: This study has been motivated by unfair market conditions in the form of marginalization of traditional markets in Indonesia due to unequal competition with the modern market. This article tries to find a fair legal formulation to maintain the existence of a small market (traditional). To find the legal formulation, the author attempts to discuss market regulation in Indonesian legislation, analyzed and found it to be optimized to create a fair market arrangements in the perspective of Islamic law. This study propose a paradigm that the market functions not only as an business institution but also as religious and social institutions based on brotherhood which requires mutual respect and responsibility. There are prescriptive law to maintain the existence of traditional markets in Indonesia, which optimizes the concept of ownership as a form of common ownership and optimize the regulation of cooperation between the traditional and the modern market economy based on the doctrine of Islamic law.