This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Find sources: "History of Islamic economics" – news · newspapers · books · scholar · JSTOR(October 2016) (Learn how and when to remove this message)
Between the 9th and 14th centuries, the Muslim world developed many advanced economic concepts, techniques and usages. These ranged from areas of production, investment, finance, economic development, taxation, property use such as Hawala: an early informal value transfer system, Islamic trusts, known as waqf, systems of contract relied upon by merchants, a widely circulated common currency, cheques, promissory notes, early contracts, bills of exchange, and forms of commercial partnership such as mufawada.
Specific Islamic concepts involving money, property, taxation, charity and the Five Pillars include:
zakat (the "taxing of certain goods, such as harvest, to allocate these taxes to expand that, are also explicitly defined, such as aid to the needy");
Gharar ("the interdiction of chance ... that is, of the presence of any element of uncertainty, in a contract (which excludes not only insurance but also the lending of money without participation in the risks); and
riba ("every kind of excess or unjustified disparity between the exchanged objects or counter values"[1]).
These concepts, like others in Islamic law and jurisprudence, came from the "prescriptions, anecdotes, examples, and words of the Prophet, all gathered together and systematized by commentators according to an inductive, casuistic method."[2] Sometimes other sources such as al-urf, (the custom), al-'aql (reason) or al-ijma (consensus of the jurists) were employed.[3] In addition, Islamic law has developed areas of law that correspond to secular laws of contracts and torts.
Contemporary Islamic scholars draw heavily on classical opinions.[4] Modern Islamic economics emerged in the 1945s, and as of 2004 Islamic Banks have been established in over 8 countries, and interest has been banned in three: Pakistan, Iran and the Sudan.[5]
^El‐Sheikh, S., 2008. The moral economy of classical Islam: a hiqhiconomic model. The Muslim World, 98(1), p.120.
^Roy (1994), p. 132.
^Schirazi, Asghar, Constitution of Iran, (1997), p.170
^Siegfried, N.A., 2001. Concepts of paper money in Islamic legal thought. Arab LQ, 16, p.319.
^Martin, Richard C., ed. (2014). "Riba". Encyclopedia of Islam and the Muslim World. Macmillan Reference USA. pp. 596–7. ISBN 978-0-02-865912-1.
and 28 Related for: History of Islamic economics information
part of a plan to attract new investors. Islamiceconomics Dow Jones Islamic Fund Dow Jones Islamic Index Banks Islamic Development Bank Bank Islam Malaysia...
particular field of study. Many academic Islamic studies programs include the historical study ofIslam, Islamic civilization, historyof the Muslim world...
Shariat Court. Islamic activists (such as M. Akram Khan), maintained that Islamic banking and economics had "effectively failed" because of lack of "political...
The historyofIslam concerns the political, social, economic, military, and cultural developments of the Islamic civilization. Most historians believe...
complies with Sharia (Islamic law) and its practical application through the development ofIslamiceconomics. Some of the modes ofIslamic finance include...
Xenophon Aristotle Qin Shi Huang Wang Anshi Islamiceconomics is the practice ofeconomics in accordance with Islamic law. The origins can be traced back to...
medieval Islamic world was the science developed and practised during the Islamic Golden Age under the Abbasid Caliphate of Baghdad, the Umayyads of Córdoba...
LaHaye The Concise Encyclopedia ofEconomics (2008) Fusfeld (1994) p. 15 Islamic and European Expansion: The Forging of a Global Order, Michael Adas, Temple...
Islamic without Sharia, and Islam required the establishment of an Islamic state. This state should be a "theo-democracy," based on the principles of:...
criticized. Glossary ofIslam Index ofIslam-related articles Islamic mythology Islamic studies Major religious groups Outline ofIslam "Hasan al Basri is...
large city of Medan, North Sumatra, and is the only state Islamic university in North Sumatra. Like most of State Islamic University, State Islamic University...
Islamic Economic Systems is a 1994 book by Ali Rahnema and Farhad Nomani in which the authors examine "the central tenets ofIslamiceconomics, both in...
economics and technology during the Islamic Golden Age. Muslims look for guidance to the Quran and believe in the prophetic mission of the Islamic prophet...
coupled with Muslim economics and trading, the Islamic Golden Age, and the age of the Islamic gunpowder empires, resulted in Islam's spread outwards from...
symbolize their Islamic identity. Before the advent ofIslam, banners as tools for signaling had already been employed by the pre-Islamic Arab tribes and...
The Islamic Golden Age was a period of scientific, economic and cultural flourishing in the historyofIslam, traditionally dated from the 8th century...
Islamic socialism is a political philosophy that incorporates Islamic principles into socialism. As a term, it was coined by various Muslim leaders to...
portal Islam portal Islamic art Indo-Islamic architecture List of scientists in medieval Islamic world List of Muslim Nobel laureates List of inventions...
Wrong with IslamicEconomics?, 2013: p.158-9 Farooq, Riba-Interest Equation and Islam, 2005: p.8 Khan, What Is Wrong with IslamicEconomics?, 2013: p.164-5...
Islamic capitalism was active during the Islamic Golden Age and Arab Agricultural Revolution, where an early market economy and form of merchant capitalism...
physics, economics, engineering and optics. Muslim scientists who have contributed significantly to science and civilization in the Islamic Golden Age...
revival of the Islamic religion, usually centered around enforcing sharia. A leader of a revival is known in Islam as a mujaddid. Within the Islamic tradition...
also known as the Islamic Revolution (انقلاب اسلامی, Enqelâb-e Eslâmī), was a series of events that culminated in the overthrow of the Pahlavi dynasty...
declared Islam to be their state religion in their constitutions, but do not apply Islamic law in their courts. Islamic states that are not Islamic monarchies...
Global Information