History of Islamic economics

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"). 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." Sometimes other sources such as al-urf, (the custom), al-'aql (reason) or al-ijma (consensus of the jurists) were employed. 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. 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. Sharia and Fiqh Hawala The Hawala, an early informal value transfer system, has its origins in classical Islamic law, and is mentioned in texts of Islamic jurisprudence as early as the 8th century.

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Concepts associés (20)

Mekteb

Mekteb (مكتب ; ) est une école musulmane d'enseignement primaire dans les régions est de l'Empire russe. Ce sont principalement la lecture, l'écriture, la grammaire et l'islam qui y sont enseignés aux enfants . Le mot mekteb (en arabe maktab) se traduit littéralement par là où ils écrivent. Il est utilisé dans le sens de école mais aussi dans le sens de table pour écrire (bureau). Le mot varie dans les différentes langues qui l'utilisent : mekteb, maktab, mektep, maktap etc.

History of Islamic economics

Bayt al-mal

Bayt al-mal (بيت المال) is an Arabic term that is translated as "House of money" or "House of wealth." Historically, it was a financial institution responsible for the administration of taxes in Islamic states, particularly in the early Islamic Caliphate. It served as a royal treasury for the caliphs and sultans, managing personal finances and government expenditures. Further, it administered distributions of zakat revenues for public works. Modern Islamic economists deem the institutional framework appropriate for contemporary Islamic societies.