History of Islamic Economic Thought Contributions of Muslim Scholars to Economic Thought and Analysis
Contributions of Muslim Scholars to Economic Thought and Analysis
Chapter 6: The Islamic tradition in economic thought (iv): state, finance, and development
The Prophet of Islam (peace be upon him) transformed the disintegrated and anarchic people of Arabia into citizens of an organized state. He gave the necessary principles of good governance and educated his immediate followers in establishing an ideal state based on justice, equity, mutual consultation [shūrā] and God-consciousness [taqwā]. At the same time, he encouraged people to benefit from good experiences of others. Early writings on political and economic themes started in this free environment. The early writers addressed practical problems arising from the fast expanding Islamic state such as the economic role of government, management of conquered lands, administration of public revenue and expenditure, regulation of markets, provision of necessary supplies, improvement of economic condition of the people and development of economy, etc. The Muslim scholars adopted a pragmatic approach. They freely benefited from writings and experience of other people.
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