Islamic Economic Thought in the Medieval
Abstract
Abstract Views: 164
In early Islamic economics, five different dimensions of analysis are broadly identified. First, economic issues have been discussed by Mufassirin in the light of the Holy Quran. For instance, discussions on the
prohibition of usury and the encouragement of economic activities for human welfare. Second; economic
issues have been discussed in the light of Fiqh. For example the legal aspects of Mudharibah and Musharikah have been dealt within this discipline in great detail. Third; economic matters have been discussed by
Muslims in the light of ethical system of Islam for moral development. The works of Ulama, Sufis, Muslim
philosophers and reformers come under this category. Fourthly, some good pieces of works, related to
economics have been written by some great scholars of Islam in response to the needs of their times while
holding important government offices. The works related to public finance, public revenues, land tax, public expenditure fall under this category. The book Kitab al Kharaj by Imam Abu Yusuf is one such example.
Finally some Islamic Scholars and philosophers have provided objective analysis in the field of economics.
The analysis made by Imam Ghazzali, Ibn Taimiyah, Ibn Khaldun and lately by Shah Waliullah Dehlwi fall
under this category.
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References
Al Qur’an, 4:58, 6:1523, 11:84, 16:76, 42:15
Ibid, 6:152, 7:85, 11:84-85, 12:59
Ibid, 5:39
Ibid, 39:24
Ibid, 29:21
Ibid, 3:16, 82:1-6
Al Qur’an, 7:152, 9:71
Ibid, 7:10, 7:32, 34:15
Ibid, 2:29, 7:10, 13:3
Ibid, 4:29
ibid, 2:188
Ibid, 2:283
Al Qur’an, 3:161
Ibid, 5:41
Ibid, 4:10
Ibid, 83:1-3
Ibid, 24:19
Ibid, 24:33
Ibid, 17:32
Ibid, 24:2
Ibid, 5:93
Ibid, 2:275
Ibid, 2:278-80
Ibid, 2:83
Ibid, 2:271
Ibid, 2:83
Ibid, 92:5-7
Al Qur’an, 74:42-44
Ibid, 4:7-12
Ibid, 53:33-34
Ibid, 17:29
Al Qur' an, 9:34
Ibid, 4:5
Ibid, 2:60, 7-74
Ibid, 7:86, 13:25
Imam Muslim, Sahih Muslim, Arabic English, Tr. English,
Abdul Hamid Siddiqi, Vol, 1, (New Delhi: Adam Publishers and Distributers, 2006), H. no. 186.
Ibn Majah, Sunan Ibn-e-Majah, Bk.12, (al-Tijarah), CH.
; Muhammad Akram Khan, Economic Teachings of
Prophet Muhammad SAW (Delhi:Noor Publishing House, 1992)
Imam Bukhari, Sahih Bukhari, Arabic English Tr. English,
Muhammad Muhsin Khan, (Riyadh: Maktaba Dar al Salam publishers and Distributers, 1994), H. No. 13.
Sahih Muslim, Op.cit., vol.1, H. No.259
Ibid., H. No.260
“Mulamasa”, means that a man touches another’s garment
or cloth or anything else without turning it over and Munabatha, means that a man throws his cloth to another, and the other throws his cloth to the first, thus confirming their contract without inspection or mutual agreement. Sahih Muslim, op.cit.,5, H. no. 1511
This is a type of transaction which was prevalent in the markets of Jahilia Arabia. The transaction was done by throwing a stone either by the seller or by the purchaser
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