A Comparative Analysis of the Regulatory Economics Between Islamic and Conventional Economics with Regard to Competition Law

The Regulatory Economics concept has been closely associated with the concept of competition and this relationship has been highlighted during recent decades. Today, Regulation and competition have inseparable relationship with each other in the economy, so that sometimes the " regulation for competition " methods are used in the market to indicate that the regulator is required to compete in the current economic environment. The main issue of this paper is the comparative analysis of the regulatory economics concept between Islamic and conventional economics with regard to competition law. The nature of competition law is considered as a theoretical framework.
This study was conducted with the comparative-analytical approach. The findings show that conventional economics schools such as the classical and Chicago schools only consider the efficiency of competition law while Islamic scholars believe other factors moreover the efficiency. In fact, the study of Hesbe as a regulatory body indicate that this institution is responsible for economic and non-economic objectives. Therefore, the regulatory nature has a significant difference in Islamic economics and other schools.