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2024 | OriginalPaper | Chapter

Budget Deficit in the Early Islamic History: A Review of the Literature and Examination of the Historical Evidence

Authors : Said Al Salmani, Syed Marwan bin Syed Azman

Published in: Technology and Business Model Innovation: Challenges and Opportunities

Publisher: Springer Nature Switzerland

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Abstract

This chapter delves into the historical practices of budget deficit management in early Islamic history, focusing on the era of the Prophet Muhammad and the Rightly Guided Caliphs. It examines the primary sources of Islamic law, including the Qur'an and Sunnah, to understand the fiscal strategies employed by early Islamic leaders. The chapter explores various methods of financing budget deficits, such as public loans, paying Zakah in advance, setting up reserve funds, and imposing taxes. It also discusses the conditions and restrictions imposed by Islamic jurists to ensure compliance with Shariah principles. By comparing historical practices with modern financial thought, the chapter offers valuable insights into the sustainable management of budget deficits in contemporary Islamic finance. The unique perspective of this chapter lies in its historical jurisprudential approach, which provides a rich context for understanding the principles and practices of Islamic fiscal management.
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Metadata
Title
Budget Deficit in the Early Islamic History: A Review of the Literature and Examination of the Historical Evidence
Authors
Said Al Salmani
Syed Marwan bin Syed Azman
Copyright Year
2024
Book
Technology and Business Model Innovation: Challenges and Opportunities

Print ISBN: 978-3-031-53997-8

Electronic ISBN: 978-3-031-53998-5

Copyright Year: 2024

DOI
https://doi.org/10.1007/978-3-031-53998-5_24

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