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Islamic Economics

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Islamic economics refers to the body of Islamic studies literature that "identifies and promotes an economic order that conforms to Islamic scripture and traditions," and in the economic world an interest-free Islamic banking system, grounded in Sharia's condemnation of interest (riba). The literature has been developed "since the late 1940s, and especially since the mid-1960s."[1] The banking system developed during the 1970s.[2] The central features of Islamic economic literature have been summarized as the following: "behavioral norms" derived from the Quran and Sunna, zakat tax as the basis of Islamic fiscal policy, and prohibition of interest.[1]
In Shia Islam, scholars including Mahmoud Taleghani and Mohammad Baqir al-Sadr developed an "Islamic economics" emphasizing the uplifting of the deprived masses, a major role for the state in matters such as circulation and equitable distribution of wealth, and a reward to participants in the marketplace for being exposed to risk and/or liability.
Islamist movements and authors generally describe an Islamic economic system as neither socialist nor capitalist, but as a "third way" with none of the drawbacks of the other two systems.[3][4]

Contents

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[edit] History

Main article: Islamic economics in the world
Traditional Islamic concepts having to do with economics included:
  • zakat—the "taxing of certain goods, such as harvest, with an eye to allocating these taxes to expenditures 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)."
  • riba—"referred to as usury (modern Islamic economists reached consensus that Riba is any kind of interest, rather than usury)"[5]
These concepts, like others in Islamic law, came from the "prescriptions, anecdotes, examples, and words of Muhammad, gathered and systematized by commentators according to an inductive, casuistic method."[5] Sometimes other sources such as al-urf (custom), al-aql (reason), or al-ijma (consensus of the jurists) were employed.[6]
In addition, Islamic law has developed areas of law that correspond to secular laws of contracts and torts.

[edit] Early reforms under Islam

Main article: Early reforms under Islam
Some[who?] argued that early Islamic theory and practice formed a "coherent" economic system with "a blueprint for a new order in society, in which all participants would be treated more fairly"[page needed]. Michael Bonner, for example, wrote that an "economy of poverty" prevailed in Islam until the 13th and 14th century. Under this system God's guidance made sure the flow of money and goods was "purified" by being channeled from those who had much of it to those who had little by encouraging zakat and discouraging riba (usury/interest) on loans. Bonner maintained that Muhammad helped poor traders by allowing only tents (not permanent buildings) in the market of Medina, and by not charging fees and rents there.[7]

[edit] Classical Muslim economic thought

Main article: Islamic economics in the world
To some degree, the early Muslims based their economic analyses on the Qur'an (such as opposition to riba, meaning usury/interest), and from sunnah, the sayings and doings of Muhammad.
Among the important early Muslim scholars who made valuable contributions to economic theory are Abu Yusuf (d. 798), Al-Mawardi (d. 1058), Ibn Hazm (d. 1064), Al-Sarakhsi (d. 1090), Al-Tusi (d. 1093), Al-Ghazali (d. 1111), Al-Dimashqi (d. after 1175), Ibn Rushd (d. 1187), Ibn Taymiyyah (d.1328), Ibn al-Ukhuwwah (d. 1329), Ibn al-Qayyim (d. 1350), Al-Shatibi (d. 1388), Ibn Khaldun (d. 1406), Al-Maqrizi (d. 1442), Al-Dawwani (d. 1501), and Shah Waliyullah (d. 1762).[8]
Perhaps the most well–known Islamic scholar who wrote about economics was Ibn Khaldun,[9] who is considered a father of modern economics.[10][11] Ibn Khaldun wrote on economic and political theory in the introduction, or Muqaddimah (Prolegomena), of his History of the World (Kitab al-Ibar). He discussed what he called asabiyya (social cohesion), which he cited as the cause of some civilizations becoming great and others not. Ibn Khaldun felt that many social forces are cyclic, although there could be sudden sharp turns that break the pattern.[12]
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.[13] He also noted macroeconomic forces of population growth, human capital development, and technological developments effects on development.[14] In fact, Ibn Khaldun thought that population growth was directly a function of wealth.[15]

[edit] Economy in the Caliphate

During the medieval Arab Agricultural Revolution, a social transformation took place as a result of changing land ownership giving individuals of any gender,[16] ethnic or religious background the right to buy, sell, mortgage and inherit land. Based on the Quran, signatures were required on contracts for major financial transactions concerning agriculture, industry, commerce, and employment. Copies of the contract were usually kept by both parties involved.
There are similarities between Islamic economics and leftist or socialist economic policies. Islamic jurists have argued that privatization of resources of oil, gas, and other fire-producing fuels, agricultural land, and water is forbidden. The principle of public or joint ownership has been drawn by Muslim jurists from the following hadith of the Prophet of Islam:
Ibn Abbas reported that Muhammad said: "All Muslims are partners in three things—in water, herbage and fire." (Narrated in Abu Daud, & Ibn Majah)[17] Anas added to the above hadith, "Its price is Haram (forbidden)"[18][dead link] Jurists have argued by qiyas that the above restriction on privatization can be extended to all essential resources that benefit the community as a whole.[17]
Aside from similarities to socialism, early forms of proto-capitalism and free markets were present in the Caliphate.[19] An early market economy and early form of merchant capitalism developed between the 8th and 12th centuries.[20] A vigorous monetary economy developed based on the wide circulation of a common currency (the dinar) and the integration of previously independent monetary areas. Business techniques and forms of business organization employed during this time included early contracts, bills of exchange, long-distance international trade, early forms of partnership (mufawada) such as limited partnerships (mudaraba), and early forms of credit, debt, profit, loss, capital (al-mal), capital accumulation (nama al-mal),[21] circulating capital, capital expenditure, revenue, cheques, promissory notes,[22] trusts (waqf), savings accounts, transactional accounts, pawning, loaning, exchange rates, bankers, money changers, ledgers, deposits, assignments, the double-entry bookkeeping system,[23] and lawsuits.[24] Organizational enterprises similar to corporations independent from the state also existed in the medieval Islamic world.[25][26] Many of these concepts were adopted and further advanced in medieval Europe from the 13th century onwards.[21]
The concepts of welfare and pension were present in early Islamic law as forms of zakat one of the Five Pillars of Islam, since the time of the Rashidun caliph Umar in the 7th century. The taxes (including zakat and jizya) collected in the treasury (bayt al-mal) of an 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.[27][28]

[edit] 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 economics discipline. Islamic scholars who considered Islam to be a complete system of life in all its aspects, rather than a spiritual formula[29] believed that it logically followed that Islam defined economic life, unique from and superior to non-Islamic systems.[7] To date, however, there has been no consensus as to its definition and scope.
In the 1960s and 1970s Shi'a thinkers worked to describe Islamic economics' "own answers to contemporary economic problems." Several works were particularly influential:
  • Eslam va Malekiyyat (Islam and Property) by Mahmud Taleqani (1951),
  • Nidham ul-Iqtisad fil Islam (The Economic System of Islam) by Taqiuddin Nabhani (1953),
  • Iqtisaduna (Our Economics) by 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).[30][31]
Al-Sadr in particular was described as having "almost single-handedly developed the notion of Islamic economics"[32]
In their writings Sadr and the other 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 of large "industrial enterprises," while private economic activity continued "within reasonable limits."[33] These ideas informed the large public sector and public subsidy policies of the Iranian Revolution.
In the 1980s and 1990s, as the Islamic 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, "eqtesad-e Eslami (meaning both Islamic economics and economy) ... once a revolutionary shibboleth, is indubitably absent in all official documents and the media. It disapperared from Iranian political discourse about 15 years ago [1990]."[31]
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 usage of money with modern concepts of ethical investing. In banking this was done through the use of sales transactions (focusing on the fixed rate return modes) to support investing without interest-bearing debt. Many modern writers have strongly criticized this approach as a means of covering conventional banking with an Islamic facade.[citation needed]

[edit] Traditional approach

While many Muslims believe Islamic law is perfect by virtue of its being revealed by God, Islamic law on economic issues was/is not "economics" in the sense of a systematic study of production, distribution, and consumption of goods and services. An example of the traditionalist ulama approach to economic issues is Imam Khomeini's work Tawzih al-masa'il where the term "economy" does not appear and where the chapter on selling and buying (Kharid o forush) comes after the one on pilgrimage. As Olivier Roy put it, the work "presents economic questions as individual acts open to moral analysis: `To lend [without interest, on a note from the lender] is among the good works that are particularly recommended in the verses of the Quran and the in the Traditions.`"[34]

[edit] Property

The Qur'an states that God is the sole owner of all matter in the heavens and the earth.[35] Man, however, is God's viceregent on earth and holds God's possessions in trust (amanat). Islamic jurists divide properties into public, state, private categories.[36]

[edit] Public property

Public property in Islam refers to natural resources (forests, pastures, uncultivated land, water, mines, oceanic resources etc.) to which all humans have equal right. Such resources are considered the common property of the community. Such property is placed under the guardianship and control of the Islamic state, and can be used by any citizen, as long as that use does not undermine the rights of other citizens.[36]
Some types of public property can not be privatized under Islamic law. Muhammad's saying that "people are partners in three things: water, fire and pastures", led some scholars to believe that the privatization of water, energy and agricultural land is not permissible. Muhammad allowed other types of public property, such as gold mines, to be privatized, in return for tax payments to the Islamic state. The owner of the previously public property that was privatized pays zakat and, according to Shi'ite scholars, khums as well. In general the privatization and nationalization of public property is subject to debate amongst Islamic scholars. Public property thus, eventually, becomes state or private property.[36]

[edit] State property

State property includes certain natural resources, as well as other property that can't immediately be privatized. Islamic state property can be movable, or immovable, and can be acquired through conquest or peaceful means. Unclaimed, unoccupied and heir-less properties, including uncultivated land (mawat), can be considered state property.[36]
During the life of Muhammad, one fifth of military equipment captured from the enemy in the battlefield was considered state property. During his reign, Umar (on the recommendation of Ali) considered conquered land to be state rather than private property (as was usual practice). The purported reason for this was that privatizing this property would concentrate resources in the hands of a few, and prevent it from being used for the general good. The property remained under the occupation of the cultivators, but the taxes collected on it went to the state treasury.[36]
Muhammad said "Old and fallow lands are for God and His Messenger (i.e. state property), then they are for you". Jurists draw from this the conclusion that, ultimately, private ownership takes over state property.[36]

[edit] Private property

There is consensus amongst Islamic jurists and social scientists that Islam recognizes and upholds the individual's right to private ownership. The Qur'an extensively discusses taxation, inheritance, prohibition against stealing, legality of ownership, recommendation to give charity and other topics related to private property. Islam also guarantees the protection of private property by imposing stringent punishments on thieves. Muhammad said that he who dies defending his property was like a martyr.[37]
Islamic economists classify the acquisition of private property into involuntary, contractual and non-contractual categories. Involuntary means are inheritances, bequests, and gifts. Non-contractual acquisition involves the collection and exploitation of natural resources that have not previously been claimed as private property. Contractual acquisition includes activities such as trading, buying, renting, hiring labor etc.[37]
A tradition attributed to Muhammad, with which both Sunni and Shi'a jurists agree, in cases where the right to private ownership causes harm to others, then Islam favors curtailing the right in those cases. Maliki and Hanbali jurists argue that if private ownership endangers public interest, then the state can limit the amount an individual is allowed to own. This view, however, is debated by others.[37]

[edit] Markets

Islam accepts markets as the basic coordinating mechanism of the economic system. Islamic teaching holds that the market, given perfect competition, allows consumers to obtain desired goods and producers to sell their goods at a mutually acceptable price.[38]
Three necessary conditions for an operational market are said to be upheld in Islamic primary sources:[38]
  • Freedom of exchange: the Qur'an calls on believers to engage in trade, and rejects the contention that trade is forbidden.[39]
  • Private ownership (see above).
  • Security of contract: the Qur'an calls for the fulfillment and observation of contracts.[40] The longest verse of the Qur'an deals with commercial contracts involving immediate and future payments.[41]

[edit] Interference

Islam promotes a market free from interferences such as price fixing and hoarding. Government intervention, however, is tolerated under specific circumstances.[38]
Islam prohibits price fixing by a dominating handful of buyers or sellers. During the days of Muhammad, a small group of merchants met agricultural producers outside the city and bought the entire crop, thereby gaining a monopoly over the market. The produce was later sold at a higher price within the city. Muhammad condemned this practice since it caused injury both to the producers (who in the absence of numerous customers were forced to sell goods at a lower price) and the inhabitants.[38]
The above mentioned reports are also used to justify the argument that the Islamic market is characterized by free information. Producers and consumers should not be denied information on demand and supply conditions. Producers are expected to inform consumers of the quality and quantity of goods they claim to sell. Some scholars hold that if an inexperienced buyer is swayed by the seller, the consumer may nullify the transaction upon realizing the seller's unfair treatment. The Qur'an also forbids discriminatory transactions.[38][42]
Government interference in the market is justified in exceptional circumstances, such as the protection of public interest. Under normal circumstances, governmental non-interference should be upheld. When Muhammad was asked to set the price of goods in a market he responded, "I will not set such a precedent, let the people carry on on with their activities and benefit mutually."[38]

[edit] Monetary & Fiscal Policy

Islamic monetary and fiscal policy can guide a state in transition to an Islamic model as well as when it reaches equilibrium.[43]

[edit] In Equilibrium

Monetary policy emphasizes keeping inflation towards a theoretical zero rate. The currency is maintained according to a basket of goods and services that is reflective of the economy as well as the value of a basket of currencies that would be represented by the level of trade with the Islamic state. The proportion of the two are weighted to the proportion of foreign trade to domestic consumption. This parallels classical and neo-classical ideals.
Money supply expansion is indexed directly to the population rather than through banking, to avoid an unfair benefit to banking at the cost of the populace. Regulatory creep, conflict of interest and political interference is avoided by a proposed independence of banking and the statistical authority.[43]

[edit] Transition

Gradual transition is preferred over drastic change, calling for a transitional state similar to Communism's transitional state of Socialism. Impairment of banking, staggered increases in reserve ratios and a gradual approach in the general regulatory framework is considered preferable.[43]
A Keynesian fiscal policy is called for to counteract the fall in the money supply caused by the transitional policies. Timing and proportion is critical to the success of such a transition.[43]

[edit] Banking

Main article: Islamic banking

[edit] Interest

The Quran (3: 130) clearly condemns riba usually translated as "interest": "O, you who believe! Devour not riba, doubled and redoubled, and be careful of Allah; but fear Allah that you may be successful."

[edit] Debt arrangements

Most Islamic economic institutions advise participatory arrangements between capital and labor. The latter rule reflects the Islamic norm that the borrower must not bear all the cost of a failure, as "it is God who determines that failure, and intends that it fall on all those involved."
Conventional debt arrangements are thus usually unacceptable—but conventional venture investment structures are applied even on very small scales. However, not every debt arrangement can be seen in terms of venture investment structures. For example, when a family buys a home it is not investing in a business venture—a person's shelter is not a business venture. Similarly, purchasing other commodities for personal use, such as cars, furniture, and so on, cannot realistically be considered as a venture investment in which the Islamic bank shares risks and profits for the profits of the venture.

[edit] Savings-Investment

An alternative Islamic savings-investment model can be built around venture capital; investment banks; restructured corporations; and restructured stock market.[43] This model looks at removing the interest-based banking and in replacing market inefficiencies such as subsidization of loans over profit-sharing investments due to double taxation and restrictions on investment in private equity.

[edit] Money changers

Due to religious sanctions against odious debt, Tamil Muslims have historically been money changers (not money lenders) throughout South and South East Asia.[44]

[edit] Hybrids

Islamic banks have grown recently in the Muslim world but are a very small share of the global economy compared to the Western debt banking paradigm. Hybrid approaches, e.g. Grameen Bank which applies classical Islamic values but uses conventional lending practices, are much lauded by some proponents of modern human development theory.

[edit] Natural capital

Perhaps due to resource scarcity in most Islamic nations, Islamic economics emphasizes limited (and some claim also sustainable) use of natural capital, i.e. producing land. These latter revive traditions of haram and hima that were prevalent in early Muslim civilization.

[edit] Islamic stock index

In June 2005 Dow Jones Indexes, New York, and RHB Securities, Kuala Lumpur, teamed up to launch a new "Islamic Malaysia Index"—a collection of 45 stocks representing Malaysian companies that comply with a variety of Sharia-based requirements. For example, total debt, cash plus interest-bearing securities and accounts receivables must each be less than 33% of the trailing 12-month average capitalization.[citation needed] Also, "gambling" on derivatives and options, and on investing in firms that make pornography or pork are also unacceptable. Islamic bonds, or sukuk, use asset returns to pay investors to comply with the religion’s ban on interest and are currently traded privately on 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.[45]

[edit] Islamic economic modeling

Economic modeling in an Islamic context looks to find alternative variables and parameters. For instance, many of the key models in modern economic theory have interest (riba) as a key element. According to one author, Tobin's q could replace Interest (I).[43]

[edit] Popularity and availability

Main article: Islamic economics in the world
Today many financial institutions, even in the Western world, that offer financial services and products in accordance with Islamic finance. For example, Chancellor Gordon Brown in 2003 introduced legal changes that enabled British banks and building societies to offer so-called Muslim mortgages for house purchase.
In 2004 the UK's first standalone Sharia–compliant bank was launched, the Islamic Bank of Britain. Several banks offer products and services to UK customers that adopt the Islamic financial principles; such as Mudaraba, Murabaha, Musharaka and Qard.
The Islamic finance sector was worth 300–500 billion dollars (237 and 394 billion euros) as of September 2006, compared with 200 billion dollars in 2004. Islamic retail banks and investment funds number in the hundreds and many Western financial institutions offer compliant products, including Citigroup, Deutsche Bank, HSBC, Lloyds TSB and UBS. In 2008, at least $500 billion in assets around the world were managed in accordance with Islamic law and the sector was growing at more than 10% per year.[46]

[edit] Business Method Patents

With the recent ability to patent new methods of doing business in the United States, a small number of patent applications have been filed on methods for providing Sharia compliant financial services. These pending patent applications include:
  • US US20030233324A1 Declining balance co-ownership financing arrangement. This discloses an allegedly Sharia compliant financing arrangement for home purchases and refinances that does not involve the payment of interest.

[edit] Views

Sohrab Behada's study argued that the economic system proposed by Islam is essentially a capitalist one.[47]

[edit] Criticism

Islamic economics has been attacked for its alleged "incoherence, incompleteness, impracticality, and irrelevance;"[48] driven by "cultural identity" rather than problem solving.[49] Others have dismissed it as "a hodgepodge of populist and socialist ideas," in theory and "nothing more than inefficient state control of the economy and some almost equally ineffective redistribution policies," in practice.[50]
In a political and regional context where Islamist and ulema claim to have an opinion about everything, it is striking how little they have to say about this most central of human activities, beyond repetitious pieties about how their model is neither capitalist nor socialist.[50]
Interest-bearing (Riba) and speculation-involving (Gharar) trading are clearly prohibited by canonical texts. Based on this prohibition, presumably financial structures of Islamic financial products should be interest and speculation free. Nevertheless, some new empirical studies claim that “Islamic finance products’ structure is based on the Islamic prohibitions; however, these products’ risk management is still based on revoking the underlying prohibitions”. The most prominent case is inter alia, Salam and Istisna’, which are hedging methods for Sukuk. If Sukuk’s originator or investors wish to hedge against interest rate or exchange rate risks, they use one of the former methods. These methods mimic conventional risk management practice, should involve either interest-bearing or speculation-bearing trading or even both. Parallel Salam and synthetics are recent innovations that try to avoid falling athwart the prohibitions.[citation needed]

[edit] See also

[edit] References

  • Addas, Waleed (2008). Methodology of Economics: Secular versus Islamic. IIUM. ISBN 978-983-3855-28-5. http://mpra.ub.uni-muenchen.de/8264/.
  • Al-Amine, Muhammad al-Bashir Muhammad (2008). Risk Management in Islamic Finance: An Analysis of Derivatives Instruments in Commodity Markets. Leiden: Brill. ISBN 978-90-04-15246-5.
  • Bakhash, Shaul (1984). The Reign of the Ayatollahs. Basic Books.
  • Behdad, Sohrab; Nomani, Farhad, eds. (2006). Islam and the Everyday World: Public Policy Dilemmas. Routledge. ISBN 0-415-36823-5.
  • Chapra, M. Umar. Islam and the Economic Challenge. Leicester, UK: Islamic Foundation.
  • El-Gamal, Mahmoud, 2009. "Islamic finance," The New Palgrave Dictionary of Economics, Online Edition. Abstract.
  • Halliday, Fred (2005). 100 Myths about the Middle East. Saqi Books.
  • Kuran, Timur (1997). "The Genesis of Islamic Economics: A Chapter in the Politics of Muslim Identity," Social Research, 64(2), p p. 301-338.
  • _____ (2008). "Islamic economic institutions," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
  • Mirakhor, Abbas. Theoretical Studies in Islamic Banking and Finance. Islamic Publications International.
  • Naqi, Syed Nawab Haider. Ethics and Economics: An Islamic Synthesis. Leicester, UK: Islamic Foundation.
  • Nomani, Farhad; Rahnema, Ali. (1994). Islamic Economic Systems. New Jersey: Zed books limited. pp. 7–9. ISBN 1-85649-058-0.
  • Presley, John R., and John G. Sessions (1994). "Islamic Economics: The Emergence of a New Paradigm," Economic Journal, 104(424), p[p. 584-596.
  • Roy, Olivier (1994). The Failure of Political Islam. Harvard University Press.
  • Siddiqui, Muhammad Nejatullah. Muslim Economic Thinking. Leicester, UK: Islamic Foundation.
  • Venardos, Angelo M.. Islamic Banking & Finance in South-East Asia: Its Development & Future. Singapore: World Scientific Publishing.
  • Weiss, Dieter (1995). Ibn Khaldun on Economic Transformation. 27.

[edit] Torts

  • A. Basir Bin Mohamad. "The Islamic Law of Tort: A Study of the Owner and Possessor of Animals with Special Reference to the Civil Codes of the United Arab Emirates, Lebanon, Tunisia, Morocco, Sudan and Iraq" in Arab Law Quarterly V.16, N.4 2001
  • __________. "Vicarious Liability: A Study of the Liability of the Guardian and his Ward in the Islamic Law of Tort" Arab Law Quarterly V. 17, N.1 2002
  • Immanuel Naveh. "The Tort of Injury and Dissolution of Marriage at the Wife's Initiative in Egyptian Mahkamat al-Naqd Rulings" in Islamic Law and Society Volume 9, Number 1, 2002
  • Islamic law of tort Liaquat Ali Khan Niazi, 1988
  • An outline of Islamic law of tort Abdul-Qadir Zubair, 1990

[edit] Notes

  1. ^ a b The economic system in contemporary Islamic thought: Interpretation and assessment, by Timur Kuran, International Journal of Middle East Studies, 18, 1986, pp.135-164
  2. ^ Timur Kuran, 1995. "Islamic Economics and the Islamic Subeconomy" Journal of Economic Perspectives, 9(4), pp. 155-173.
  3. ^ Islam and Economic Justice: A 'Third Way' Between Capitalism and Socialism?
  4. ^ How Do We Know Islam Will Solve the Problems of Poverty and Inequality?
  5. ^ a b Roy 1994, p. 132
  6. ^ Schirazi, Asghar & 1997, p. 170
  7. ^ a b Michael Bonner, "Poverty and Economics in the Qur’an", Journal of Interdisciplinary History, xxxv:3 (Winter, 2005), 391–406
  8. ^ Chapra, Umer (2010). "Islamic Economics: What It Is and How It Developed". In Whaples, Robert. EH.net: Encyclopedia of Economic and Business History. http://eh.net/encyclopedia/article/chapra.islamic. Retrieved 8 July 2011.
  9. ^ Schumpeter (1954) p 136 mentions his sociology, others, including Hosseini (2003) emphasize him as well
  10. ^ I. M. Oweiss (1988), "Ibn Khaldun, the Father of Economics", Arab Civilization: Challenges and Responses, New York University Press, ISBN 0-88706-698-4.
  11. ^ Jean David C. Boulakia (1971), "Ibn Khaldun: A Fourteenth-Century Economist", The Journal of Political Economy 79 (5): 1105-1118.
  12. ^ Weiss 1995, pp. 29–30
  13. ^ Weiss 1995, p. 31 quotes Muqaddimah 2:276-278
  14. ^ Weiss 1995, p. 31 quotes Muqaddimah 2: 272-273
  15. ^ Weiss 1995, p. 33
  16. ^ Shatzmiller, p. 263
  17. ^ a b Fundamentals of Islamic Economic System
  18. ^ http://nation.ittefaq.com/issues/2009/06/08/news0531.htm
  19. ^ The Cambridge economic history of Europe, p. 437. Cambridge University Press, ISBN 0-521-08709-0.
  20. ^ Timur Kuran (2005), "The Absence of the Corporation in Islamic Law: Origins and Persistence", American Journal of Comparative Law 53, pp. 785-834 [798-799].
  21. ^ a b Jairus Banaji (2007), "Islam, the Mediterranean and the rise of capitalism", Historical Materialism 15 (1), pp. 47-74, Brill Publishers.
  22. ^ Robert Sabatino Lopez, Irving Woodworth Raymond, Olivia Remie Constable (2001), Medieval Trade in the Mediterranean World: Illustrative Documents, Columbia University Press, ISBN 0-231-12357-4.
  23. ^ Subhi Y. Labib (1969), "Capitalism in Medieval Islam", The Journal of Economic History 29 (1), p. 79-96 [92-93].
  24. ^ Ray Spier (2002), "The history of the peer-review process", Trends in Biotechnology 20 (8), p. 357-358 [357].
  25. ^ Said Amir Arjomand (1999), "The Law, Agency, and Policy in Medieval Islamic Society: Development of the Institutions of Learning from the Tenth to the Fifteenth Century", Comparative Studies in Society and History 41, p. 263-293. Cambridge University Press.
  26. ^ Samir Amin (1978), "The Arab Nation: Some Conclusions and Problems", MERIP Reports 68, p. 3-14 [8, 13].
  27. ^ Crone, Patricia (2005). Medieval Islamic Political Thought. Edinburgh University Press. pp. 308–9. ISBN 0-7486-2194-6
  28. ^ Shadi Hamid (August 2003). "An Islamic Alternative? Equality, Redistributive Justice, and the Welfare State in the Caliphate of Umar". Renaissance: Monthly Islamic Journal 13 (8) (see online)
  29. ^ The Economic Life of Islam
  30. ^ Bakhash, Shaul, The Reign of the Ayatollahs, Basic Books, c1984, pp. 167-168
  31. ^ a b Revolutionary Surge and Quiet Demise of Islamic Economics in Iran
  32. ^ The Renewal of Islamic Law
  33. ^ Bakhash 1984, pp. 172–173
  34. ^ Roy 1994, p. 133
  35. ^ Nomani and Rahnema quote Quran 2:107, Quran 2:255, Quran 2:284, Quran 5:120, Quran 48:14
  36. ^ a b c d e f Nomani and Rahnema (1994), p. 66-70
  37. ^ a b c Nomani & Rahnema 1994, pp. 71–77
  38. ^ a b c d e f Nomani Rahnema, pp. 55–58
  39. ^ Nomani Rahnema cite Quran 4:29, Quran 2:275 and Quran 2:279
  40. ^ Nomani Rahnema cite Quran 5:1, Quran 16:91, Quran 23:8, Quran 17:34 and Quran 70:32
  41. ^ Nomani Rahnema cite Quran 2:282.
  42. ^ Nomani Rahnema cite Quran 55:9, Quran 26:181–183, Quran 11:84–85. They also point out that a chapter is devoted to such fraudulent practices: Quran 83:1–3
  43. ^ a b c d e f Meinhaj Hussain (June 2010). "Economic Model". 2.0. http://www.grandestrategy.com/2010/01/21st-century-islamic-state-economic.html
  44. ^ Tyabji, Amini (1991). "Historical dominance on money changing business". In Mohamed Ariff. The Muslim Private Sector in Southeast Asia: Islam and the Economic Development of Southeast Asia (Social Issues in Southeast Asia). ISBN 981-3016-10-8. http://books.google.com/?id=BCC6veZPfNoC&pg=PA60&dq=tamil+muslim#PPA60,M1.
  45. ^ Opalesque (30 December 2009). "Malaysia exchange reviewing sharia compliant bonds". http://www.opalesque.com/fullarticle/56533/islamic%20finance/Malaysia_Exchange_reviewing472.html.
  46. ^ Islamic Finance, Forbes (April 21, 2008)
  47. ^ Sohrab Behada, "Property Rights in Contemporary Islamic Economic Thought, Review of Social Economy, Summer 1989 v.47, (pp.185-211)
  48. ^ Kuran, "The Economic Impact of Islamic Fundamentalism," in Marty and Appleby Fundamentalisms and the State, U of Chicago Press, 1993, p.302-41
  49. ^ "The Discontents of Islamic Economic Mortality" by Timur Kuran, American Economic Review, 1996, p.438-442
  50. ^ a b Halliday, Fred, 100 Myths about the Middle East, Saqi Books, 2005 p.89

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