3).
Shadiqi, M.A. et al. (2020) 'Panic buying in the COVID-19 pandemic: A literature review from a psychological perspective', Journal of Social Psychology, 19(2), pp. 131-141. Available at: https://doi.org/10.7454/jps.2021.15.
Sikos, T., Papp, V. and Kovacs, A. (2021) 'Panic Buying in Hungary During the Covid-19 Pandemic', Theory, Methodology, Practice, 17(1), pp. 56-65. Available at: https://doi.org/10.18096/tmp.2021.02.06.
Saadati, N., & Haryono, S. (2023). Panic Buying in Islamic Perspective: Case Study of Cooking Oil Scarcity in Indonesia. Economist: Journal of Economics and Business, 7(2), 937. https://doi.org/10.33087/ekonomis.v7i2.1168
Smith, K. (2020). Economic and Social Impacts of COVID-19. Journal of Economic Perspectives, 34(2), 3-20.
"Social Justice and Solidarity during a Global Crisis." (2021). Community Development Journal, 56(4), 567-580
Sya'bana, Y. A., & Anggraini, T. (2023). The Impact of Ikhtikar and Risywah in the Economy. Tabarru' Journal: Islamic Banking and ..., 6. https://journal.uir.ac.id/index.php/tabarru/article/view/13287%0Ahttps://journal.uir.ac.id/index.php/tabarru/article/download/13287/5302
Soenjoto, W.P.P. and Mujiyono, A. (2020) 'Panic Buying and Scarcity Phenomena during the Covid 19 Pandemic in 2020 (Conventional and Sharia Economic Studies)', Economics and Business, 6(2), pp. 2599-3348.
Thohir, M., Sari, A.I. and Aini, E.N. (2021) 'Consumerism and E-commerce: Online Consumer Behavior during the Pandemic in the Review of Islamic Economic Education',At-Taradhi: Journal of Economic Studies, 12(2), p. 121. Available at :https://doi.org/10.18592/at- taradhi.v12i2.5041.
Wahyuni, A. (2010) 'Hoarding of Goods in the Perspective of Islamic Law', Al- Iqtishad:Journal of Islamic Economics, 2(2). Available at: https://doi.org/10.15408/aiq.v2i2.2490
Wibawa, M. L. W. G. G. (2020). Panic Buying Analysis of Islamic Law Perspective. Al-Hanan Journal of Sharia Economic Law, 4(4).
Zahra, S. K. (2019). Panic Buying During the Pandemic and Its Relevance to Ikhtikar in the Islamic View. At-Tasharruf: Journal of Sharia Economics and Business Studies,1(2),79-87. https://www.researchgate.net/profile/SitiNur/publication/349108139_PANIC_BUYING_During_PANDEMI_AND_RELEVACE_WITH_IKHTIKAR_IN_ISLAM_VIEW/links/6020bff1a6fdcc37a80e66f3/PANICBUYINGDuring_PANDEMI_ANDELEVANCE_WITH_IKHTIKAR_IN_ISLAM_VIEW
Zaki, K. (2022). Islamic Economic Perspective on the Practice of Hoarding Goods. SEMB-J:Sharia Economic Management Business Journal, 2(2),1-4. http://dx.doi.org/10.31219/osf.io/dxjue
Published
2024-09-26
How to Cite
HASAN, Irmayanti et al.
PANIC BUYING: ITS CORRELATION WITH THE PRACTICE OF IKHTIKAR AND QS. HUD VERSE 61 REGARDING THE COMMAND TO PROSPER THE EARTH.
Proceedings of the International Conference of Islamic Economics and Business (ICONIES), [S.l.], v. 10, n. 1, p. 105-112, sep. 2024.
ISSN 2541-3333.
Available at: <https://conferences.uin-malang.ac.id/index.php/iconies/article/view/2902>. Date accessed: 05 feb. 2026.
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Articles
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