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Islamic economics grew naturally from the Islamic revival and political Islam whose adherents considered Islam to be a complete system of life in all its aspects, rather than a spiritual formula [86] and believed that it logically followed that Islam must have an economic system, unique from and superior to non-Islamic economic systems.
The concept of profit acts as a symbol in Islam as equal sharing of profits, losses, and risks. The movement started with activists and scholars such as Anwar Qureshi, [ 33 ] Naeem Siddiqui , [ 34 ] Abul A'la Maududi , Muhammad Hamidullah , in the late 1940 and early 1950s. [ 35 ]
[citation needed] Islam considers commodities with intrinsic value as currency. [citation needed] The following are some examples of commodities that can be used as currency: gold (as Gold Dinar), silver (as Silver Dirham), dates, wheat, barley, and salt.
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.
[14] But not all trade is allowed in Islam. The Qur'an prohibits gambling ( maisir , games of chance involving money). While the Quran does not specifically mention gharar (risk), several hadith prohibit selling products like "the birds in the sky or the fish in the water", "the catch of the diver", or an "unborn calf in its mother's womb". [ 15 ]
Our Economy (اقتصادنا, Iqtisaduna) is a foundational work on Islamic economics by the celebrated Shia cleric and martyr (shahid) Muhammad Baqir al-Sadr. [1]The book was written in Arabic between 1960 and 1961, and published in 1982.
Economic System of Islam is a book written by Sayyid Abul Ala Maududi, noted for his rejection of capitalism as un-Islamic. External links Economic System of Islam Archived 2006-03-28 at the Wayback Machine
The scope of EI3 includes comprehensive coverage of Islam in the twentieth century; expansion of geographical focus to include all areas where Islam has been or is a prominent or dominant aspect of society; attention to Muslim minorities all over the world; and full attention to social science as well as humanistic perspectives.