Search results
Results from the WOW.Com Content Network
Paper money or electronic money can be used, as long as, it is backed by one of these commodities at a fixed exchange rate (in other words the paper is just a contract stipulating that the bearer can redeem the paper for a fixed measure (weight) of that particular commodity). Until 1971, most currencies of the world were backed by gold.
Between the 9th and 14th centuries, the Muslim world developed many advanced economic concepts, techniques and usages. These ranged from areas of production, investment, finance, economic development, taxation, property use such as Hawala: an early informal value transfer system, Islamic trusts, known as waqf, systems of contract relied upon by merchants, a widely circulated common currency ...
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.
A supporter of Islamic economics describes a "major difficulty" faced by Islamic reformers of Islamic economics and pointed out by other authors, namely that because a financial system is an "integrated and coherent structure", to create an Islamic system "based on trust, community and no interest" requires "changes and interventions on several ...
Islamic geography began in the 8th century, influenced by Hellenistic geography, [2] combined with what explorers and merchants learned in their travels across the Old World (Afro-Eurasia). [1] Muslim scholars engaged in extensive exploration and navigation during the 9th-12th centuries, including journeys across the Muslim world , in addition ...
In his reign, a currency for the Muslim world was minted. This led to war with the Byzantine Empire under Justinian II (Battle of Sebastopolis) in 692 in Asia Minor. The Byzantines were decisively defeated by the Caliph after the defection of a large contingent of Slavs. The Islamic currency was then made the exclusive currency in the Muslim world.
Dream interpretation is the process of assigning meaning to dreams. In many ancient societies, such as those of Egypt and Greece , dreaming was considered a supernatural communication or a means of divine intervention , whose message could be interpreted by people with these associated spiritual powers.
The History of geography includes many ... and customs of areas in the Muslim world, ... "American geography was born of the geography of America", meaning the ...