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Economic Ideas of Ibn ‘Ābidīn: A Legal Analysis

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  • Islahi, Abdul Azim

Abstract

Ibn ‘Abidin was among the most distinguished scholars of Ḥanafī School of jurisprudence in the early nineteenth century, replica of early great scholars of Islamic jurisprudence. He assigned great importance to current ‘urf or local custom in solving new problems or even in adopting new solutions based on old customs. He added istiṣnā‘ (commission to manufacture) and bay‘ al-wafā’ (loan sale) among the contracts which had been permitted due to ‘urf so as to remove hardship. He criticized the government’s imposition and collection of oppressive taxes and recommended a sound policy of taxation based on the principles of economy, convenience and certainty. Fluctuation in the value of money was a serious problem of his time, one that had disturbed the of buyers-sellers relation and naturally affected the volume of trade. While he discussed the impact of devaluation of money on trade, he did not try to find out economic factors and consequences responsible these fluctuations nor did he take them into account while exploring their rules. His opinions on bay‘ al-wafā’, Sūkarah (insurance/security), istiṣnā‘ and bay‘ al-salam (prepaid forward sale) are frequently referred in modern Islamic economic discussions.

Suggested Citation

  • Islahi, Abdul Azim, 2014. "Economic Ideas of Ibn ‘Ābidīn: A Legal Analysis," MPRA Paper 80558, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:80558
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    References listed on IDEAS

    as
    1. Muhammad Faheim Khan, 2003. "Guaranteeing Investment Deposits in Islamic banking System ضمان الوديعة الاستثمارية في النظام المصرفي الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 16(1), pages 45-52, January.
    2. Muhammad Anas Zarka, 2008. "Duality of Sources in Islamic Economics, and its Methodological Consequences (Position Paper) ثنائية مصادر المعرفة في علم الاقتصاد الإسلامي ونتائجها المنهجية" (ورقة موقف)," Papers and books based on the proceedings of the Conferences organized by the Islamic Economics Institute, KAAU. 26, King Abdulaziz University, Islamic Economics Institute..
    3. 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.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Ibn Abidin; Sukarah; Bay al-wafa; Istisna; Bay al-Salam; Imsurance; urf; Ijtihad; al-Shawkani.;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • K2 - Law and Economics - - Regulation and Business Law
    • Y8 - Miscellaneous Categories - - Related Disciplines

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