Print page

History of Islamic Economic Thought

Contributions of Muslim Scholars to Economic Thought and Analysis Abdul Azim Islahi, Islamic Economics Institute, King Abdulaziz University, Saudi Arabia
This unique book highlights the contributions made by Muslim scholars to economic thought throughout history, a topic that has received relatively little attention in mainstream economics. Abdul Azim Islahi discusses various ways in which Muslim ideas reached the European West, influencing scholars and helping to form the foundations of modern economic ideas and theories.
In Association with the Islamic Economics Institute of King Abdulaziz University
Extent: 136 pp
Hardback Price: $99.95 Web: $89.95
Publication Date: 2015
ISBN: 978 1 78471 137 5
Availability: In Stock
$0.00

Buy the E-Book @ paperback price

Join our mailing list

  • Economics and Finance
  • History of Economic Thought
  • Islamic Economics and Finance
This unique book highlights the contributions made by Muslim scholars to economic thought throughout history, a topic that has received relatively little attention in mainstream economics. Abdul Azim Islahi discusses various ways in which Muslim ideas reached the European West, influencing scholars and helping to form the foundations of modern economic ideas and theories.

Early chapters outline the foundations of Islamic economic thought and describe three distinct phases of its development over time. The author then identifies key theories and tenets of modern economics – including value; market and pricing; production and distribution; money and interest; and the economic role of the state – and explores the influence of Muslim scholarly thought on each. The concluding chapter highlights the importance of further exploration of the topic and offers insightful recommendations for future research.

This fascinating book will be of great interest to students and scholars of both the history of economic thought and Islamic economics.
‘For those who wish to dig deeper into what Islam has to say about important topics such as these and beyond, Islahi’s book is a valuable resource. It is especially rewarding for those who wish to trace how principles of Islamic economics were absorbed by Muslim scholars, and how they played a role in modern, mainstream economics. Islahi is a master of the subject, and his arguments are compelling. . . . Readers will be left with two takeaways from this book. First, the contribution of Muslim scholars to modern economics is under acknowledged in a manner that goes beyond the broad-based under acknowledgment of the antecedents of Classical economics. Second, regardless of one’s religious persuasion, the Quran and the Sunnah contain novel economic principles that merit consideration by all policymakers.’
– Omar Al-Ubaydli, Journal of the History of Economic Thought​

‘Islahi's book can help Western economists to better understand the historical roots, normative orientations, and methodological peculiarities of modern Islamic economics.’
– Volker Nienhaus, Journal of Economic Literature
Contents: 1. Introduction 2. Phases of the Development of Islamic Economic Thought 3. The Islamic Tradition in Economic Thought (i): Theories of Value, Market and Pricing 4. The Islamic Tradition in Economic Thought (ii): Production and Distribution 5. The Islamic Tradition in Economic Thought (iii): Money and Interest 6. The Islamic Tradition in Economic Thought (iv): State, Finance, and Development 7. Net Addition and Impact on Economic Thinking of Medieval Europe 8. Links between Muslim Thought and the Mainstream Economics 9. Conclusion References Index