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Islamic economics grew naturally from the Islamic revival and political Islam whose adherents considered Islam to be a complete system of life in all its aspects, rather than a spiritual formula [86] and believed that it logically followed that Islam must have an economic system, unique from and superior to non-Islamic economic systems.
Among the earliest Muslim economic thinkers was Abu Yusuf (731–798), a student of the founder of the Hanafi Sunni School of Islamic thought, Abu Hanifah. Abu Yusuf was chief jurist for Abbasid Caliph Harun al-Rashid, for whom he wrote the Book of Taxation (Kitab al-Kharaj). This book outlined Abu Yusuf's ideas on taxation, public finance, and ...
Sahih al-Bukhari is divided into 97 books. Books 2–33 are about the Pillars of Islam. Books 34–55 are about finance. The remaining books are not arranged according to some identifiable theme, although the very first and last books are for opening the collection (with a book on the first revelation) and closing it (with a book on Tawhid). [27]
Economic activity in the hypothetical quaternary sector comprises information- and knowledge-based services, while quinary services include industries related to human services and hospitality. [2] Economic theories divide economic sectors further into economic industries.
A market economy was established in the Islamic world on the basis of an economic system resembling merchant capitalism. Capital formation was promoted by labour in medieval Islamic society, and financial capital was developed by a considerable number of owners of monetary funds and precious metals.
In his 1989 book The Underground Economies: Tax Evasion and Information Distortion, Edgar L. Feige examined the economic implications of a shift of economic activity from the observed to the non-observed sector of the economy. Such a shift not only reduces the government's ability to collect revenues, it can also bias the nation's information ...
K. N. Chaudhuri (1985) Trade and civilisation in the Indian Ocean: an economic history from the rise of Islam to 1750 CUP. Nelly Hanna, ed. (2002). Money, land and trade: an economic history of the Muslim Mediterranean. I.B.Tauris. ISBN 978-1-86064-699-7. Zvi Yehuda Hershlag (1980). Introduction to the modern economic history of the Middle East ...
The Class VIII (ages 12–13) book (Punjab Textbook Board) on Islamic Studies reads: "Honesty for non-Muslims is merely a business strategy, while for Muslims it is a matter of faith." The Class V (ages 9–10) book (Punjab Textbook Board) on Social Studies says: "Religion plays a very important role in promoting national harmony.