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The Economic System of the Early Islamic Period

Institutions and Policies

  • Seyed Kazem Sadr

Part of the Political Economy of Islam book series (PEoI)

Table of contents

  1. Front Matter
    Pages i-xxi
  2. Arabian Peninsula in the Eve of the Introduction of Islam

  3. Public Treasury and Public Finance

    1. Front Matter
      Pages 67-67
    2. Seyed Kazem Sadr
      Pages 89-133
    3. Seyed Kazem Sadr
      Pages 135-158
  4. Market and the Private Sector

    1. Front Matter
      Pages 159-159
    2. Seyed Kazem Sadr
      Pages 161-185
    3. Seyed Kazem Sadr
      Pages 187-207
    4. Seyed Kazem Sadr
      Pages 209-220
    5. Seyed Kazem Sadr
      Pages 221-243
    6. Seyed Kazem Sadr
      Pages 245-267
  5. Justice

    1. Front Matter
      Pages 269-269
    2. Seyed Kazem Sadr
      Pages 271-296
  6. Back Matter
    Pages 297-311

About this book

Introduction

This book provides an economic analysis of the earliest Islamic society, focusing on the policies of the Messenger of Islam (Sawa) and his successors during the first four formative decades of Islam. Two institutions of great importance – the market and the public treasury (Baitul Mal) – and their roles in the development of the private and public sectors are particularly emphasized in this study. The first part of the book is devoted to the economic and cultural dimensions of life in the Arabian Peninsula during the pre-Islamic period, including an analysis of trade and financial relationships with the Roman and Persian economies; the challenges faced by the Messenger’s mission and the economic policies of the Messenger after the migration to Madinah are also examined in detail. The author then moves on to a devoted analysis of the nature and functions of the public treasury, its revenues and expenditures, as well as financial and fiscal policies. Also examined is the role of the public sector in maintaining equilibrium in the financial and real sectors, as well as in promoting economic growth and employment. Analysis of the institution of the market, its characteristics, and its functions during the earliest Islamic period constitutes the third section of the book. The behaviors of consumers, producers, and investors in an economy without an interest rate mechanism are also addressed here. The final section investigates the fundamental objective of Islam for human societies – that is, justice – within the context of discussions in earlier parts of the book. The author uses historical economic data, facts, and evidences that are reported from the period, both prior to and after the establishment of the Islamic State, to explore the economic relations, policies, and models that were in practice and applied at that time.

Keywords

Islamic economics Economic systems Early Islamic Period Prophet of Islam Baitul Mal Market Institutes Interest free economy Public treasury Arabian Peninsula Messenger of Islam Medina Madinah Islamic treasury Early Islamic Era Consumption Theory Production Theory Muhammad Finance Ancient history

Authors and affiliations

  • Seyed Kazem Sadr
    • 1
  1. 1.INCEIF - The Global University of IslamiKuala LumpurMalaysia

Bibliographic information

  • DOI https://doi.org/10.1057/978-1-137-50733-4
  • Copyright Information The Editor(s) (if applicable) and The Author(s) 2016
  • Publisher Name Palgrave Macmillan, New York
  • eBook Packages Economics and Finance
  • Print ISBN 978-1-137-51749-4
  • Online ISBN 978-1-137-50733-4
  • Buy this book on publisher's site