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Monetary thought of the sixteenth century muslim scholars
Full text linkMuslim scholars of the sixteenth century continued the tradition of writing on economic issues. Their work, however is characterized by the period's overall feature of imitation and repetition and thus reflects hardly any advancement of monetary thought since the works of earlier Muslim scholars. This is clearly reflected in the two representative treatises on money: those of al-Suyuti (d. 1506) written at the beginning of the century, and al-Tumurtashi (d. 1598), written at its the end. History of Islamic economic thought is a well-researched area of Islamic Economics. To the best of our knowledge, however, all such research stopped at the end of the fifteenth century – the age of Ibn Khaldun and al-Maqrizi. The present paper seeks to advance this research and intends to investigate monetary thought of Muslim scholars during the sixteenth century (corresponding to tenth century Hijrah, exactly from 906 AH to 1009 AH). Beginning with an overview of earlier monetary thought in Islam to provide background information, then it goes on to note that particular century's monetary problems in order to provide a perspective for the discussion of monetary thought among Muslim scholars. For the purpose of comparison, European monetary thought of the same period is also analyzed.Monetary thought; Quantity theory of money;Sixteenth century Monetary Thought; al-Suyuti; al-Tumurtashi.
Perception of market and pricing among the sixteenth century Muslim scholars
Full text linkThe present paper investigates the perception of market and mechanism of pricing among the sixteenth century Muslim scholars, a period hitherto unexplored. In the commencement it briefly states the insufficient attention that the subject of market – the most fundamental element of Economics – has received in the conventional economics. To set a proper perspective it examines the situation in the Islamic tradition in earlier centuries before it studies the understanding of market and pricing among the Muslim scholars of the study period. It also deals with their stand regarding the price regulation. For comparison purpose, it examines the treatment of market and pricing in the work of their contemporary Western scholars. The paper ends with a note on 'just price', one of the most important economic concepts in the medieval period.Market, Pricing Mechanism, Economic Thought,Just price. History of Islamic Economic Thought
Book Review on Islamic finance: law, economics and practice by Mahmoud A. El-Gamal
Full text linkThis a critical evaluation of the book entitled Islamic finance: law, economics and practice by Mahmoud A. El-GamalIslamic finance; law and economics;Islamic economics, banking and insurance; mutuality.
Works on public finance by the sixteenth century Muslim scholars
Full text linkThe subject of public finance and taxation marked the beginning of systematic and rather exclusive writing on economic issues in Islamic tradition in its earliest period. Within a few centuries a large number of works came out on the subject. This trend continued in the later centuries but with a difference in quantity, quality and style. Their number decreased, coverage contracted and they increasingly tended to deal with specific issues. Writings in the later centuries were characterized by imitation and repetition. In the sixteenth century the major works on the subject include al-Balatunusi's "Tahrir al-Maqal….." and Ibn Nujaym's "Risalah fi'l-kharaj" and " Mas'alat al-Jibayah …. " From the Persian speaking East, Fadl-Allah Khunji has discussed the Islamic provision of public finance in much details in his work Suluk al-Muluk a very comprehensive treatment of the subject in the 16th century. It presents many insights on the Islamic theory of public finance. In the Safawid Iran the issue of kharaj was a very controversial topic. But this controversy centered on whether acceptance of stipend from kharaj income is permissible for religious scholars.Public Finance; Public Expenditure; Kharaj; Iqta`; Bait al-mal; Ibn Nujaym, Khunji, History of public finance in Islam.
The myth of Bryson and economic thought in Islam
Full text linkThe inspiration for the present note comes primarily from a statement in the old edition of the Encyclopaedia of Islam. In its volume four on page number 595, Heffening (1934) states that to Helmut Ritter ‘the whole economic literature of Islam can be traced to economics of Neo-pythagorean Bryson’ (emphasis added). In 1917 the German writer Ritter edited and translated Abu Ja`far al-Dimashqi’s treatise Kitab al-Isharah ila Mahasin al-Tijarah. In his introduction of the book he noted the said remark. It is this unqualified statement that we dispute here.History of Islamic Economic Thought, Greek Economic Thought, Economic Thought, Development of Islamic Thought,Bryson.
Aspects of Muslim economic thinking in the eleventh century (AH)/seventeenth century (CE)
Full text linkThis paper investigates the state of Muslim economic thinking in the 17th century (11th century AH), through the works in Arabic language, within the territories under the Ottoman rule. It also looks into those written in other parts of the world or in other languages, where translations were available. No work was found exclusively dedicated to pure economic themes such as market and pricing, money and theory of value, economics of taxation and public expenditure, and similar subjects on which earlier Muslim scholars had written extensively. The focus of Muslim economic thinking in the period was on public finance, monetary reform, agrarian relations, and cleansing the economy of corruptions which was the main obstacle in the way of progress.Economic History; Muslim Economic Thinking; Ottoman Economics; Economics of Sufism.
The emergence of mercantilism as a reaction against Muslim power: some of the evidences from history
Full text linkIn the early modern period, changing attitude of Medieval Europe towards trade as an outcome of encounter with Muslim scholars and rulers and consequently emergence of 'mercantilism' was a turning point in the history of economic thought. The paper documents evidences which prove that initially mercantilism was a reaction against Muslim powers. In the rise of mercantilism, discovery of the New World is considered a significant factor. The main objective before explorers and pioneers of mercantilism was to strengthen their governments through the acquisition of precious metal to regain the Holy Places, defeat the enemy, check the expanding power of Muslim rivals and spread Christianity. However, later it ended up in an effective economic movement.Mercantilism; History of Economic Thought; Medieval Economic History.
Works of economic interest in the seventeenth century Muslim world
Full text linkIn the 17th Century, the importance of Turkish and Persian increased because of being languages of rulers and receiving official patronage. Thus, along with writing on socio-economic problems in Arabic language, many works of economic interest appeared in those languages. While the focus of the paper is works in Arabic language accomplished in the Ottoman controlled territory of the Islamic world, it also introduces those written in other languages, provided that their translations were available.History of Economic Thought, Islamic Economics, Economic Reform, Economics and Corruption,
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History of Islamic economic thought ::contributions of Muslim scholars to economic thought and analysis /
No full textThis unique book highlights the contributions made by Muslim scholars to economic thought throughout history, a topic that has received relatively little attention in mainstream economics. Abdul Azim Islahi discusses various ways in which Muslim ideas reached the European West, influencing scholars and helping to form the foundations of modern economic ideas and theories. Early chapters outline the foundations of Islamic economic thought and describe three distinct phases of its development over time. The author then identifies key theories and tenets of modern economics - including value; market and pricing; production and distribution; money and interest; and the economic role of the state - and explores the influence of Muslim scholarly thought on each. The concluding chapter highlights the importance of further exploration of the topic and offers insightful recommendations for future research. This fascinating book will be of great interest to students and scholars of both the history of economic thought and Islamic economics
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