History of Islamic Economic Thought

History of Islamic Economic Thought

Contributions of Muslim Scholars to Economic Thought and Analysis

Abdul Azim Islahi

This 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.

Chapter 2: Phases of the development of economic thought in Islam

Abdul Azim Islahi

Subjects: economics and finance, history of economic thought, islamic economics and finance

Extract

The history of Islamic economics goes back to the Qur’an and Sunnah. The Qur’an as the Word of God revealed to the Prophet Muhammad (peace be upon him), and Sunnah as his practical demonstration and explanation, contains a number of economic teachings and principles applicable to various conditions. Thought is a product of human mind, whereas the Qur’anic teachings and prophetic explanations are divine in character. It is, therefore, the human interpretations and inferences and their applications in changing times, spaces and conditions that form the body of economic ‘thought’ of the people of Islam. The Muslim scholars accepted the economic teachings of the Qur’an and Sunnah as a starting point and used reason to solve problems in changing historical and economic conditions. They did not hesitate benefiting from the experience of other people. The process continued throughout Islamic history.

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