Islamic Economy

Islamic economics refers to the knowledge of economics or economic activities and

processes in terms of Islamic principles and teachings. Islam has a set of special moral norms
and values about individual and social economic behavior. Therefore, it has its own economic
system, which is based on its philosophical views and is compatible with the Islamic
organization of other aspects of human behavior: social and political systems. Is a term used to
refer to Islamic commercial jurisprudence, and also to an ideology of economics based on the
teachings of Islam that is mostly similar to the labour theory of value, which is "labour-based
exchange and exchange-based labour".

Islamic commercial jurisprudence entails the rules of transacting finance or other economic
activity in a Shari'a compliant manner, i.e., a manner conforming to Islamic scripture.

Islamic jurisprudence has traditionally dealt with determining what is required, prohibited,
encouraged, discouraged, or just permissible, on the other hand, works to describe, analyse and
understand production, distribution, and consumption of goods and services, and studied how to
best achieve policy goals, such as full employment, price stability, economic equity and
productivity growth.

Early forms of mercantilism and capitalism are thought to have been developed in the Islamic
Golden Age from the 9th century and later became dominant in European Muslim territories like
Al-Andalus and the Emirate of Sicily.

The Islamic economic concepts taken and applied by the gunpowder empires and various Islamic
kingdoms and sultanates led to systemic changes in their economy. Particularly in the Mughal
India, its wealthiest region of Bengal, a major trading nation of the medieval world, signaled the
period of proto-industrialization, making direct contribution to the world's first Industrial
Revolution after the British conquests.

In the mid-twentieth century, campaigns began promoting the idea of specifically Islamic
patterns of economic thought and behavior. By the 1970s, "Islamic economics" was introduced
as an academic discipline in a number of institutions of higher learning throughout the Muslim
world and in the West.

Advocates of Islamic economics generally describe it as neither socialist nor capitalist, but as a
"third way", an ideal mean with none of the drawbacks of the other two systems.

Among the claims made for an Islamic economic system by Islamic activists and revivalists are
that the gap between the rich and the poor will be reduced and prosperity enhanced by such
means as the discouraging of the hoarding of wealth,

taxing wealth but not trade, exposing lenders to risk through profit sharing and venture capital,
discouraging of hoarding of food for speculation,

and other activities that Islam regards as sinful such as unlawful confiscation of land. However,
critics like Timur Kuran have described it as primarily a "vehicle for asserting the primacy of
Islam", with economic reform being a secondary motive.

Recently and as a complement to Islamic economics, the field of Islamic entrepreneurship or

entrepreneurship from an Islamic perspective has gained traction. Islamic entrepreneurship
studies the Muslim entrepreneur, entrepreneurial ventures, and contextual factors impacting
entrepreneurship at the intersection of the Islamic faith and entrepreneurial activities.

Definitions and descriptions

According to Hasan Raza, after more than six decades of its formal/ informal existence, a
consensus on the definition of Islamic economics has not yet emerged. Some definitions that
have been offered include:

"that branch of knowledge which helps to realize human well-being through an allocation and
distribution of scarce resources that is in conformity with Islamic teachings without unduly
curbing individual freedom or creating continued macroeconomic and ecological imbalances."

"the study of an... economy which abides by the rules of the Shariah", i.e. an Islamic economy.

a discipline that goes beyond the practice of Western economics—which seeks to make "positive
analysis" and give an objective description of what is—to provide normative policy prescriptions
of what ought to be and can be. And which seeks to achieve a "transformation of human beings
from followers of base desires to people concerned with achieving higher goals". M.U. Chapra,
and M.N. Khan & M.I. Bhatti.)

"a discipline that is guided by the Shariah and studies all human societies"

an "ideological construct" developed by 20th century Islamists taking basic prescriptions from
sharia, and systematizing and conceptualizing them "to construct a coherent and functional
ensemble offering a middle ground between the two systems of the twentieth century, Marxism
and capitalism." argues that confusion regarding appropriate definition of Islamic economics has
arisen because of attempts to mix Western economics concepts with Islamic ideals, when the two
are diametrically opposed to each other in many dimensions. He proposes a definition based on
purely Islamic sources: "Islamic Economics is the EFFORT/STRUGGLE to implement the
orders of Allah pertaining to economic affairs in our individual lives, in our communities, and at
the level of Ummah."

Fiqh and Islamic economics

Fiqh has developed several traditional concepts having to do with economics. These included:
Zakat – the "charitable taxing of certain assets, such as currency, gold, or harvest, with an eye to
allocating these taxes to eight expenditures that are also explicitly defined in the Quran, such as
aid to those in need."

Gharar—"uncertainty". The presence of any element of excessive uncertainty, in a contract is

prohibited.

Riba—"referred to as usury " is prohibited.

Another source lists "general rules" include prohibition of Riba, Gharar, and also

Qimar

In addition to Quran and ahadith, sometimes other sources such as al-urf, or al-ijma are
employed, to create laws that determine whether actions were forbidden, discouraged, allowed,
encouraged and obligatory for Muslims. The different school of fiqh vary slightly in their
rulings.

Works of fiqh are typically divided into different "books" such as a Book of Iman, of Salah,
Zakat, Taqwa, Hajj, but not `economics` or `economy`. At least one author writes that Mu'amalat
is "closely related" to Islamic Economics., or calculation of alms.

A number of scholars have noted the recentness of reflecting on economic issues in the Islamic
world,

M. Kahf writes that mu'amalat and Islamic economics "often intermingle", mu'amalat "sets terms
and conditions of conduct for economic and financial relationships in the Islamic economy" and
provides the "grounds on which new instruments" of Islamic financing are developed, but that
the "nature of Fiqh imposes a concern about individual transactions and their minute legalistic
characteristics", so that analyzing Islamic economics in terms of Fiqh" risks losing "the ability to
provide a macro economic theory".

According to economist Muhammad Akram Khan the "main plank" of Islamic economics is the
"theory of riba", while "another landmark" is zakat, a tax on wealth and income. According to
another contemporary writer Salah El-Sheikh, "Islamic economic principles" utilize the Faqīh as
supporting material, but are grounded upon the ethical teachings within the Qu'rān. Sharīah's
basic tenets involve gharar and. Gharar insists all knowledge about a trade or transaction is
known before two individuals complete a transaction and warns against unjustified enrichment
through trade and business. These tenets were "among the first economic regulations" and their
philosophy can be seen today in modern Capitalism. Within Sharīah, El-Sheikh states, Gharar
functions as a divine deterrent against asymmetric information and allows trade to prosper. Riba,
ensures each transaction is conducted at a fair price, not allowing one party to benefit
exceedingly, which shares a parallel philosophy with Karl Marx "Das Kapital": seeking a greater
outcome for the community.
History

Pre-modern Muslim thought on economics

Classical scholars in the Muslim world did however, make valuable contributions to Islamic
thought on issues involving production, consumption, income, wealth, property, taxation, land
ownership, etc. are Abu Yusuf, Muhammad bin al-Hasan, Al-Mawardi, Ibn Hazm, Sarakhsi,
Tusi, Ghazali, Al-Dimashqi, Ibn Rushd, Ibn Taymiyyah, Ibn al-Ukhuwwah, Ibn al-Qayyim,
Sayyid Ali Hamadani, Al-Shatibi, Ibn Khaldun, Al-Maqrizi, Dawwani, Muhammad Aurangzeb
Alamgir, and Shah Waliullah Dehlawi.

Abu Yusuf was author of the book al Kharaj—literally "the return or revenue" but was
used by the author to mean "public revenues and taxation"—which was a policy guide to
Harun al-Rashid, the fifth Abbasid Caliph. Muhammad bin al-Hasan wrote al Iktisab fi al Rizq al
Mustatab, intended as advice to businessmen "in their endeavors to create income opportunities".
Abu 'Ubaid al Qasim bin Sallam was the author of al-Amwal.

Perhaps the most well-known Islamic scholar who wrote about economical issues was Ibn
Khaldun, who has been called "the father of modern economics" by I.M. Oweiss. Ibn Khaldun
wrote on what is now called economic and political theory in the introduction, or Muqaddimah,
of his History of the World. He discussed what he called asabiyya, which he cited as the cause of
the advancement of some civilizations. Ibn Khaldun felt that many social forces are cyclic,
although there could be sudden sharp turns that break the pattern.

His ideas about the benefits of the division of labor also relate to asabiyya, the greater the social
cohesion, the more complex the successful division may be, the greater the economic growth. He
noted that growth and development positively stimulates both supply and demand, and that the
forces of supply and demand are what determines the prices of goods. He also noted
macroeconomic forces of population growth, human capital development, and technological
developments effects on development. In fact, Ibn Khaldun thought that population growth was
directly a function of wealth.

Medieval Islamic economics appears to have somewhat resembled a form of capitalism, some
arguing that it laid the foundations for the development of modern capitalism.

Early modern period

Economic policies based on sharia were introduced throughout the Gunpowder empires, which
led to their commercial expansion. Chiefly the Ottoman Empire and Mughal India underwent
substantial increases in per capita income and population, and a sustained pace of technological
innovation. Significant was Muslim India's Fatawa 'Alamgiri, compiled by Mughal Emperor
Aurangzeb Alamgir and Shah Waliullah Dehlawi's family, through which the Indian
subcontinent surpassed Qing China to become the world's largest economy, valued 25% of world
GDP, while the region of Mughal Bengal waved the period of proto-industrialization, making
direct contribution to England's first Industrial Revolution after the Battle of Plassey.

Islamic economics grew naturally from the Islamic revival and political Islam whose adherents
considered Islam to be a complete system of life in all its aspects, rather than a spiritual formula
and believed that it logically followed that Islam must have an economic system, unique from
and superior to non-Islamic economic systems. "Islamic economics" "emerged" in the 1940s
according to the Encyclopedia of Islam and the Muslim World. Maulana ala Maududi's 1941
address "The economic problem of man and its Islamic solution" is "generally considered to be
one of the founding documents of modern Islamic economics"

More conservative salafi have shown less interest in socioeconomic issues, asking the question,
"the prophet and his companions didn't study 'laws' of economics, look for patterns, strive for
understanding of what happens in commerce, production, consumption. Why should we?"

1960, 70s

In the 1960s and 1970s, Shi'a thinkers worked to describe Islamic economics' "own answers to
contemporary economic problems." Several works were particularly influential:

Eslam va Malekiyyat by Mahmud Taleqani,

Iqtisaduna by Mohammad Baqir al-Sadr and

Eqtesad-e Towhidi by Abolhassan Banisadr

Some Interpretations of Property Rights, Capital and Labor from Islamic Perspective by
Habibullah Peyman.

Al-Sadr in particular was described as having "almost single-handedly developed the notion of
Islamic economics".

In their writings, Sadr and the other authors "sought to depict Islam as a religion committed to
social justice, the equitable distribution of wealth, and the cause of the deprived classes," with
doctrines "acceptable to Islamic jurists," while refuting existing non-Islamic theories of
capitalism and Marxism. Mohammad Baqir al-Sadr and also cleric Mahmoud Taleghani
developed an "Islamic economics" emphasizing a major role for the state in matters such as
circulation and equitable distribution of wealth, and a reward to participants in the marketplace
for being exposed to risk or liability.

This version of Islamic economics, which influenced the Iranian Revolution, called for public
ownership of land and of large "industrial enterprises," while private economic activity continued
"within reasonable limits." These ideas informed the large public sector and public subsidy
policies of the Iranian Revolution.
Sunni cleric Taqiuddin al-Nabhani proposed economic system by Taqiuddin Nabhani combined
public ownership of large chunks of the economy, with use of the gold standard and specific
instructions for the gold and silver weights of coins, arguing this would "demolish... American
control and the control of the dollar as an international currency."

In the Sunni world the first international conference on Islamic economics was held at the King
Abdulaziz University in Jeddah in 1976. Since then the International Association for Islamic
Economics in collaboration with the Islamic Development Bank has held conferences in
Islamabad, Kuala Lumpur, Loughborough, Bahrain, Jakarta and Jeddah, Iqbal. In addition there
have been hundreds of seminars, workshops and discussion groups around the world on Islamic
economics and finance. In the U.S. a small number of patent applications have been filed for
Sharia compliant financial service methods.

Khomeini era

What has been called one of "two versions" of "Islamic economy" existed during the first ten
years of the Islamic Republic of Iran during the life of Supreme Leader Ayatollah Ruhollah
Khomeini. This was an "Islamist socialist, and state-run": It was "little by little supplanted" by a
more liberal economic policy.

Post-socialist trend

In the 1980s and 1990s, as the Islamic revolution failed to reach the per capita income level
achieved by the regime it overthrew, and Communist states and socialist parties in the non-
Muslim world turned away from socialism, Muslim interest shifted away from government
ownership and regulation. In Iran, "eqtesad-e Eslami ... once a revolutionary shibboleth, is
indubitably absent in all official documents and the media. It disappeared from Iranian political
discourse" about 1990.)

As an academic discipline

Achievements

As of 2008 there were:

Eight magazines recently started "exclusively devoted to Islamic economics and finance",

484 research projects in various universities of ten countries including the US, the UK and
Germany.

200 Ph.D. dissertations completed at different universities of the world, literature published
English, Arabic, Urdu, Bahasa Malaysia, Turkish and other regional languages.

"Over a thousand unique titles on Islamic economics and finance" in IFP databank
1500 conferences

One school—the Kulliyyah of Economics and Management Sciences of International Islamic

University Malaysia —has produced over 2000 graduates in 25 years as of 2009.

King Abdulaziz University, Jeddah hosted the first international conference on Islamic
economics in 1976. Thereafter the International Association for Islamic Economics in
collaboration with the Islamic Development Bank has held conferences in Islamabad, Kuala
Lumpur, Loughborough, Bahrain, Jakarta, Jeddah and Iqbal.

Challenges

Along with these achievements, some Islamic economists have complained of problems in the
academic discipline: a shift in interest away from Islamic Economics to Islamic Finance since the
1980s, a shortage of university courses, reading materials that are "either scant or of poor
quality", lack of intellectual freedom, "narrow focus" on interest-free banking and zakat without
data-based research to substantiate claim made for them—that interest causes economic
problems or that zakat solves them.

A number of economists have lamented that while Islamic Finance was originally a "subset" of
Islamic Economics, economics and research in pure Islamic economics has been "shifted to the
back burner". Funding for research has gone to Islamic Finance despite the lack of "scientific
knowledge to back" the claims made for Islamic Finance. Enrollment has subsided in classes and
second and third generation Islamic economists are scarce, some institutions have "lost their real
direction and some have even been closed". and interest of economists in the field's "grand idea"
of providing an alternative to capitalism and socialism has "yielded" to the "needs" of the
"industry" of Islamic Finance.

Despite its start in 1976, as of 2009, 2013 Islamic economics was called still in its infancy, its
"curricula frames, course structures, reading materials, and research", "mostly" anchored in the
"mainstream tradition", "lacking sufficiency, depth, coordination and direction," with teaching
faculties in many cases... found short of the needed knowledge, scholarship, and commitment."
"Distinct textbooks and teaching materials" required have been found to "neither exist" nor be
"easy to create." Despite shortcomings in academic writing—most of the books are "not
cohesive" and are "at best no more than extended papers on specific topics"—constructive
evaluations are not common and response to what there is even less common.

The lack of an Islamic economics textbook "looms large" for Muslim economists and scholars.
Despite the holding of a workshop in November 2010 to arrange the writing of such a textbook,
the participation of "a number of eminent Muslim economists", and the appointment of "a noted
Muslim economist" to coordinate the production of the textbook, as of 2015 "no standard
textbook of Islamic economics was available."
Islamic economic institutes are not known for their intellectual freedom, and according to
Muhammad Akram Khan are unlikely to allow criticism of the ideas or policies of their founding
leaders or governments. The Centre for Research in Islamic Economics, an organ of the Jeddah
University in Saudi Arabia, for example, "cannot allow publication of any work that goes against
the orthodox thinking of the influential" Saudi religious leadership. Despite "tall talk about
ijtehad", Islamic economists "are shy" about "suggesting innovative ideas" for fear of
antagonizing religious clerics.

Use of Islamic terminology not only for distinctive Islamic concepts such as riba, zakat,
mudaraba but also for concepts that do not have specific Islamic connotation—adl for justice,
hukuma for government—locking out non-Muslim and even not Arabic speaking readers from
the content of Islamic economics and even "giving legitimacy" to "pendantry" in the field.

Property

According to authors F. Nomani and A. Rahnema, the Qur'an states that God is the sole owner of
all matter in the heavens and the earth, but man is God's viceregent on earth and holds God's
possessions in trust. Islamic jurists divide properties into public, state, private categories.

Some Muslims believe that the Shariah provides "specific laws and standards regarding the use
and allocation of resources including land, water, animals, minerals, and

manpower."

Public property

According to M. A. Khan, "Islam introduced the distinction between private property and public
property and made the rulers accountable to the people".

Scholars F. Nomani and A. Rahnema state that public property in Islam refers to natural
resources to which all humans have equal right. Such resources are considered the common
property of the community. Such property is placed under the guardianship and control of the
Islamic state, and can be used by any citizen, as long as that use does not undermine the rights of
other citizens, according to Nomani and Rahnema.

State property

State property includes certain natural resources, as well as other property that cannot
immediately be privatized. Islamic state property can be movable, or immovable, and can be
acquired through conquest or peaceful means. Unclaimed, unoccupied and heir-less properties,
including uncultivated land, can be considered state property.

Islamic economists classify the acquisition of private property into involuntary, contractual and
non-contractual categories. Involuntary means are inheritances, bequests, and gifts. Non-
contractual acquisition involves the collection and exploitation of natural resources that have not
previously been claimed as private property. Contractual acquisition includes activities such as
trading, buying, renting, hiring labor etc. Hassan b. Thabit was afforded the garden of Bayruha
and Zubayr received oasis land at Khaybar and Banu Nadir. During the reign of Caliph Umar, a
vast expanse of Persian royal family terrain had been acquired, this lead his successor Caliph
Uthman to accelerate the allotment of land to individuals in return for a portion of the crop yield.

Markets

According to M. S. Naz, regulation of markets is among the main functions of hisbah, the "semi-
judicial institution" operational from the "earliest days of Islam". It was "charged with
responsibility of carrying out the spirit of the system, setting conditions that preserve and
enhance the public health and interests, protect the consumers, solve business and labor disputes,
promote good market behavior, and ensure their observance." M. A. Khan states, institution of
Hisbah as established to "supervise markets, to provide municipal services, and to settle petty
disputes". In the contemporary era, Pakistan has attempted to re-create this institution, although
it has jurisdiction only over the administrative excesses of the federal government departments
and agencies, not provincial ones or private companies.

According to Nomani and Rahnema, Islam accepts markets as the basic coordinating mechanism
of the economic system. Islamic teaching holds that the market, given perfect competition,
allows consumers to obtain desired goods and producers to sell their goods at a mutually
acceptable price.

Three necessary conditions for an operational market are said to be upheld in Islamic primary
sources:

Private ownership.

Security of contract: the Qur'an calls for the fulfillment and observation of contracts. The longest
verse of the Qur'an deals with commercial contracts involving immediate and future payments.

Another author claims that the general doctrine of fairness in sharia law creates "an ethical
economic model" and forbids market manipulation such as "inflating the price of commodities
by creating artificial shortages, overbidding for the sole purpose of driving the prices up and
concealment of vital information in a transaction from the other party ".

Nomani and Rahnema say that Islam prohibits price fixing by a dominating handful of buyers or
sellers. During the days of Muhammad, a small group of merchants met agricultural producers
outside the city and bought the entire crop, thereby gaining a monopoly over the market. The
produce was later sold at a higher price within the city. Muhammad condemned this practice
since it caused injury both to the producers and the inhabitants.
Bribery is also forbidden in Islam and can therefore not be used to secure a deal or gain favor in
a transaction, it was narrated that Muhammad cursed the one who offers the bribe, the one who
receives it, and the one who arranges it.

Nomani and Rahnema say government interference in the market is justified in exceptional
circumstances, such as the protection of public interest. Under normal circumstances,
governmental non-interference should be upheld. When Muhammad was asked to set the price of
goods in a market he responded, "I will not set such a precedent, let the people carry on with
their activities and benefit mutually." and around $2 trillion were sharia-compliant by 2014.

However, the domination of the industry by debt-like instruments such as murabaha rather than
risk-sharing products, has driven even some leading advocates and experts in Islamic banking to
talk about "a crisis of identity of the Islamic financial movement."

Interest

The most noticeable and/or important objective of Islamic Banking has been a ban on the
charging of interest on loans. The Quran condemns riba : "O, you who believe! Devour not riba,
doubled and redoubled, and be careful of Allah; but fear Allah that you may be successful."

Islamic public finance

The only financial institution under Islamic Governance was Baitulmaal wherein the wealths
were distributed instantly on the basis of need. During Prophethood the last receipt was tribute
from Bahrain amounting eight hundred thousands dirham which was distributed in just one
sitting. Though the first Caliph earmarked a house for Baitulmaal where all money was kept on
receipt. As all money was distributed immediately the treasury generally remained locked up. At
the time of his death there was only one dirham in the Baitulmaal. The second caliph besides
developing the Central Baitulmaal also opened Baitulmaal at state and headquarters levels. He
also carried census during his caliphate; and provisioned salaries to Government employees,
stipend to poor and needy people along with social security to unemployed and retirement
pensions.

The concept of a public financial institution played a historic role in the Islamic economy. The
idea of state collected wealth being made available to the needy general public was relatively
new. The resources in the Bayt-al-Mal were considered God's resources and a trust, money paid
into the shared bank was common property of all the Muslims and the ruler was just the trustee.

The shared bank was treated as a financial institution and therefore subjected to the same
prohibitions regarding interest. Caliph Umar spoke on the shared bank saying: "I did not find the
betterment of this wealth except in three ways: it is received by right, it is given by right, and it is
stopped from wrong. As regards my own position vis-a-vis this wealth of yours; it is like that of
a guardian of an orphan. If I am well-off, I shall leave it, but if I am hard-pressed I shall take
from it as is genuinely permissible."

Proposals

Savings and investment

An alternative Islamic savings-investment model can be built around venture capital; investment
banks; restructured corporations; and restructured stock market. This model looks at removing
the interest-based banking and in replacing market inefficiencies such as subsidization of loans
over profit-sharing investments due to double taxation and restrictions on investment in private
equity.

Hybrids

Islamic banks have grown recently in the Muslim world, but are a very small share of the global
economy compared to the Western debt banking paradigm. Hybrid approaches, which applies
classical Islamic values but uses conventional lending practices, are much lauded by some
proponents of modern human development theory.

Criticism and dispute

Islamic economics has been disparaged for

its alleged "incoherence, incompleteness, impracticality, and irrelevance", driven by "cultural

identity" rather than problem solving ;

being "a hodgepodge of populist and socialist ideas" in theory, and "nothing more than
inefficient state control of the economy and some almost equally ineffective redistribution
policies" in practice ;

In a political and regional context where Islamist and ulema claim to have an opinion about
everything, it is striking how little they have to say about this most central of human activities,
beyond repetitious pieties about how their model is neither capitalist nor socialist. but
nonetheless "spared critical scrutiny out of ignorance, misguided tolerance", and because its
methods and objectives are considered "too unrealistic to threaten prevailing economic
structures".

Islamic banking and finance

One significant result of Islamic economics is the creation of Islamic banking and finance
industry. According to several scholars it has bred a new "Power Alliance" of "wealth and
Shari'ah scholarship",—wealthy banks and clients paying Islamic scholars to provide bank
products with Islamic "shariah compliance". Journalist John Foster, quotes an investment banker
based in the Islamic Banking hub of Dubai on the practice of "fatwa shopping",
We create the same type of products that we do for the conventional markets. We then phone up
a Sharia scholar for a Fatwa. If he doesn't give it to us, we phone up another scholar, offer him a
sum of money for his services and ask him for a Fatwa. We do this until we get Sharia
compliance. Then we are free to distribute the product as Islamic.

Foster explains that the fee for services provided by "top" scholars is "often" in six-figures, i.e.
over US$100,000.

Zakat

On the issue of zakat, one of the pillars of Islam, [Link] also criticizes the conservatism of
Islamic Economics, complaining that "the insistence of Muslim scholars in implementing it in
the same form in which it was in vogue in the days of the Prophet and the first four caliphs... has
made it irrelevant to the needs of a contemporary society."

Practicality

A supporter of Islamic economics describes a "major difficulty" faced by Islamic reformers of

Islamic economics and pointed out by other authors, namely that because a financial system is an
"integrated and coherent structure", to create an Islamic system "based on trust, community and
no interest" requires "changes and interventions on several different fronts simultaneously".

See also

Islamic economics in Pakistan

Islamic philosophy

Economy of the OIC

Female labor force in the Muslim world

Law and economics

State capitalism

Corporatism

Dirigisme

Economics of fascism

Economy of Malaysia

Economy of Brunei

Economy of Azerbaijan
Economy of Kazakhstan

Economy of Iran

Economy of Jordan

Economy of Saudi Arabia

Islamic banking and finance

Economic history of the Ottoman Empire

Christian finance

People

Muhammad Taqi Usmani

Nathif Jama Adam

References

Notes

Citations

Books, articles

Torts

A. Basir Bin Mohamad. "The Islamic Law of Tort: A Study of the Owner and Possessor of
Animals with Special Reference to the Civil Codes of the United Arab Emirates, Lebanon,
Tunisia, Morocco, Sudan and Iraq" in Arab Law Quarterly V.16, N.4 2001

"Vicarious Liability: A Study of the Liability of the Guardian and his Ward in the Islamic Law of
Tort" Arab Law Quarterly V. 17, N.1 2002

Immanuel Naveh. "The Tort of Injury and Dissolution of Marriage at the Wife's Initiative in
Egyptian Mahkamat al-Naqd Rulings" in Islamic Law and Society Volume 9, Number 1, 2002

Islamic law of tort Liaquat Ali Khan Niazi, 1988

An outline of Islamic law of tort Abdul-Qadir Zubair, 1990

External links

from GrandeStrategy.

, HSBC article on Islamic finance.

Shamshad Akhtar et al.,, Asia Policy, July 2008.

Mohammad Omar Farooq,

Mahmoud el-Gamal,, Rice University, Houston, Texas.

Bibliography:

Wikipedia

@baygross