Islamic Economics: A Short History

pre-islamic arabia:poetry,tribal rivalry and heroism 23 additional payment based on the amount borrowed and the total period cov ...

24 chapter one existing members may be at liberty to leave. New members per- mitted to join would be subject to satisfying condi ...

pre-islamic arabia:poetry,tribal rivalry and heroism 25 poor and the needy and in spending in the cause of God. Going even furth ...

26 chapter one Islam. Commenda contracts, mudharabah, which were used in pre- Islamic trade were accepted and declared legitimat ...

pre-islamic arabia:poetry,tribal rivalry and heroism 27 verses educating, “Say (if you ask them), ‘who has provided for you from ...

28 chapter one motivation was not emanating from a disbelief in God’s ability as much as it was from a wonder of how it could be ...

pre-islamic arabia:poetry,tribal rivalry and heroism 29 slaves”. Prophet Muœammad’s prayer was, as Muslims believe, anal- ogous ...

CHAPTER TWO THE BIRTH OF THE ISLAMIC STATE ECONOMIC THOUGHT IN THE QUR"ÀN AND SUNNAH (610 A.C.–632 A.C.) Introduction In 610 A.C ...

economic thought in the qur"àn and sunnah 31 lenge their inherited beliefs and customs, at least not without great resistance. M ...

32 chapter two The Prophet was the head of the state assisted by his companions, who remained with him in al-Medìnah. He was at ...

economic thought in the qur"àn and sunnah 33 hol occupied a high priority in the consumer’s scale of preference. Thirdly, Qur"àn ...

34 chapter two of many Œadìth jurists and memorisers, (b) the dispersion of Œadìth memorisers in the country by the expansion of ...

economic thought in the qur"àn and sunnah 35 Imam Abù-Dawood (d. 888 A.C.), Sunan Abi-Dawood, Imam al-Tirmizi (d. 892 A.C.), al- ...

36 chapter two Consensus of opinion, ijmà"is the common consent among lead- ing Muslim jurists on a particular issue. Two points ...

economic thought in the qur"àn and sunnah 37 Economic Thought in the Qur"àn and the Sunnah Basic Philosophy Three main ideologic ...

38 chapter two abuser heeds the warning, or the advice, and rectifies his action, God is always forgiving, and he is generous in ...

economic thought in the qur"àn and sunnah 39 and their ultimate owner. This concept, with the principles that are derived from i ...

40 chapter two and makes man accountable for his actions. Economic resources which are owned by man on the basis of “ownership b ...

economic thought in the qur"àn and sunnah 41 The Prophet, peace upon him, is reported to have advised three men who vowed, in pu ...

42 chapter two Tabûìr in an economic sense is the unnecessary use of economic resources, i.e. wastage of economic resources, lar ...