Agent-Based Auction E-Marketplace with Value Added Services and Islamic Shariah Compliance

Agent-Based Auction E-Marketplace with Value Added Services and Islamic Shariah Compliance

Norleyza Jailani, Muriati Mukhtar, Mohamad AbdualGader Al-aaidroos, Ahmed Patel, Salha Abdullah, Yazrina Yahya, Zuraidah Abdullah
DOI: 10.4018/978-1-4666-9787-4.ch063
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Background Of Electronic Marketplace

Electronic markets have become a key enabler for inter-organizational collaboration and will maintain an important role in the future. Alt and Klein (2011) 20 years review on electronic market shows that it came from two origins. From the technological side, electronic markets comprise the application of information technology (IT) to support communication and allocation purposes among multiple actors in one or multiple value chain(s). While from the economic side, these technologies and standardization had important impact in particular on the costs of organizing economic activity among organizations. Despite proliferation of emerging technologies such as software agent, standards, semantics and ontologies, technology does not determine the choice of governance structure. Understanding the organizational, strategic and social implications of the IT-based transformation is required to understand the successful adoption and operation of electronic markets. (Alt & Klein, 2011) and discussed different perspectives of electronic market, namely as economic environment, governance mode and business model.

Key Terms in this Chapter

Agent management: The activities of monitoring and handling agent communication, collaboration and resource usage between agents of the same and different agent platforms.

Market-making mechanism: A mode of business transactions which specifies the use of money or goods exchanged by buyers and sellers with an open and understood system of value and time trade-offs to produce the best distribution of goods and services.

Halal: “Halal’’ is an Arabic term that defines anything permitted lawfully in Islam as opposed to “Haram” that defines anything that is prohibited.

E-marketplace: A virtual space that provides infrastructure services for buyers and sellers to meet and conduct business transactions online.

Mobile Agent: Agent code that moves itself, including its execution state, on to another machine, to continue execution there. This is also referred to as mobile code.

Agent e-marketplace: An electronic market which uses software agents to represent buyers, sellers and other components of an electronic marketplace.

Shariah: Islamic or Shariah law is the legal code applicable in all walks of life, including business transactions, in most Muslim countries, which is rapidly expanding worldwide, particularly into the West.

Riba: Riba is an Arabic term primarily classified as “interest”/“usury”, defined as unjust exploitive gains made in business or trade transactions.

Shariah Compliant: To abide by Islamic Shariah law.

Agent: A software entity which can perform tasks autonomously, capable of making independent decisions, and taking actions to satisfy internal goals based upon its perceived environment.

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