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By Abdul Azim Islahi

Islahi explores the country of Arab Muslim monetary pondering within the nineteenth century. Investigating the works of 9 unusual Arab writers from quite a few fields, Islahi concludes that the highbrow, monetary and Islamic awakening obvious within the nineteenth century prepared the ground for the improvement of Islamic economics within the twentieth century.

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It is not known in how many cases sellers were able to resecure their lands this way, nor what the ratio was of those who were unable to do this. Nor is the effect on the distribution of land of this kind of sale and purchase known. It remains for economic historians to explore this. Only in the light of the findings of such historical studies will it become appropriate to favour al-Shawkani’s fattāwā or accept his opponent’s stand. The use of bayʿ al-rajā’ by modern Islamic banks A contemporary writer, al-Sarhi, has discussed the scope for Islamic banks to use bayʿ al-rajā’ as an instrument in their financial transactions, and in his opinion, it is acceptable.

Europeans used to come to various trading centres of the Ottoman Empire, with special privileges called ‘capitulation’. They brought merchandise from the West, engaged in trading, and earned profits. In return, they purchased spices and other Eastern products to sell in their own countries, and so benefitted in two ways. They had no other activities. Nor did they attract any special attention from rulers or their subjects. According to Abu-Lughod (1963, p. 28), the French occupation of Egypt is considered as the 22 Economic Thinking of Arab Muslim Writers first stimulus to modern Arab awareness of the West.

To him, the poor element was a ‘captive of tyranny’. He thought that zakāh and waqff would take care of social justice. , p. 56). 2 Economics in the Arabic language Arab Christians were the first to pay any attention to the translation of literature on economics into the Arabic language. They showed much interest in the new science of ‘political economy’. But no work on economics was translated into Arabic until 1870. Probably, the first Arabic work on the subject was Khalil Ghanim’s book, Kittāb al-Iqtiṣād al-Siyyāsī (The Book of Political Economy), y published in Alexandria in 1879.

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