History of Islamic economics

Source: Wikipedia, the free encyclopedia.
(Redirected from
Islamic economics in the world
)

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

torts
.

Contemporary Islamic scholars draw heavily on classical opinions.

Islamic Banks have been established in over 8 countries, and interest has been banned in three: Pakistan, Iran and the Sudan.[5]

Legal institutions

See also: Sharia and Fiqh

Hawala agency

Main article: Hawala

The

agent." In Roman law, the "contractor himself was considered the party to the contract and it took a second contract between the person who acted on behalf of a principal and the latter to transfer the rights and the obligations deriving from the contract to him." On the other hand, Islamic law and the later common law "had no difficulty in accepting agency as one of its institutions in the field of contracts and obligations in general."[6]

Waqf trust

Main article: Waqf

The

inalienable; estates for life in favor of successive beneficiaries can be created" and "without regard to the law of inheritance or the rights of the heirs; and continuity is secured by the successive appointment of trustees or mutawillis."[9]

The only significant distinction between the Islamic waqf and English trust was "the express or implied reversion of the waqf to charitable purposes when its specific object has ceased to exist",[10] though this difference only applied to the waqf ahli (Islamic family trust) rather than the waqf khairi (devoted to a charitable purpose from its inception). Another difference was the English vesting of "legal estate" over the trust property in the trustee, though the "trustee was still bound to administer that property for the benefit of the beneficiaries." In this sense, the "role of the English trustee, therefore, does not differ significantly from that of the mutually."[11]

The trust law developed in England at the time of the Crusades, during the 12th and 13th centuries was introduced by Crusaders who may have been influenced by the waqf institutions they came across in the Middle East.[12][13]

After the Islamic waqf law and

drugs; hospital equipment such as beds, mattresses, bowls and perfumes; and repairs to buildings. The waqf trusts also funded medical schools, and their revenues covered various expenses such as their maintenance and the payment of teachers and students.[14]

Classical Muslim commerce

The systems of contract relied upon by merchants was very effective. Merchants would buy and sell on commission, with money loaned to them by wealthy investors, or a joint investment of several merchants, who were often Muslim, Christian and Jewish. Recently, a collection of documents was found in an Egyptian synagogue shedding a very detailed and human light on the life of medieval Middle Eastern merchants. Business partnerships would be made for many commercial ventures, and bonds of kinship enabled trade networks to form over huge distances. During the ninth century banks enabled the drawing of check-in by a bank in Baghdad that could be cashed in Morocco.[15]

The concepts of

caliph Al-Mansur in the 8th century. The taxes (including Zakat and Jizya) collected in the treasury of an Islamic government was used to provide income for the needy, including the poor, elderly, orphans, widows, and the disabled. According to the Islamic jurist Al-Ghazali (Algazel, 1058–1111), the government was also expected to store up food supplies in every region in case of a disaster or famine occurs. The Caliphate was thus one of the earliest welfare states, particularly the Abbasid Caliphate.[16]

Economy in the Caliphate and Islamic empires

In the medieval Arab Agricultural Revolution, a social transformation took place as a result of changing land ownership giving individuals of any gender,[17] the right to buy, sell, mortgage and inherit land.

Early forms of proto-

medieval Europe from the 13th century onwards.[20]

Islamic India

During the

GDP
.

The concepts of

Islamic government were used to provide income for the needy, including the poor, the elderly, orphans, widows, and the disabled. According to the Islamic jurist Al-Ghazali (Algazel, 1058–1111), the government was also expected to stockpile food supplies in every region in case of disaster or famine. The Caliphate was thus one of the earliest welfare states.[16][29]

Trade

See also:
Islamic geography

During the Islamic Golden Age, isolated regions had contact with a far-reaching Muslim trade network extending from the Atlantic Ocean and the Mediterranean in the west to the

slaves.[32]

This helped establish the

Fatimid Caliphates as the world's leading extensive economic powers in the 7th-13th centuries.[30]

Due to religious sanctions against debt, Tamil Muslims have historically been money changers (not money lenders) throughout South and South East Asia.[33]

Agriculture in the medieval Islamic world

Further information: Arab Agricultural Revolution

From the 8th century to the 13th century in Muslim lands many crops and plants were planted along Muslim trade routes, farming techniques spread. In addition to changes in economy, population distribution, vegetation cover,

durum wheat, Asiatic rice, and sorghum, as well as cotton, were already commonplace centuries before,[36] or that agricultural production declined in areas brought under Muslim rule in the Middle Ages.[37]

The early Abbasid Caliphate also had the highest literacy rates among pre-modern societies, alongside the city of

Madrasah educational institutions.[43]

Islamic capitalism

Main article: Capitalism and Islam

Early forms of mercantilism and capitalism are thought to have developed in the Islamic Golden Age from the 9th century.[20][31][44]

Early Islamic commerce applied a number of concepts and techniques, including

Medieval Europe adopted and developed many of these concepts from the 13th century onwards.[20]

A

pearl diving in Iraq and the textile industry in Egypt.[45]

From the 11th to the 13th centuries, the "

entrepreneurs, came to dominate much of the Islamic world's economy.[46]
The group was controlled by about fifty Muslim
banking institution
for loans and deposits.

Islamic socialism

Main articles: Islamic socialism and Bayt al-mal

Though medieval Islamic economics appears to have somewhat resembled a form of capitalism, some arguing that it laid the foundations for the development of modern capitalism,[48][49] Others see Islamic economics as neither completely capitalistic nor completely socialistic, but rather a balance between the two, emphasizing both "individual economic freedom and the need to serve the common good."[29]

Companion of Muḥammad, is credited by many as the founder of Islamic socialism.[50][51][52][53][54]

The concepts of

welfare and pension were introduced in early Islamic law as forms of Zakat (charity), one of the Five Pillars of Islam, during the time of the Rashidun caliph Umar in the 7th century. This practiced continued well into the era of the Abbasid Caliphate, as seen under Al-Ma'mun's rule in the 8th century, for example. The taxes (including Zakat and Jizya) collected in the treasury of an Islamic government were used to provide income for the needy, including the poor, elderly, orphans, widows, and the disabled. According to the Islamic jurist Al-Ghazali (Algazel, 1058–1111), the government was also expected to stockpile food supplies in every region in case a disaster or famine occurred. The Caliphate is thus considered the world's first major welfare state.[16][29]

Industrial development

medieval Europe later laid the foundations for the Industrial Revolution in 18th century Europe.[55]

In addition to government-owned tiraz textile factories, there were also

privately owned enterprises[when?] run largely by landlords who collected taxes and invested them in the textile industry.[57]

Labour force

See also:
Female Labor Force Participation Rate in Majority Muslim Countries

The

lenders, scholars, etc.).[60]

Muslim women also held a

property rights and wage labour were relatively uncommon in Europe until the Industrial Revolution in the 18th and 19th centuries.[61]

The

tertiary sector (service). By the 12th century, the number of unique occupations in the primary sector and secondary sector decreased to 35 and 679 respectively, while the number of unique occupations in the tertiary sector increased to 1,175. These changes in the division of labour reflect the increased mechanization and use of machinery to replace manual labour and the increased standard of living and quality of life of most citizens in the Caliphate.[62]

An economic transition occurred during this period, due to the diversity of the service sector being far greater than any other previous or contemporary society, and the high degree of

early medieval Europe, intellectuals saw manual labour in a negative light and looked down on them with contempt.[additional citation(s) needed] This resulted in technological stagnation as they did not see the need for machinery to replace manual labour.[additional citation(s) needed] In the Islamic world, however, manual labour was seen in a far more positive light, as intellectuals such as the Brethren of Purity likened them to a participant in the act of creation, while Ibn Khaldun alluded to the benefits of manual labour to the progress of society.[59]

By the early 10th century, the idea of the

medical field in particular, the Ijazah certificate was granted to those qualified to be practicing physicians, in order to differentiate them from unqualified quacks.[63]

Urbanization

There was a significant increase in

engineering.[64] This also resulted in a rising middle class
population.

The head of the family was given the position of authority in his household,[citation needed] although a qadi, or judge was able to negotiate and resolve differences in issues of disagreements within families and between them. The two senior representatives of municipal authority were the qadi and the muhtasib, who held the responsibilities of many issues, including quality of water, maintenance of city streets, containing outbreaks of disease, supervising the markets, and a prompt burial of the dead.

Another aspect of Islamic urban life was

public baths and factories, using the revenue to fund education,[citation needed] and to provide irrigation for orchards outside the city. Following expansion, this system was introduced into Eastern Europe by Ottoman Turks.[citation needed
]

Taxes were also levied on an unmarried man until he was wed. Non-Muslims were required to pay the jizya, an administrative tax on non-Muslims analogous to zakat (a Muslim only tax). The Jizya was applied only to young able-bodied adult males and exempted non-Muslims from military service. The Muslim state would then be responsible for the administration & security of the Non-Muslims.[65]

Classical Islamic economic thought

To some degree, the early Muslims based their

Qur'an (such as opposition to riba, meaning usury or interest), and from sunnah, the sayings and doings of Muhammad
.

Early Islamic economic thinkers

Nasir al-Din al-Tusi
(1201–1274) presents an early definition of economics (what he calls hekmat-e-madani, the science of city life) in discourse three of his Ethics:

"the study of universal laws governing the public interest (welfare?) in so far as they are directed, through cooperation, toward the optimal (perfection)."[67]

Many scholars trace the

Hellenistic thinkers and came to influence Aquinas when Europe "rediscovered" Greek philosophy through Arabic translation.[68] A common theme among these scholars was the praise of economic activity and even self-interested accumulation of wealth.[69]

Persian philosopher

Ibn Miskawayh
(b. 1030) notes:

"The creditor desires the well-being of the debtor in order to get his money back rather than because of his love for him. The debtor, on the other hand, does not take great interest in the creditor."[69]

This view is in conflict with an idea Joseph Schumpeter called the great gap. The great gap thesis comes out of Schumpeter's 1954 History of Economic Analysis which discusses a break in economic thought during the five hundred-year period between the decline of the Greco-Roman civilizations and the work of Thomas Aquinas (1225–1274).[70] However, in 1964, Joseph Spengler's "Economic Thought of Islam: Ibn Khaldun" appeared in the journal Comparative Studies in Society and History and took a large step in bringing early Muslim scholars to the attention of the contemporary West.[71]

The influence of earlier

Arabic in the 9th century by Syrian Christians in Baghdad. But already by that time numerous Muslim scholars had written on economic issues, and early Muslim leaders had shown sophisticated attempts to enforce fiscal and monetary financing, use deficit financing, use taxes to encourage production, the use of credit instruments for banking, including rudimentary savings and checking accounts, and contract law.[72]

Among the earliest Muslim economic thinkers was

Abu Hanifah. Abu Yusuf was chief jurist for Abbasid Caliph Harun al-Rashid, for whom he wrote the Book of Taxation (Kitab al-Kharaj). This book outlined Abu Yusuf's ideas on taxation, public finance, and agricultural production. He discussed proportional tax on produce instead of fixed taxes on property as being superior as an incentive to bring more land into cultivation. He also advocated forgiving tax policies which favor the producer and a centralized tax administration to reduce corruption. Abu Yusuf favored the use of tax revenues for socioeconomic infrastructure, and included discussion of various types of taxes, including sales tax, death taxes, and import tariffs.[73]

Early discussion of the benefits of division of labor are included in the writings of

Gresham's Law
.

The power of

Ibn Taymiyyah
illustrates:

"If desire for goods increases while its availability decreases, its price rises. On the other hand, if availability of the good increases and the desire for it decreases, the price comes down."[75]

Ibn Taymiyyah also elaborated on a circumstantial analysis of the market mechanism, with a theoretical insight unusual in his time. His discourses on the welfare advantages and disadvantages of market regulation and deregulation have an almost contemporary ring to them.[76]

Ghazali suggests an early version of

Ibn Taimiyah (1263–1328), and al-Maqrizi
.

Ibn Khaldun

Main articles: Ibn Khaldun and Muqaddimah
See also: Asabiyyah
Statue of Ibn Khaldoun in Tunis
When civilization [population] increases, the available labor again increases. In turn, luxury again increases in correspondence with the increasing profit, and the customs and needs of luxury increase. Crafts are created to obtain luxury products. The value realized from them increases, and, as a result, profits are again multiplied in the town. Production there is thriving even more than before. And so it goes with the second and third increase. All the additional labor serves luxury and wealth, in contrast to the original labor that served the necessity of life.[78]
Ibn Khaldun on economic growth

Perhaps the best known Islamic scholar who wrote about economics was Ibn Khaldun of Tunisia (1332–1406),[79] who is considered a forerunner of modern economists.[80][81] Ibn Khaldun wrote on economic and political theory in the introduction, or Muqaddimah (Prolegomena), of his History of the World (Kitab al-Ibar). In the book, he discussed what he called asabiyya (social cohesion), which he sourced as the cause of some civilizations becoming great and others not. Ibn Khaldun felt that many social forces are cyclic, although there can be sudden sharp turns that break the pattern.[82] His idea about the benefits of the division of labor also relate to asabiyya, the greater the social cohesion, the more complex the successful division may be, the greater the economic growth. He noted that growth and development positively stimulates both supply and demand and that the forces of supply and demand are what determines the prices of goods.[83] He also noted macroeconomic forces of population growth, human capital development, and technological developments effects on development.[84] In fact, Ibn Khaldun thought that population growth was directly a function of wealth.[85]

Although he understood that money served as a standard of value, a medium of exchange, and a preserver of value, he did not realize that the value of gold and silver changed based on the forces of supply and demand.

Khaldun-Laffer Curve
(the relationship between tax rates and tax revenue increases as tax rates increase for a while, but then the increases in tax rates begin to cause a decrease in tax revenues as the taxes to impose too great a cost to producers in the economy).

Ibn Khaldun introduced the labor theory of value. He described labor as the source of value, necessary for all earnings and capital accumulation, obvious in the case of craft. He argued that even if earning "results from something other than a craft, the value of the resulting profit and acquired (capital) must (also) include the value of the labor by which it was obtained. Without labor, it would not have been acquired."[80]

His theory of asabiyyah has often been compared to modern

economic depression, for Ibn Khaldun it is the governmental propensity to save at times when investment opportunities do not take up the slack which leads to aggregate demand.[87]

Another modern economic theory anticipated by Ibn Khaldun is supply-side economics.[88] He "argued that high taxes were often a factor in causing empires to collapse, with the result that lower revenue was collected from high rates." He wrote:[89]

"It should be known that at the beginning of the dynasty, taxation yields a large revenue from small assessments. At the end of the dynasty, taxation yields a small revenue from large assessments."

Post-colonial era

During the modern

post-colonial
era, as Western ideas, including Western economics, began to influence the Muslim world, some Muslim writers sought to produce an Islamic discipline of economics. In the 1960s and 70s Shia Islamic thinkers worked to develop a unique Islamic economic philosophy with "its answers to contemporary economic problems." Several works were particularly influential,

  • slam VA Malekiyyat (Islam and Property) by Mahmud Taleqani (1951),
  • Mohammad Baqir al-Sadr
    (1961) and
  • Eqtesad-e Towhidi (The Economics of Divine Harmony) by Abolhassan Banisadr (1978)
  • Some Interpretations of Property Rights, Capital, and Labor from Islamic Perspective by Habibullah Peyman (1979).[90][91]

Al-Sadr, in particular, has been described as having "almost single-handedly developed the notion of Islamic economics" [92]

In their writings, Sadr and the other

Shia authors "sought to depict Islam as a religion committed to social justice, the equitable distribution of wealth, and the cause of the deprived classes", with doctrines "acceptable to Islamic jurists", while refuting existing non-Islamic theories of capitalism and Marxism. This version of Islamic economics, which influenced the Iranian Revolution, called for public ownership of land and large "industrial enterprises", while private economic activity continued "within reasonable limits."[93] These ideas helped shape the large public sector and public subsidy policies of the Iranian Islamic revolution
.

In the 1980s and 1990s, as the Iranian revolution failed to reach the per capita income level achieved by the regime it overthrew, and Communist states and socialist parties in the non-Muslim world turned away from socialism, Muslim interest shifted away from government ownership and regulation. In Iran, it is reported that "entered-e Islami (meaning both Islamic economics and economy) ... once a revolutionary shibboleth is indubitably absent in all official documents and the media. It disappeared from Iranian political discourse about 15 years ago [1990]."[91]

But in other parts of the Muslim world, the term lived on, shifting form to the less ambitious goal of interest-free banking. Some Muslim bankers and religious leaders suggested ways to integrate Islamic law on the usage of money with modern concepts of

investing
. In banking, this was done through the use of sales transactions (focusing on the fixed rate return modes) to achieve similar results to interest. This has been criticized by some western writers as a means of covering conventional banking with an Islamic facade.

Contemporary economics

See also: Female labor force in the Muslim world and Islamic economics in Pakistan

In modern times, economic policies of the 1979

Islamist parties have supported populist policies, showing a "marked reluctance to adopt austerity policies and decreased subsidies."[95]
In recent years, Turkey had a rapidly growing
G-20 major economies
.

In 2008, at least $500 billion in assets around the world were managed by Sharia, or Islamic law, and the sector was growing at more than 10% per year. Islamic finance seeks to promote social justice by banning exploitative practices. In reality, this boils down to a set of prohibitions—on paying interest, on gambling with derivatives and options, and on investing in firms that make pornography or pork.[97]

Another form of modern finance that originated from the Muslim world is microcredit and microfinance. It began in the 1970s in Bangladesh with Grameen Bank, founded by Muhammad Yunus, recipient of the 2006 Nobel Peace Prize. Among 6 representative studies selected from a sample of more than 100 studies as being methodologically most sound, five found no evidence that microcredit reduced poverty.[98][99]

Land reform

One issue "generally absent" from contemporary

Shia Muslims.[100]

Islamic stock index

In June 2005, the

over-the-counter market. In late December 2009 Bursa Malaysia announced it was considering enabling individuals to trade Shariah-compliant debt on its exchange as part of a plan to attract new investors.[101]

See also
Banks
Non-Bank Finance Institutions

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Sources

Further reading

External links

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