THE ORIGINS AND DEVELOPMENT OF ISLAMIC ECONOMICS
THE ORIGINS AND DEVELOPMENT OF ISLAMIC ECONOMICS

Summary/Abstract: According to Islamic thinkers, the reason for restructuring the economies according to Islamic principles is based on two assertions: the first one argues that the current system has disappointed and the second argues that the history of Islam beginnings proves the superiority of this system compared to others. In the view of thinkers mentioned, it’s important to raise the following question: What did this system represent in the “golden age”? By today’s standards, they argue, it can be said that the economy of the seventh century in the Arabian Peninsula was very primitive, producing few consumer goods, using simple technologies; it was devoid of the pollution affecting the major economies and was based on the oldest division of labor. The answer to many of the emerging problems from back then was given in the specific economic provisions found in Islamic writings (the Koran and the Sunna). Some of them were perceived as universally valid, while others were subject to change in order to meet new conditions.

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