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Muslim Economic Thinking and Institutions in the 10th AH/ 16th CE Century

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  • Islahi, Abdul Azim

Abstract

The state of Muslim economic thinking in the tenth century Hijrah corresponding to sixteenth century CE has been an un-researched subject. There are many lessons to be learnt from the economic ideas of the great lights of the period. The present study underscores the thesis that mercantilism was a reaction against Muslim powers and investigates the factors that promoted mercantilism in the Christian West and the reasons why it did not find favor in the Muslim East. It presents many interesting examples of financial innovations adopted in this period in order to protect awqaf properties. It also tells us how those innovations were misused and corrective legal measures were imposed and bypassed subsequently. It deals with the legal issues in contracts and their settlements that arose due to unstable currency values and monetary mismanagement. It highlights issues with respect to kharaji lands and looks at land prices in the perspective of the purposes of land sale. This gives us insight into the level of understanding about price formation based on expectations. It also underlines new thinking on preserving the incentives and maintenance of awqaf by resorting to financial innovation of ‘ijaratayn’ (combination of long- and short-term leases) and ‘istibdal’ (asset swap) as well as institutional innovation of cash waqf that provided flexibility and efficiency in its maintenance. It calls attention to fresh thinking on reclassification of sources of state revenues and adding left-over property as an explicit funding source for bayt al-mal as it had assumed significant proportions. In addition, the book provides detailed information about works on public finance, Shar`iyah governance and market supervision that have been depositary of economic ideas of Muslim scholars.

Suggested Citation

  • Islahi, Abdul Azim, 2009. "Muslim Economic Thinking and Institutions in the 10th AH/ 16th CE Century," MPRA Paper 75375, University Library of Munich, Germany, revised 2008.
    • Handle: RePEc:pra:mprapa:75375
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    References listed on IDEAS

    as
    1. Islahi, Abdul Azim, 2005. "Contributions of Muslim Scholars to the History of Economic Thought and Analysis upto 15th Century," MPRA Paper 53462, University Library of Munich, Germany.
    2. Abdul Azim Islahi, 2005. "Contributions of Muslim Scholars to Economic Thought and Analysis مساهمات علماء المسلمين في الفكر والتحليل الاقتصادي," Books published by the Islamic Economics Institute, KAAU., King Abdulaziz University, Islamic Economics Institute., edition 1, number 38, July.
    3. Barry Gordon, 1975. "Economic Analysis before Adam Smith," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-02116-1, October.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Islahi, Abdul Azim, 2016. "Al-Asadi and his work al-Taysir: A study of his socio-economic ideas," MPRA Paper 80122, University Library of Munich, Germany, revised 2016.
    2. Abdul Azim Islahi, 2014. "History of Islamic Economic Thought," Books, Edward Elgar Publishing, number 16105.
    3. Islahi, Abdul Azim, 2009. "A study of Muslim economic thinking in the 11th A.H. / 17th C.E. century," MPRA Paper 75431, University Library of Munich, Germany, revised 2010.
    4. Islahi, Abdu Azim, 2014. "“The Genesis of Islamic Economics” Revisited," MPRA Paper 68367, University Library of Munich, Germany, revised 2015.
    5. Abdul Azim Islahi, 2016. "AL-ASADI AND HIS WORK AL-TAYSIR: A study of his socio-economic ideas الأسدي و عمله التيسير: دراسة لأفكاره الاجتماعية الاقتصادية," Books published by the Islamic Economics Institute, KAAU., King Abdulaziz University, Islamic Economics Institute., edition 1, number 119, July.
    6. Islahi, Abdul Azim, 2014. "Economic Ideas of Ibn ‘Ābidīn: A Legal Analysis," MPRA Paper 80558, University Library of Munich, Germany.
    7. Islahi, Abdul Azim, 2015. "The Genesis of Islamic Economics Revisited By Abdul Azim Islahi," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 23, pages 1-28.
    8. Islahi, Abdul Azim, 2008. "Works of economic interest in the seventeenth century Muslim world," MPRA Paper 29461, University Library of Munich, Germany, revised 2010.
    9. Islahi, Abdul Azim, 2009. "Islamic economic thinking in the 12th AH/18th CE century with special reference to Shah Wali-Allah al-Dihlawi," MPRA Paper 75432, University Library of Munich, Germany, revised 2009.
    10. Islahi, Abdul Azim, 2013. "First vs. second generation Islamic economists: Deviations and differences in thoughts," MPRA Paper 68353, University Library of Munich, Germany, revised 2015.

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    More about this item

    Keywords

    Sixteenth century economic history; History of Islamic economic thought; mercantilism; awqaf; al-hisbah; al-Siyasah al-Shar`iyah; Ibn Nujaym; Monetary thought; Khunji; al-Balatunusi; Ottomans.;
    All these keywords.

    JEL classification:

    • B0 - Schools of Economic Thought and Methodology - - General
    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • N9 - Economic History - - Regional and Urban History
    • N95 - Economic History - - Regional and Urban History - - - Asia including Middle East
    • Z1 - Other Special Topics - - Cultural Economics
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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