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History of Islamic economics
History of Islamic economics - Wikipedia
We provide tools that help professionals and institutions steer the global Islamic economy, unlocking commercial opportunities. A dedicated market intelligence platform providing breakthrough access to financial intelligence and the latest investment opportunities. A collaborative tool to seamlessly connect the largest, most established Islamic industry professionals community in the world. Islam does not deny the market forces and market economy. Even the profit motive is acceptable to a reasonable extent. Private ownership is not totally negated.
Passive Revolution: Absorbing the Islamic Challenge to Capitalism
The speaker of the Grand National Assembly of Turkey, Ismail Kahraman, a deputy of the ruling Justice and Development Party AKP , recently sparked another round of controversy about secularism and the place of religion in Turkish society. However, as the speaker of the Turkish parliament observed, the current constitution, which was drafted in under the auspices of the military junta that had taken power in , is not really a secular constitution. In fact, the ambition to foster capitalist development was always central to the republican project, and secularism and Islamization have both successively functioned as tools in this respect, easing the way for capitalism.
Between the 9th and 14th centuries, the Muslim world developed many advanced economic concepts, techniques and usages. These ranged from areas of production, investment, finance, economic development, taxation, property use such as Hawala : an early informal value transfer system, Islamic trusts, known as waqf , systems of contract relied upon by merchants, a widely circulated common currency, cheques , promissory notes , early contracts, bills of exchange, and forms of commercial partnership such as mufawada. Specific Islamic concepts involving money, property, taxation, charity and the Five Pillars include:. These concepts, like others in Islamic law and jurisprudence , came from the "prescriptions, anecdotes, examples, and words of the Prophet, all gathered together and systematized by commentators according to an inductive, casuistic method.