zakat (the "taxing of certain goods, such as harvest, to allocate these taxes to expand that, are also explicitly defined, such as aid to the needy").Specific Islamic concepts involving money, property, taxation, charity and the Five Pillars include: These ranged from areas of production, investment, finance, economic development, taxation, property use such as Hawala: an early informal value transfer system, Islamic trusts, known as waqf, systems of contract relied upon by merchants, a widely circulated common currency, cheques, promissory notes, early contracts, bills of exchange, and forms of commercial partnership such as mufawada. This is a sub-article of Islamic economics and Muslim world.īetween the 9th and 14th centuries, the Muslim world developed many advanced economic concepts, techniques and usages. JSTOR ( October 2016) ( Learn how and when to remove this template message).Unsourced material may be challenged and removed.įind sources: "History of Islamic economics" – news Please help improve this article by adding citations to reliable sources. This article needs additional citations for verification.
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