By Abdul Azim Islahi
Islahi explores the kingdom of Arab Muslim monetary pondering within the nineteenth century. Investigating the works of 9 distinct Arab writers from numerous fields, Islahi concludes that the highbrow, monetary and Islamic awakening noticeable within the nineteenth century prepared the ground for the advance of Islamic economics within the twentieth century.
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Extra info for Economic Thinking of Arab Muslim Writers During the Nineteenth Century
Example text
4 Banking The first modern bank was established in Egypt in the nineteenth century. Until then, indigenous banking and finance had been in the clutches of minorities, especially the Jews; their locality in Cairo, Harrat al-Yahūd was infamous for its usurious lending and exploitation (Mubarak, 1973, p. 388). The establishment of modern banking increased the influence of Western players: ‘After 1841 the progressive liberalization of trade gave them wider opportunities. Some of them began to turn themselves into merchant bankers and to promote companies which would enjoy the favor of the local authorities and provide for the needs of the developing Egyptian economy’ (Richmond, 1977, p.
67). From Ibn Abidin’s account, it appears that fluctuation in the value of money was a serious problem of his time, one which disturbed the relations of buyers and sellers and naturally affected the volume of trade. On another occasion, Ibn Abidin (Majmūʿah 2, p. 119) noted that the units of ‘money in our time are very different from each other. Even the coins issued by the same sultan are not identical. 38 Economic Thinking of Arab Muslim Writers Those issued during the early period of his rule are weightier than those issued at the later stage’.
54, 65). Here, we see the ruling elite’s ethical condition as being deplorable. When someone was caught doing that which was prohibited, they just imposed a financial penalty and set them free. , p. 55). Ribā, which is clearly prohibited, was practiced openly. , pp. 56, 65). For the most part, judges were ignorant and extremely incompetent; more often than not, they obtained their own positions by offering bribes, just like purchasing a commodity from the market place. So how could such people decide lawsuits and act with justice?