History
Traditional Islamic concepts having to do with economics included:
- zakat—the "taxing of certain goods, such as harvest, with an eye to allocating these taxes to expenditures that are also explicitly defined, such as aid to the needy."
- gharar—"the interdiction of chance ... that is, of the presence of any element of uncertainty, in a contract (which excludes not only insurance but also the lending of money without participation in the risks)."
- riba—"referred to as usury (modern Islamic economists reached consensus that Riba is any kind of interest, rather than usury)"
These concepts, like others in Islamic law, came from the "prescriptions, anecdotes, examples, and words of Muhammad, gathered and systematized by commentators according to an inductive, casuistic method." Sometimes other sources such as al-urf (custom), al-aql (reason), or al-ijma (consensus of the jurists) were employed.
In addition, Islamic law has developed areas of law that correspond to secular laws of contracts and torts.
Read more about this topic: Islamic Economic Jurisprudence
Famous quotes containing the word history:
“The foregoing generations beheld God and nature face to face; we, through their eyes. Why should not we also enjoy an original relation to the universe? Why should not we have a poetry and philosophy of insight and not of tradition, and a religion by revelation to us, and not the history of theirs?”
—Ralph Waldo Emerson (1803–1882)
“When we of the so-called better classes are scared as men were never scared in history at material ugliness and hardship; when we put off marriage until our house can be artistic, and quake at the thought of having a child without a bank-account and doomed to manual labor, it is time for thinking men to protest against so unmanly and irreligious a state of opinion.”
—William James (1842–1910)
“We said that the history of mankind depicts man; in the same way one can maintain that the history of science is science itself.”
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