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 8: Links between Muslim economic thought and the mainstream economics

Abdul Azim Islahi

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


Muslim scholars’ influence on Medieval Europe with respect to philosophy, science, mathematics, geography, history, art and culture is well-documented and known in the circle of concerned subjects. But their impact on economic thinking and institutions – a very important part of life – is yet to be fully explored and recognized. The very fact that Medieval Europe borrowed from Muslim scholars in so many diverse fields is enough to believe that they must not have missed the economic thought of the Muslim scholars as there was no reason to ignore their intellectual contribution in this vital field. In the preceding pages we documented the evidence of Muslim influence upon the medieval scholars. They used the available knowledge from the Muslim sources to advance their ideas and build their institutions. The Muslim influence reached Medieval Europe through translations, education, oral transmission, accounts of travel, trade, crusades, diplomatic missions and pilgrimages. The following is a brief description of these channels.

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