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Islamic Economics
Islamic economics ( ar, الاقتصاد الإسلامي) refers to the knowledge of economics or economic activities and processes in terms of Islamic principles and teachings. Islam has a set of special moral norms and values about individual and social economic behavior. Therefore, it has its own economic system, which is based on its philosophical views and is compatible with the Islamic organization of other aspects of human behavior: social and political systems. Is a term used to refer to Islamic commercial jurisprudence ( ar, فقه المعاملات, '' fiqh al-mu'āmalāt''), and also to an ideology of economics based on the teachings of Islam that is mostly similar to the labour theory of value, which is "labour-based exchange and exchange-based labour".. Islamic commercial jurisprudence entails the rules of transacting finance or other economic activity in a '' Shari'a'' compliant manner, i.e., a manner conforming to Islamic scripture (Quran and sunnah). Islamic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Muamalat
''Muamalat'' (also ''muʿāmalāt,'' ar, , literally "transactions"#TBECAIIM2012, TBE, "CHAPTER A1, INTRODUCTION TO ISLAMIC MUAMALAT", 2012: p.6 or "dealings") is a part of Islamic jurisprudence, or ''fiqh''. Sources agree that ''muamalat'' includes Islamic "rulings governing commercial transactions" and Majallah al-Ahkam al-Adliyyah).#4IToFM2014, JALIL, et. al., ''FOUR INTRODUCTORY THEORIES OF FIQH MUAMALAT'': p.8 However, other sources (Oxford Islamic Studies Online, Brian Kettell, and Wahbah al-Zuhayli’) give it a broader definition including civil acts and in general all aspects of fiqh that are not ''Ibadat'' (acts of ritual worship such as prayer or fasting). (See organizational chart of the structure of Islam below in "Principles" section.)#MNCSIF, Chik, ''Shariah in Islamic Finance'': p.5#MJLIBL2015, Lee, "Islamic Banking Law", 2015: p.29 ''Mu'amalat'' provides much of the basis for Islamic economics, and the instruments of Islamic banking and finance, Islamic fin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamic Golden Age
The Islamic Golden Age was a period of cultural, economic, and scientific flourishing in the history of Islam, traditionally dated from the 8th century to the 14th century. This period is traditionally understood to have begun during the reign of the Abbasid caliph Harun al-Rashid (786 to 809) with the inauguration of the House of Wisdom in Baghdad, the world's largest city by then, where Muslim scholars and polymaths from various parts of the world with different cultural backgrounds were mandated to gather and translate all of the known world's classical knowledge into Aramaic and Arabic. The period is traditionally said to have ended with the collapse of the Abbasid caliphate due to Mongol invasions and the Siege of Baghdad in 1258. A few scholars date the end of the golden age around 1350 linking with the Timurid Renaissance, while several modern historians and scholars place the end of the Islamic Golden Age as late as the end of 15th to 16th centuries meeting with the I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamic Taxes
Islamic taxes are taxes sanctioned by Islamic law. They are based on both "the legal status of taxable land" and on "the communal or religious status of the taxpayer". Islamic taxes include *''zakat'' - one of the five pillars of Islam. Only imposed on Muslims, it is generally described as a 2.5% tax on savings to be donated to the Muslim poor and needy. It was a tax collected by the Islamic state. *'' jizya'' - a per capita yearly tax historically levied by Islamic states on certain non-Muslim subjects—dhimmis—permanently residing in Muslim lands under Islamic law, the tax excluded the poor, women, children and the elderly. (see below) *'' kharaj'' - a land tax initially imposed only on non-Muslims but soon after mandated for Muslims as well. *'' ushr'' - a 10% tax on the harvests of irrigated land and 10% tax on harvest from rain-watered land and 5% on Land dependent on well water. The term has also been used for a 10% tax on merchandise imported from states that taxed the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zakat
Zakat ( ar, زكاة; , "that which purifies", also Zakat al-mal , "zakat on wealth", or Zakah) is a form of almsgiving, often collected by the Muslim Ummah. It is considered in Islam as a religious obligation, and by Quranic ranking, is next after prayer ('' salat'') in importance. As one of the Five Pillars of Islam, zakat is a religious duty for all Muslims who meet the necessary criteria of wealth to help the needy. It is a mandatory charitable contribution, often considered to be a tax.Muḥammad ibn al-Ḥasan Ṭūsī (2010), ''Concise Description of Islamic Law and Legal Opinions'', , pp. 131–135. The payment and disputes on zakat have played a major role in the history of Islam, notably during the Ridda wars. Zakat on wealth is based on the value of all of one's possessions. It is customarily 2.5% (or ) of a Muslim's total savings and wealth above a minimum amount known as ''nisab'' each lunar year, but Islamic scholars differ on how much ''nisab'' is and other a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sunnah
In Islam, , also spelled ( ar, سنة), are the traditions and practices of the Islamic prophet Muhammad that constitute a model for Muslims to follow. The sunnah is what all the Muslims of Muhammad's time evidently saw and followed and passed on to the next generations. According to classical Islamic theories, the sunnah are documented by hadith (the verbally transmitted record of the teachings, deeds and sayings, silent permissions or disapprovals of Muhammad), and along with the Quran (the book of Islam), are the divine revelation ('' Wahy'') delivered through Muhammad Brown, ''Rethinking tradition in modern Islamic thought'', 1996: p.7 that make up the primary sources of Islamic law and belief/theology. Differing from Sunni classical Islamic theories are those of Shia Muslims, who hold that the Twelve Imams interpret the sunnah, and Sufi who hold that Muhammad transmitted the values of sunnah "through a series of Sufi teachers." According to Muslim belief, Muhammad was the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. Ho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Battle Of Plassey
The Battle of Plassey was a decisive victory of the British East India Company over the Nawab of Bengal and his French allies on 23 June 1757, under the leadership of Robert Clive. The victory was made possible by the defection of Mir Jafar, who was Nawab Siraj-ud-Daulah's commander in chief. The battle helped the British East India Company take control of Bengal. Over the next hundred years, they seized control of most of the rest of the Indian subcontinent, including Burma. The battle took place at Palashi (Anglicised version: ''Plassey'') on the banks of the Hooghly River, about north of Calcutta (now Kolkata) and south of Murshidabad in West Bengal, then capital of Bengal Subah (now in Nadia district in West Bengal). The belligerents were the Nawab Siraj-ud-Daulah, the last independent Nawab of Bengal , and the British East India Company. He succeeded Alivardi Khan (his maternal grandfather). Siraj-ud-Daulah had become the Nawab of Bengal the year before, and he had order ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Revolution
The Industrial Revolution was the transition to new manufacturing processes in Great Britain, continental Europe, and the United States, that occurred during the period from around 1760 to about 1820–1840. This transition included going from hand production methods to machines, new chemical manufacturing and iron production processes, the increasing use of steam power and water power, the development of machine tools and the rise of the mechanized factory system. Output greatly increased, and a result was an unprecedented rise in population and in the rate of population growth. Textiles were the dominant industry of the Industrial Revolution in terms of employment, value of output and capital invested. The textile industry was also the first to use modern production methods. The Industrial Revolution began in Great Britain, and many of the technological and architectural innovations were of British origin. By the mid-18th century, Britain was the world's leadi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Proto-industrialization
Proto-industrialization is the regional development, alongside commercial agriculture, of rural handicraft production for external markets. The term was introduced in the early 1970s by economic historians who argued that such developments in parts of Europe between the 16th and 19th centuries created the social and economic conditions that led to the Industrial Revolution. Later researchers suggested that similar conditions had arisen in other parts of the world. Proto-industrialization is also a term for a specific theory about proto-industries' role in the emergence of the Industrial Revolution. Aspects of the proto-industrialization theory have been challenged by other historians. Critics of the idea of proto-industrialization are not necessarily critics of the idea of proto-industries having existed prominently or having played a role as social and economic factors. Criticism of the theory has taken various forms -- that proto-industries were important and widespread but not ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mughal Bengal
The Bengal Subah ( bn, সুবাহ বাংলা; fa, ), also referred to as Mughal Bengal ( bn, মোগল বাংলা), was the largest subdivision of the Mughal Empire (and later an independent state under the Nawabs of Bengal) encompassing much of the Bengal region, which includes modern Bangladesh and the Indian state of West Bengal, Indian state of Bihar, Jharkhand, Odissa between the 16th and 18th centuries. The state was established following the dissolution of the Bengal Sultanate, a major trading nation in the world, when the region was absorbed into one of the gunpowder empires. Bengal was the wealthiest region in the Indian subcontinent, due to their thriving merchants, Seth's, Bankers and traders and its proto-industrial economy showed signs of driving an Industrial revolution. Bengal Subah has been variously described the "Paradise of Nations" and the "Golden Age of Bengal", due to its inhabitants' living standards and real wages, which were am ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mughal India
The Mughal Empire was an early-modern empire that controlled much of South Asia between the 16th and 19th centuries. Quote: "Although the first two Timurid emperors and many of their noblemen were recent migrants to the subcontinent, the dynasty and the empire itself became indisputably Indian. The interests and futures of all concerned were in India, not in ancestral homelands in the Middle East or Central Asia. Furthermore, the Mughal empire emerged from the Indian historical experience. It was the end product of a millennium of Muslim conquest, colonization, and state-building in the Indian subcontinent." For some two hundred years, the empire stretched from the outer fringes of the Indus river basin in the west, northern Afghanistan in the northwest, and Kashmir in the north, to the highlands of present-day Assam and Bangladesh in the east, and the uplands of the Deccan Plateau in South India. Quote: "The realm so defined and governed was a vast territory of some , rang ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gunpowder Empires
The gunpowder empires, or Islamic gunpowder empires, is a collective term coined by Marshall G. S. Hodgson and William H. McNeill at the University of Chicago, referring to three Muslim empires: the Ottoman Empire, Safavid Empire and the Mughal Empire, in the period they flourished from the 16th to the 18th century. These three empires were among the strongest and most stable economies of the early modern period, leading to commercial expansion, and greater patronage of culture, while their political and legal institutions were consolidated with an increasing degree of centralization. The empires underwent a significant increase in per capita income and population, and a sustained pace of technological innovation. They stretched from Central Europe and North Africa in the west to Bengal and Arakan in the east. Hodgson's colleague William H. McNeill expanded on the history of gunpowder use across multiple civilizations including East Asian, South Asian and European powers in his ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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