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2016 | OriginalPaper | Chapter

3. The Historical Roots and Evolution of Islamic Financial Thought

Authors : Suren Basov, Ishaq Bhatti

Published in: Islamic Finance in the Light of Modern Economic Theory

Publisher: Palgrave Macmillan UK

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Abstract

Islamic banking is a modern phenomenon; however, its roots go deep into history with its principles primarily derived from the Quran. An early market economy developed in the Islamic world between the eighth and twelfth centuries, which was based on an early form of mercantilism, sometimes called Islamic capitalism.

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previous chapter Islamic Financial Instruments
next chapter The Incidence of Taxation
Footnotes
1
Muslim traders are known to have used the check or sakk system since the time of Harun al-Rashid of the Abbasid Caliphate in the ninth century.
 
Metadata
Title
The Historical Roots and Evolution of Islamic Financial Thought
Authors
Suren Basov
Ishaq Bhatti
Copyright Year
2016
Book
Islamic Finance in the Light of Modern Economic Theory

Print ISBN: 978-1-137-28661-1

Electronic ISBN: 978-1-137-28662-8

Copyright Year: 2016

DOI
https://doi.org/10.1057/978-1-137-28662-8_3