GLOBALIZATION’S MARKET CONVERGENCE IN A HADITH: ASSESSING ECONOMIC IMPACT OF GLOBALIZATION AND ISLAMIC BUSINESS PERSPECTIVE

Abstract

This research aimed to examine the phenomenon of market convergence within the context of hadith and its implications in light of globalization. With globalization driving market convergence across various industries, individuals worldwide, including Muslim societies, engage in business activities. However, these activities may encompass elements that are deemed prohibited according to Islamic guidelines. This paper primarily focuses on business transactions from an Islamic standpoint, providing guidance to Muslim communities on engaging solely in permissible business practices as guided by the Quran and Sunnah. Employing a qualitative research design with content analysis approach, data collected through content and document analysis were thematically examined using descriptive and analytical techniques. The findings underscore the Prophet's (PBUH) mention of market convergence as one of the signs preceding the Hour. Consequently, this study establishes that market convergence in the era of globalization is an inevitable and impactful phenomenon, emphasizing the importance of analyzing business transactions from an Islamic perspective as a guiding framework for Muslims worldwide.