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The Economic System of the Early Islamic Period

Institutions and Policies

This book provides an economic analysis of the earliest Islamic society, focusing on the policies of the Messenger of Islam (Sawa) and his successors during the first four formative decades of Islam. Two institutions of great importance – the market and the public treasury (Baitul Mal) – and their roles in the development of the private and public sectors are particularly emphasized in this study. The first part of the book is devoted to the economic and cultural dimensions of life in the Arabian Peninsula during the pre-Islamic period, including an analysis of trade and financial relationships with the Roman and Persian economies; the challenges faced by the Messenger’s mission and the economic policies of the Messenger after the migration to Madinah are also examined in detail. The author then moves on to a devoted analysis of the nature and functions of the public treasury, its revenues and expenditures, as well as financial and fiscal policies. Also examined is the role of the public sector in maintaining equilibrium in the financial and real sectors, as well as in promoting economic growth and employment. Analysis of the institution of the market, its characteristics, and its functions during the earliest Islamic period constitutes the third section of the book. The behaviors of consumers, producers, and investors in an economy without an interest rate mechanism are also addressed here. The final section investigates the fundamental objective of Islam for human societies – that is, justice – within the context of discussions in earlier parts of the book. The author uses historical economic data, facts, and evidences that are reported from the period, both prior to and after the establishment of the Islamic State, to explore the economic relations, policies, and models that were in practice and applied at that time.

This book provides an economic analysis of the earliest Islamic society, focusing on the policies of the Messenger of Islam (Sawa) and his successors during the first four formative decades of Islam.

Towards an Interest-free Islamic Economic System

A Theoretical Analysis of Prohibiting Debt Financing

This text investigates the implications of eliminating "riba" from the financial system and brings the problem into the domain of mainstream economics.

This text investigates the implications of eliminating "riba" from the financial system and brings the problem into the domain of mainstream economics.

The Economic System of Islam

The Economic System of Islam, is an English version of a lecture delivered in Urdu by Hazrat Mirza Bashir-ud-Din Mahmud Ahmad, the Second Khalifah Head of the Ahmadiyya Muslim Community to a gathering of academia in Lahore, Pakistan, in 1945. The book presents a detailed account of the teachings of Islam regarding the system of economics. It demonstrates that economic system of Islam is placed within the broader teachings of Islam, with the objective of attaining the pleasure of Allah and everlasting bliss in the Hereafter. It provides for a healthy and progressive society in which the basic needs of all are met, and incentives for achieving excellence are provided, with due regard to justice and fair play. The lecture then makes a critical evaluation of the economic aspects of Communism. It provides ample evidence that Communism has failed in its pretensions of promoting justice and equality both within its own borders and in international affairs. It brings out serious objections against Communism from a religious point of view, and cites three prophecies about the decline of Communism.

The book presents a detailed account of the teachings of Islam regarding the system of economics.

The Economic System in Islam

This Book Explains The Islamic View Of The Economy And Its Objective, How To Own Property And Increase It, Hoe To Spend And Dispose Of It, How To Distribute The Wealth Amongst The Citizens In Society And How To Establish A Balance Within It. It Its Credit, Has Created Amongst Muslims A Great Awareness Of The Economic System In Islam. Contents Covers- 1. Introduction To Economic System, 2. Economy, 3. Types Of Ownership- Private Ownership, 4. The First Means Of Ownership: Work (`Amal), 5. The Work Of The Employee, 6. The Second Means Of Ownership, 7. The Third Means Of Ownership, 8. The Fourth Means Of Ownership, 9. The Fifth Means Of Ownership, 10. The Way To Dispose Of Property, 11. Trading And Manufacturing, 12. The Laws Of Partnership (Companies), 13. Capitalist Companies, 14. The Prohibited Methods Of Increasing Ownership, 15. Right Of Disposal To Spend In Gifts And Maintenance, 16. Public Property (Al-Milkiyyah Al-Ammah), 17. State Property, 18. Nationalised Property Is Neither Public Nor State Property, 19. Secluding (Hima) The Public Benefits/Utilities, 20.Bfactories, 21. Bait Ul Mal (The State Treasury), 22. Distributing Wealth Among The Peoplpe, 23. Riba And Currency Exchange, 24. Money/Currencies (An-Nuqood), 25. Foreign Trade

thoughts which most fascinated the Muslims , and made them suffer the severest tribulations in their lives . ... Therefore , the Islamic economic thoughts are those which will have the greatest influence in the economic life of the ...

The Islamic Banking System - Not Conductive to the Start-up of Young, Innovative Business Firms

Seminar paper from the year 2006 in the subject Orientalism / Sinology - Islamic Studies, grade: 1,3, Ben Gurion University (Middle East Institute), course: Middle East Economics, language: English, abstract: The Islamic banking system is a relatively young institution that gains influence not only in the Islamic world but also in non-Muslim countries with big Muslim communities. The first Islamic bank, Dubai Islamic Bank, was erected in 1975; today about 265 Islamic finance institutions operate in more than 70 countries, and their assets have increased more than 40-fold since 1982 to exceed $230 billion. More and more western banks erect Islamic branches; the first was Citibank in 1996. This paper discusses the influence of an Islamic banking system on the start-up of young, innovative businesses. A negative influence would hinder these businesses to develop - if not counterbalanced by other measures like state involvement. In non-Muslim countries it would constrain religious Muslims from participating in the contemporary economical changes, determined by an opening-up of markets and privatization, which requires the start-up of new businesses. The Islamic banking system operates according to Islamic law; hence several Islamic restrictions, the most important is the prohibition of riba (=interest), limit its freedom to develop suitable financing instruments for the support of young, innovative businesses. These restrictions enlarge the risk of the bank especially when financing these businesses, so the bank either avoids these businesses or tries to bend the Islamic law and operates - de facto - like a conventional bank. In this case, however, the bank is facing problems with the Religious Supervisory Board, an integral part of every Islamic bank, which will stop the bank from deriving from the Islamic law (sharī ́a). After discussing these determinants, I will discuss the existing interest-free financing instruments of Islamic Banking suitable for the start-up of

Seminar paper from the year 2006 in the subject Orientalism / Sinology - Islamic Studies, grade: 1,3, Ben Gurion University (Middle East Institute), course: Middle East Economics, language: English, abstract: The Islamic banking system is a ...

The Islamic Financial System

A Critical Analysis and Suggestions for Improving Its Efficiency

This study deals with the Islamic financial system and investigates the financial instruments utilized in it. Apart from the problems related to the prohibition of interest, the suggested concept for the Islamic financial system could not be applied in practice. Profit and Loss-Sharing instruments have been utilized on a small scale so far and it would be very difficult to increase the attractiveness of these financial instruments without easing Islamic legal restrictions or at least reconsidering relevant issues from both, the Islamic socio-economic and ethical viewpoint, as well as the position of conventional finance. An improvement of efficiency may not be possible without taking a fresh look at Islamic injunctions while considering at the same time contemporary financial realities and needs such as investment opportunities, risk diversification and regulatory issues.

This study deals with the Islamic financial system and investigates the financial instruments utilized in it.

Economic System of Islam

This translation of the Arabic work, Nizam al Iqtisad fil Islam by Sheikh Taqiuddin an-Nabahani is one of the only books available in English that addresses the comprehensive economic system of Islam going beyond the subjects of Islamic finance and addresses how Islam tackles the economic problem from its root.At this critical period when capitalist economic system and rules are being fostered over the Muslims globally and Muslim intellectuals are looking for salvation from the western free market model, there is a pressing need for a clear elucidation of the economic system of Islam. This unique book is an intellectual treasure in this respect being the first book this century to produce a crystal clear picture of the Islamic systemIt explain in fine detail topics such as the Islamic view of economy and its objective, the rule of lands, the need for the gold standard and how foreign trade is to be conducted. The sole sources in adopting the rules mentioned in this book are the book of Allah and the Sunnah of his Messenger (Saw) , Ijma'a As-sahabah and Qiyas.The 298 page book also produces an eloquent rebuttal of both the capitalist and socialist system, exposing their defects and contradiction with Islam.The topics covered in the book include:- Types of Ownership - The Means of Owning Property- The First Means of Ownership: Work ('Amal) - Brokerage and Commission Agency - The work of the employee - Inheritance - The Way to Dispose of Property - Increasing Wealth - The Rule of Lands - Reviving Uncultivated Land- Trading and Manufacturing - The Rules of Partnerships (Companies) - Capitalist Companies - Commercial Companies of Joint Liability (Unlimited Liability Companies) - Joint Stock Companies (Share Companies) - Co-operative Societies - Insurance - Prohibited Methods of Increasing Wealth - Public Property - State Property - The State Treasury (Bait al-Mal) - Zakat - Taxes - Distributing Wealth among the People - Riba - Currency Exchange (Sarf) - The Gold Standard - Foreign Trade

This translation of the Arabic work, Nizam al Iqtisad fil Islam by Sheikh Taqiuddin an-Nabahani is one of the only books available in English that addresses the comprehensive economic system of Islam going beyond the subjects of Islamic ...

Towards a Post-Covid Global Financial System

Lessons in Social Responsibility from Islamic Finance

In Towards a Post-Covid Global Financial System a team of experts explore how COVID-19 has affected the most vulnerable parts of the global economy; how it has been met by Islamic banking and finance; and how the principles of Islamic social finance could be used to have a fairer, more resilient Islamic finance system for all.

In Towards a Post-Covid Global Financial System a team of experts explore how COVID-19 has affected the most vulnerable parts of the global economy; how it has been met by Islamic banking and finance; and how the principles of Islamic ...

From Darkness to Light (Economy System)

Pre-Islamic community conditions can be said in the dark age. While, after the Prophet Muhammad PBUH was sent by Allah SWT to improve and flesh out noble character, then in a revolutionary manner he succeeded in turning the ignorant community into a noble society. The Prophet gave an example and direction of the noble characters, such as being honest in speaking, connecting friendship and performing good to neighbor and giving direction on how to perform a healthy and professional business. This book describes how the Prophet Muhammad PBUH as a true revolutionary with Allah SWT. permission was able to transform a dark age included backward and uncivilized society (jahiliyah) into a civilized society equipped. This book describes the methodology of Islamic economic studies, the pre-Islamic economic conditions, and how the Prophet Muhammad PBUH was able to carry out a peaceful revolution (without bloodshed) from the ignorant society into a civilized society in just 23 years. The Fourth Chapter is a summary of Islamic economic principles which are the economic conception of Muhammad the True Revolutionary. The fifth chapter traces the glory of the Caliphs who follwed Muhammad PBUH in the economic field. The sixth chapter describes the conventional economic defects and modern ignorant in the economic field, especially in Indonesia. The last chapter the author offers a practical step as effort to change the current conditions which are experiencing a crisis due to the application of the ignorant modern economy. The author offers a conception of change towards the universal application of Islamic economics, meaning that it is expected to be accepted by all parties, both Muslims and non-Muslims.

This book describes how the Prophet Muhammad PBUH as a true revolutionary with Allah SWT. permission was able to transform a dark age included backward and uncivilized society (jahiliyah) into a civilized society equipped.

Islamic Finance and the New Financial System

An Ethical Approach to Preventing Future Financial Crises

Can Islamic finance save the global system? Islamic Finance and the New Financial System describeshow the adoption of Islamic finance principles in future regulatorydecisions could help prevent future shocks in the global financialsystem. Using illustrations and examples to highlight key points inrecent history, this book discusses the causes of financial crises,why they are becoming more frequent and increasingly severe, andhow the new financial system will incorporate elements of Islamicfinance – whether deliberately or not. With an introspectivelook at the system and an examination of the misconceptions anddeficiencies in theory vs. practice, readers will learn why Islamicfinance has not been as influential as it should be on the largerglobal system. Solutions to these crises are thoroughly detailed,and the author puts forth a compelling argument about what can beexpected in the future. Despite international intervention and global policy changes,the financial system remains in a fragile state. There is anargument to be made about integrating Islamic finance into the newsystem to facilitate stronger resilience, and this book explainsthe nuts and bolts of the idea while providing the reader with ageneral understanding of Islamic finance. Understand the key principles of Islamic finance Examine the history of the current financial system Discover how Islamic finance can help build a new debt-freeeconomy Learn how Islamic finance theory doesn't always dictatepractice Although Islamic finance is a growing market, it is still aforeign concept to many. Those within the Islamic finance circleswonder why the system has yet to gain broader appeal despite itsability to create a strong and well-balanced economy. IslamicFinance and the New Financial System provides clever analysisand historical background to put the issues into perspective.

For non-experts, the book includes a useful summary and explanation of Islamic financing terminology. For so serious a topic, the book is very readable and manages to convey a sense of optimism for the future.