History of Islamic Economic Thought

2014 ◽  
Author(s):  
Abdul Islahi
Keyword(s):  
Economic Thought ◽  
History Of ◽  
Islamic Economic

The Monetary Thought of Two Sixteenth-Century Muslim Scholars

2008 ◽  
Vol 25 (4) ◽  
pp. 46-60
Author(s):  
Abdul Azim Islahi
Keyword(s):  
Sixteenth Century ◽  
Fifteenth Century ◽  
Economic Thought ◽  
Background Information ◽  
European Monetary ◽  
Ibn Khaldun ◽  
History Of ◽  
The Subject ◽  
Islamic Economic ◽  
Muslim Scholars

Muslim scholars of the sixteenth century continued the tradition of writing on economic issues. Their work, however, is characterized by the period’s overall feature of imitation and repetition and thus reflects hardly any advancement of monetary thought since the works of earlier Muslim scholars. This is clearly reflected in the two representative treatises on money: those of al-Suyuti (d. 1506), written at the beginning of the century, and of al-Tumurtashi (d. 1598), written at its end. The history of Islamic economic thought is a well-researched area of Islamic economics. To the best of our knowledge, however, all such research stopped at the end of the fifteenth century, the age of Ibn Khaldun and al-Maqrizi. The present paper seeks to advance this research and intends to investigate the monetary thought of Muslim scholars during the sixteenth century (corresponding to the hijr¥ years of 906 to 1009.) Beginning with an overview of earlier monetary thought in Islam to provide the necessary background information, it then goes on to note that particular century’s monetary problems in order to provide a perspective for the discussion of monetary thought among Muslim scholars. For the purpose of comparison, European monetary thought of the same period is also analyzed. Due to limitations of time and space, this paper concentrates on the relevant treatises and does not deal with the piecemeal opinions scattered throughout the voluminous corpus of Islamic literature. Thus, it focuses on al-Suyuti and al-Tumurtashi, as I could locate only their two exclusively monetary works. Hopefully this modest initiative will spur others to conduct more extensive research on the subject.

Book Reviews

2015 ◽  
Vol 53 (3) ◽  
pp. 675-677
Keyword(s):  
Economic Thought ◽  
Islamic Tradition ◽  
Medieval Europe ◽  
Production And Distribution ◽  
State Finance ◽  
History Of ◽  
King Abdulaziz University ◽  
Islamic Economic ◽  
Economic Thinking ◽  
Muslim Scholars

Volker Nienhaus of INCEIF reviews “History of Islamic Economic Thought: Contributions of Muslim Scholars to Economic Thought and Analysis”, by Abdul Azim Islahi. The Econlit abstract of this book begins: “Explores the contributions of Muslim scholars to economic thought throughout history and the ways in which Muslim ideas reached the European West. Discusses the phases of the development of Islamic economic thought; the Islamic tradition in economic thought (I)—theories of value, market, and pricing; the Islamic tradition in economic thought (II)—production and distribution; the Islamic tradition in economic thought (III)—money and interest; the Islamic tradition in economic thought (IV) —state, finance, and development; the net addition and impact on economic thinking of medieval Europe; and the links between Muslim thought and mainstream economics.” Islahi is Professor in the Islamic Economics Institute at King Abdulaziz University.

scholarly journals SCHUMPETERIAN ‘GREAT GAP’ THESIS AND MEDIEVAL ISLAMIC ECONOMIC THOUGHT: INTERLINK BETWEEN GREEKS, MEDIEVAL ISLAMIC SCHOLARS AND EUROPEAN SCHOLASTICS

2017 ◽  
Vol 13 (1) ◽  
pp. 25
Author(s):  
Ali Rama
Keyword(s):  
Economic Analysis ◽  
Key Words ◽  
Thomas Aquinas ◽  
Economic Thought ◽  
Substantial Body ◽  
Joseph Schumpeter ◽  
History Of ◽  
Magnum Opus ◽  
Islamic Economic ◽  
Islamic Golden Age

Abstract Joseph Schumpeter (1883-1950) in his magnum opus, History of Economic Analysis (1954) proposed a great gap thesis by saying that economic analysis begins only with the Greeks and was not reestablished until the rise of European Scholasticism in the hands of St Thomas Aquinas.In fact, this Schumpeterian great gap in economic thought coincides with the Islamic golden age, when various Muslim writers made substantial contributions in various fields of inquiry, including economic matters. A substantial body of contemporary economic is traceable to medieval Arab Scholastics such as Abu Yûsuf (731-798), Al Farabi (873-950), IbnuSina (980-1037), Al-Ghazalî (1058-1111), IbnuTaimiyah (1263-1328), and IbnuKhaldûm (1364-1442).There were interlinked between Greek intellectual legacy to Islamic medieval legacy and to Latin scholastic economics. The Arab scholarship itself stimulated by the Greeks and further developed in light of the Islamic Ethos, not only inspired Scholastic thought, but that much of that scholarship became incorporated in Scholastic writings.So this paper provides an academically objection to the Schumpeterian thesis by providing Islamic scholars’ contribution on economic thoughts. Additionally, the paper provides some issues on Islamization of contemporary economics. Key words: great gap, medieval Arab-Islamic scholastics, Islamization of Economics, Islamic worldview. Abstrak Joseph Schumpeter (1883-1950) dalam bukunya History of Economic Analysis (1954) memperkenalkan sebuah tesis ‘great gap’ dengan mengatakan bahwa analisis ekonomi hanya mulai dari Yunani dan tidak berkembang lagi sampai kemunculan ilmuan Skolastik Eropa di tangan St Thomas Aquinas. Namun kenyataannya, ‘great gap’ Schumpeter ini justru terjadi pada masak ejayaan Islam, yaitu ketigasejumlahsarjanadanilmuan Muslim memberikan kontribusi signifikan dalam berbagai jenis penemuan dan keilmuan termasuk dalam bidang ekonomi. Isi dari ilmu ekonomi kontemporer saat ini dapat dilacak kesamaannya dengan karya ilmuan Arab abad pertengahan seperti Abu Yûsuf (731-798), Al Farabi (873-950), Ibnu Sina (980-1037), Al-Ghazalî (1058-1111), Ibnu Taimiyah (1263-1328), dan Ibnu Khaldûm (1364-1442). Terdapat keterhubungan antara karya intelektual Yunani, ilmuan Muslim abad pertengahan dan Ilmuan skolastik. Ilmuan Arab sendiri ‘distimulasi’ oleh ilmuan Yunani yang selanjutnya dikembangkan sesuai dengan kerangka Islam dan banyak dari karya mereka memiliki kemiripan dengan tulisan Skolastik. Penelitian ini melakukan penolakan secara akademik atas tesis Shumpeter tentang ‘great gap’ dengan menunjukkan kontribusi ilmuan Muslim dalam pemikiran ekonomi. Penelitian ini juga membahas beberapa isu tentang Islamisasi ilmu ekonomi kontemporer.

scholarly journals Haji Abdul Malik Karim Amrullah (HAMKA) dan Ekonomi Islam: Studi Pada Karya Keadilan Sosial dalam Islam

2018 ◽  
Vol 3 (2) ◽  
Author(s):  
Rahmad Hakim
Keyword(s):  
Social Justice ◽  
Economic Thought ◽  
Property Ownership ◽  
Study Approach ◽  
History Of ◽  
Islamic Economic

This paper aims to explore Islamic economic thought Haji AbdulMalik Karim Amrullah in his work on Social Justice in Islam. Based onthe study conducted, research on the history of Islamic economicthought in Indonesia is still a little done. These considerations make thisresearch important to do. This type of research is qualitative with acharacter study approach (biography), the method of collecting data isobtained by documentation - that is, a study of the work of social justicein Islam Haji Abdul Malik Karim Amrullah. The result of the study asfollows: first, that property ownership belongs to God, while humansare only managers of these assets. Secondly, there are three principles ofIslamic economics according to Hamka, namely: justice, free to act andfreedom.

scholarly journals REFORMULASI BANGUN SISTEM EKONOMI ISLAM

2016 ◽  
Vol 8 (1) ◽  
Author(s):  
Elly Masykuroh
Keyword(s):  
Economic System ◽  
Economic Problem ◽  
Economic Thought ◽  
Economic Issues ◽  
The World ◽  
History Of ◽  
Islamic Economic ◽  
The Many ◽  
Two Alternatives

The idea of this paper came from the many phenomenas of economic problem occuring in various part of the world that become increasingly serious. Both economis  school of capitalist and socialist was not able to provide solution for the increasingly complex economic issues. This condition raises expectation for an alternative economic system that is able to resolve economic problem. Current discourses about Islamic economic system sound relevance and begin to be studied to resolve the economic problem. Through the study and reconstruction of the history of Islamic economy, it shows that system of Islamic economy does exist legally and de facto. Now, our job is to formulate the form and concept of Islamic economy that can be accepted as an alternative economic system in the world. The formulation of the concept and theory of Islamic economy can take two alternatives: firstly, through revision of the old theory of Islamic economy in accordance with the principle and characteristic of Islamic economy, secondly, the recontruction of history through the Islamic economic thought, so that it can gave birth new Islamic economic system.

scholarly journals THIRD CENTURY ISLAMIC ECONOMIC THOUGHTS YAHYA BIN UMAR AND AHMAD BIN HANBAL III H / 9 M

2020 ◽  
Vol 17 (1) ◽  
pp. 123-135
Author(s):  
Merison Merison ◽  
Elvina Rahmi ◽  
Ridho Nur ◽  
Elfia Elfia
Keyword(s):  
Economic Thought ◽  
Third Century ◽  
Economic Activities ◽  
For Profit ◽  
Library Research ◽  
The People ◽  
Normative Economic ◽  
History Of ◽  
Islamic Economic ◽  
Sociological Approaches

This article discusses the history of economic thought in the third century. Islam has provided all the guidelines or guidelines for humans to live in the world, both morally and economically. One of the most important economic activities that Islam promotes is the Qur'anic trade, and the hadith explains much about the profession. Where business is essential for the survival of humankind as civilization progresses on the surface of the earth, especially in the field of commerce where every trader competes for profit. Unfortunately, as the civilization of the traders begins to do everything to profit without regard to the rules laid down in the Shari'ah, One of the ways traders can benefit from unhealthy habits is to practice Siyasah al-Ighraq (dumping). And the people who talk about this are Yahya Bin Umar and Ahmad Bin Hanbal. The method in this study is library research aimed at studying the concept of a legal matter, using descriptive-analytical methods, normative-economic, and sociological approaches. The results show that the focus of Yahya bin Umar's attention is on the market rules that are reflected in the discussion of the bag (pricing). Implementation of prices (al-tas'ir) is a dominant theme in the book of Ahkam al-Suq, the author of the book, Imam Yahya bin Umar, repeatedly discussing it in various places. Apparently, he wants to say that price existence is an essential thing in a transaction and neglecting it can cause damage to people's lives. Related to this. Yahya bin Umar argues that al-tas'ir (pricing) cannot be done. Likewise, with Imam Ahmad, he criticized buyers who bought other people's goods at the same time. A seller who loses his price will monopolize the commodity, and if there is no competition, he can give it whatever he wants. Be more careful when making decisions. Imam Ahmad requested that such cases be remedied to avoid monopoly and other unpleasant practices.

Economic Systems of Muslims in History

2020 ◽  
Vol 35 (1-2) ◽  
pp. 6-49
Author(s):  
Murat Çizakça
Keyword(s):  
Second World War ◽  
Economic Thought ◽  
Islamic Finance ◽  
Economic Systems ◽  
World War ◽  
Historical Evidence ◽  
Islamic World ◽  
History Of ◽  
Islamic Economic ◽  
Second World

Abstract During its long history, the Islamic world experienced three different economic systems. The original Islamic economy introduced by the Qurʾān and other classical sources of Islam, was a form of sui generis, commercial, pre-industrial and ethical capitalism. Evidence for this will be presented from the classical sources of Islam as well as from the history of Islamic economic thought. In later centuries it is possible to observe a transition from this unique capitalism towards more centralised structures, which reached its zenith with the Ottoman proto quasi-socialism. Most recently, after the Second World War, newly independent Muslims re-invented Islamic finance. Although an almost three trillion USD industry, so far this has been basically an imitation of conventional finance. Whether a truly modern and Islamic capitalism or another system will emerge from this, remains to be seen. Ample historical evidence across the Islamic world from West Africa to Indonesia is provided.

SCHUMPETERIAN ‘GREAT GAP’ THESIS AND MEDIEVAL ISLAMIC ECONOMIC THOUGHT: INTERLINK BETWEEN GREEKS, MEDIEVAL ISLAMIC SCHOLARS AND EUROPEAN SCHOLASTICS

2017 ◽  
Vol 13 (1) ◽  
Author(s):  
Ali Rama
Keyword(s):  
Economic Analysis ◽  
Thomas Aquinas ◽  
Economic Thought ◽  
Joseph Schumpeter ◽  
History Of ◽  
Islamic Economic

Joseph Schumpeter (1883-1950) dalam bukunya History of Economic Analysis (1954) memperkenalkan sebuah tesis ‘great gap’ dengan mengatakan bahwa analisis ekonomi hanya mulai dari Yunani dan tidak berkembang lagi sampai kemunculan ilmuan Skolastik Eropa di tangan St Thomas Aquinas. Namun kenyataannya, ‘great gap’ Schumpeter ini justru terjadi pada masa kejayaan Islam, yaitu ketika sejumlah sarjana dan ilmuan Muslim memberikan kontribusi signifikan dalam berbagai jenis penemuan dan keilmuan termasuk dalam bidang ekonomi. Isi dari ilmu ekonomi kontemporer saat ini dapat dilacak kesamaannya dengan karya ilmuan Arab abad pertengahan seperti Abu Yûsuf (731-798), Al Farabi (873-950), Ibnu Sina (980-1037), Al- Ghazalî (1058-1111), Ibnu Taimiyah (1263-1328), dan Ibnu Khaldûm (1364-1442). Terdapat keterhubungan antara karya intelektual Yunani, ilmuan Muslim abad pertengahan dan Ilmuan skolastik. Ilmuan Arab sendiri ‘distimulasi’ oleh ilmuan Yunani yang selanjutnya dikembangkan sesuai dengan kerangka Islam dan banyak dari karya mereka memiliki kemiripan dengan tulisan Skolastik. Penelitian ini melakukan penolakan secara akademik atas tesis Shumpeter tentang ‘great gap’ dengan menunjukkan kontribusi ilmuan Muslim dalam pemikiran ekonomi. Penelitian ini juga membahas beberapa isu tentang Islamisasi ilmu ekonomi kontemporer.

scholarly journals REAKTUALISASI & REVITALISASI SUMBER PENERIMAAN NEGARA

2019 ◽  
Vol 1 (2) ◽  
pp. 133-152
Author(s):  
Dedi Junaedi ◽  
Faisal Salistia
Keyword(s):  
Fiscal Policy ◽  
Descriptive Analysis ◽  
Economic Thought ◽  
The State ◽  
Role Of The State ◽  
History Of ◽  
Qualitative Descriptive ◽  
Islamic Economic ◽  
Budget Expenditure

 The purpose of this study is to actualize and revitalize fiscal concepts or sources of revenue in Indonesia in a perspective review of Islamic economic thought. The method used is the study of literature and qualitative descriptive analysis of thoughts that have developed in the history of Islamic economic thought as well as its adaptation, actualization, revitalization and contextualization efforts to formulate more stable, blessing and sustainable sources of Indonesia's APBN revenue. The results of the study can be briefly formulated that in general fiscal policy discusses the role of the state in the function of allocation, distribution and stabilization of the national economy. In the allocation function, the state determines what state financial resources are used for; the distribution function regulates how state policies manage the budget (expenditure) to create a mechanism of equitable economic distribution in society; and the function of stabilization is how the state creates a stable and sturdy economy that supports the economic wheels. The budget deficit - as experienced by many countries, including Indonesia - is a signal of the importance of managing a country's fiscal policy. The history of the glory of Islam has provided valuable lessons on how Islamic economic development was once a solution that delivered prosperity and prosperity to all its people. Various sources of revenue ranging from zakat, ghanimah, fai, kharaj, fai, ushr, khumus, nawaib, amwal fadla, special taxes, import duties, import duties, grants, gifts, expiation, and several other financial sanctions have been moved to become a source of state revenue very big one. If you are willing and willing to make efforts to adapt, re-actualize and revitalize the sources of revenue, a similar succession can be applied at the present time by any country, including Indonesia. Keywords: budget, Islamic economics, financial, fiscal, tax, zakat

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