History
Traditional Islamic concepts having to do with economics included:
- zakat—the "taxing of certain goods, such as harvest, with an eye to allocating these taxes to expenditures that are also explicitly defined, such as aid to the needy."
- gharar—"the interdiction of chance ... that is, of the presence of any element of uncertainty, in a contract (which excludes not only insurance but also the lending of money without participation in the risks)."
- riba—"referred to as usury (modern Islamic economists reached consensus that Riba is any kind of interest, rather than usury)"
These concepts, like others in Islamic law, came from the "prescriptions, anecdotes, examples, and words of Muhammad, gathered and systematized by commentators according to an inductive, casuistic method." Sometimes other sources such as al-urf (custom), al-aql (reason), or al-ijma (consensus of the jurists) were employed.
In addition, Islamic law has developed areas of law that correspond to secular laws of contracts and torts.
Read more about this topic: Islamic Economic Jurisprudence
Famous quotes containing the word history:
“We are told that men protect us; that they are generous, even chivalric in their protection. Gentlemen, if your protectors were women, and they took all your property and your children, and paid you half as much for your work, though as well or better done than your own, would you think much of the chivalry which permitted you to sit in street-cars and picked up your pocket- handkerchief?”
—Mary B. Clay, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 4, ch. 3, by Susan B. Anthony and Ida Husted Harper (1902)
“History ... is, indeed, little more than the register of the crimes, follies, and misfortunes of mankind.
But what experience and history teach is this—that peoples and governments have never learned anything from history, or acted on principles deduced from it.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“The history of modern art is also the history of the progressive loss of art’s audience. Art has increasingly become the concern of the artist and the bafflement of the public.”
—Henry Geldzahler (1935–1994)