Handbook on Islam and Economic Life
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Handbook on Islam and Economic Life

Edited by M. Kabir Hassan and Mervyn K. Lewis

Handbook on Islam and Economic Life is a unique study, one of the first of its kind to consider Islam within a broader economic sphere. Covering a wide breadth of topics and research, it explores how Islam impinges upon and seeks to shape major aspects of economic life including economic organisation, business and management, finance and investment, charity, mutuality and self-help, and government. It concludes by analysing the link between religion and development, the present economic situation in Arab countries and the causes of underdevelopment in Muslim countries.
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Chapter 2: Muslim contributions to economics science

Abdul Azim Islahi


The present chapter examines contributions of Muslim scholars to economics science in three distinct periods: the first, during the flourishing centuries of Islamic culture and sciences; the second, at some points of their decaying phase; and the third, during the modern period. The first period, which spreads over nine centuries, starts from the advent of Islam in the first century AH, corresponding to the seventh century CE, till the end of the ninth century AH/fifteenth century CE. Muslims’ contributions to economic thought during these centuries are frequently discussed. The second period was characterized by imitation and repetition, which continued over three centuries – the sixteenth to the eighteenth. So far as Muslims’ contributions in this period are concerned, it can be considered as a less valuable period, and hardly any worthwhile work exists on Muslim economic thinking deriving from this time. The third period, which saw awakening and revival, started in the nineteenth century, and its contemporary developments are before us.

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