Tag: Economy


Women of Science, Medicine and Management

by Salim Al-Hassani Published on: 26th July 2023

A summarised transcript* of the lecture given for the Ijtimak Ilmuwan Islam Antarabangsa (International Conference of Muslim Scholars). Organised by the Institute of Islamic Understanding Malaysia (IKIM) and Sarawak Islamic Council – MIS on 25-26…

©MidJourney CC BY-NC 4.0

Private Sector’s Role in Muslim Civilization Development

by Marwan Haddad Published on: 22nd June 2022

This paper examines the role of the private sector in the development of Muslim civilization. For over fourteen centuries, the private sector has remained active in the development of Muslim civilization, although to various degrees.…

Islamic Coins

by Media Desk Published on: 25th August 2020

Islamic/Arabic Coins, the dirham, was said to be of such might that it was used as a common currency in the world like the US dollar today. Here are some related articles:

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Video: Ibn Khaldun – Greatest Medieval Thinker?

by Media Desk Published on: 11th February 2020

The life story and lessons of a one of a kind person in history, Ibn Khaldun!


Manuscript Review: The Book on Public Finance, by Abu `Ubayd Al-Harawi

by N.A. Baloch Published on: 28th June 2018

Abu `Ubayd's work is much more comprehensive in the subject of public finance of the Islamic State...


Islam’s Historical Contribution to Commerce and Finance

by John M. Hobson Published on: 9th February 2018

Under the reign of Eurocentrism, the Western mind imagines that even if Islam came up with all manner of new ideas and technologies – ideas in engineering, art, mathematics and at a big push, science…


Arabic Medicinal Manuscripts of Pre-Colonial Northern Nigeria: A Descriptive List

by Mukhtar Umar Bunza Published on: 1st January 2018

West African Muslim scholars produced a number of Arabic works relating to medicine, philosophy, economic studies, political thought, geography, architecture, town planning and public administration...


World Fairtrade Day

by The Editorial Team Published on: 9th May 2015

Happy World Fair Trade Day!


The European Jerusalem: Sarajevo, where Muslim heritage flourished in Central Europe

by Sairah Yassir-Deane Published on: 15th May 2014

During Ottoman rule, Sarajevo was heralded as the “European Jerusalem”, as its invaluable contributions to civil engineering, industry, trade and architecture attracted people from various ethnic and religious backgrounds. Aesthetic beauty alongside scientific ingenuity made,…


Abd al-Rahman ibn Khaldun

by The Editorial Team Published on: 7th March 2013

Abd al-Rahman ibn Khaldun is considered a forerunner of original theories in social sciences and philosophy of history, as well as the author of original views in economics, prefiguring modern contributions.


FSTC President at the WSIE 2012 Conferences in Boston

by The Editorial Team Published on: 3rd January 2013

In late September 2012, Professor Salim Al-Hassani, President of FSTC, participated in The World Summit on Innovation & Entrepreneurship WSIE 2012 in Boston. The WSIE 2012 brought together the world's most riveting people to plot…


Book Review: “Debt – The First 5,000 Years” by David Graeber

by Trevor Hilder Published on: 8th August 2012

Economics textbooks claim that money was invented to replace onerous and complicated barter systems—to relieve ancient people from having to haul their goods to market. But this theory is not supported by evidence. On the…

The Institution of Waqf as a Solution to the Economic Crisis

by Cem Nizamoglu Published on: 11th August 2011

The Wall Street Journal, one of the world's most respected newspapers, has suggested recently that the ongoing economic crisis could be resolved in part by the charitable institution of waqf created by the Muslim civilisation…


Ibn Khaldun: Studies on His Contribution in Economy

by Muhammad Hozien Published on: 17th October 2010

In the following section, we focus on Ibn Khaldun's contribution to economic thought. We publish contributions by recognized scholars who endeavoured recently to give Ibn Khaldun long overdue credit by placing him properly within the…


Ibn Khaldun: His Life and Works

by Muhammad Hozien Published on: 15th October 2010

Abd al-Rahman ibn Khaldun, the well known historian and thinker from Muslim 14th-century North Africa, is considered a forerunner of original theories in social sciences and philosophy of history, as well as the author of…


Ottoman Cash Waqfs Revisited: The Case of Bursa (1555- 1823)

by Murat Cizakca Published on: 2nd May 2010

Cash endowments contributed to Ottoman society, without any cost to the State, by organizing and financing expenditures on education, health, welfare and a host of other activities. The aim of this article is to discover…


Ibn Khaldun’s Thought in Microeconomics: Dynamics of Labor, Demand-supply and Prices

by Cecep Maskanul Hakim Published on: 29th April 2010

In this article on Ibn Khaldun's thought in microeconomics, Cecep Maskanul Hakim analyses several central concepts and theories, from the dynamics of labor to the complex question of demand-supply and prices. Another aspect of the…


The Economic Theory of Ibn Khaldun and the Rise and Fall of Nations

by Selim Cafer Karatas Published on: 24th April 2010

The economic theory of Ibn Khaldun and the rise and fall of nations, Selim Cafer Karatas, Ibn Khaldun on economics, the state theory, specialisation and economic surplus, supply and demand, monetary policy, fixed prices, property…


Ibn Khaldun and the Rise and Fall of Empires

by Caroline Stone Published on: 24th April 2010

The 14th-century historiographer and historian Abu Zayd ‘Abd al-Rahman ibn Khaldun was a brilliant scholar and thinker now viewed as a founder of modern historiography, sociology and economics. Living in one of human kind's most…


Ibn Khaldun and Adam Smith: Contributions to Theory of Division of Labor and Modern Economic Thought

by James R. Bartkus Published on: 16th April 2010

The contributions of Ibn Khaldun to the development of economic thought have gone largely unnoticed in the academic realm of Western nations, this despite recent research focusing on Khaldun's magnum opus, Al-Muqaddimah. In this paper,…


Ibn Khaldun’s Theory of Taxation and its Relevance Today

by Abdul Azim Islahi Published on: 26th March 2010

Ibn Khaldun's theory of taxation has been considered one of his most important contributions to economic thought. In the Muqaddimah, he relates the theory of taxation with the government expenditure and argued for low tax…


Kairouan Capital of Political Power and Learning in the Ifriqiya

by Najwa Othman Published on: 29th January 2010

The following article presents a survey on some glorious pages of the history of Kairouan, the ancient capital of the Islamic Ifriqiya (present day Tunisia). Founded in 670 by ‘Uqba ibn Nafi', the Arab general…


Capitalist Traditions in Early Arab-Islamic Civilization

by S. M. Ghazanfar Published on: 21st November 2008

In the following article, Professor S. M. Ghazanfar, a specialist in the history of economic thought in the Islamic civilisation, explores the evidence concerning the roots of historical "capitalism" as it evolved in the early…


A ‘Gap-Filling’ Book on Islamic Economic Thought

by The Editorial Team Published on: 16th October 2008

This book is a collection of previously-published papers on the origins of economic thought discovered in the writings of some prominent Islamic scholars belonging to the five centuries prior to the pre-modern era. This period…


Muslim Heritage in the Knowledge-Economy Conference in Jeddah

by FSTC Published on: 8th February 2008

During "The First Regional Conference on the Knowledge Economy" in Jeddah, Saudi Arabia, January 12-13, 2008, attended by over 300 experts and professionals as well as several VIPs, Professor Salim Al-Hassani delivered a key note…


The First Regional Event on Knowledge-Based Economy

by FSTC Published on: 3rd January 2008

The Arabian Knowledge Economy Association organises "The First Regional Conference on the Knowledge Economy" that will be organized jointly with Al-Aghar Strategic Think Tank Group and Jeddah Chamber of Commerce & Industry in Jeddah, Saudi…


Lord Vivian Bowden on Muslim Heritage in Economics and Fiscal System

by The Editorial Team Published on: 21st September 2006

Lord Bowden was a legendary Principal and Vice Chancellor of UMIST. He had an interest about Muslim Heritage in Economics and Trade. He was so interested in the subject that he established an institute for…


Artillery Trade of the Ottoman Empire

by Salim Ayduz Published on: 8th September 2006

Trade has no borders. During times of hostility between the Ottoman Empire and Europe, European traders were not only trading with the Ottomans but trading in contraband war materials. This article provides an insight into…


Muslims in Norman Sicily

by Salah Zaimeche Published on: 22nd November 2004

When the Normans took control of Sicily from the Muslims, they recognised the achievements of Muslims and Muslims together with their institutions continued to have a core role for centuries despite consternation elsewhere.


The Destruction of the Muslim Economic System: A Prime reason for the Decline of Muslim Science

by Salah Zaimeche Published on: 19th May 2004

Attacks on Islamic centres of wealth on land and on sea by Western Christian pirates greatly reduced the economic power of Muslim lands. North Africa became economically impoverished as the Trans-Saharan traffic, which had sustained…


Fatimid Coins 909-1171CE

by Wijdan Ali Published on: 18th January 2004

During the Fatimid Dynasty, Islamic coins were of such high quality and so abundant that they became the most wide-spread trade coins of the Mediterranean world.


Andalusian Coins 711-1494CE

by Wijdan Ali Published on: 18th January 2004

Muslims minted their first gold coins when they entered Spain in 711CE. The new coins were modelled in size and design after the Arab-Byzantine but their inscriptions were in Latin. A large star in the…


Abbasid Coins (750-1258CE)

by Wijdan Ali Published on: 18th January 2004

The Abbasid Dynasty experimented with different kinds of coins. They improved the appearance of coins using a more elegant form of Kufic script and the legends and the size of the legends on the dinars…


Umayyad Coins (661-750CE)

by Wijdan Ali Published on: 18th January 2004

As part of a policy to unify the various regions under Islamic rule, Caliph Abd al-Malik ibn Marwan introduced the first Umayyad gold coins in 691CE. Within a short period of time, Islamic Coins replaced…


Ibn Khaldun on Taxes

by FSTC Published on: 1st July 2002

Ibn-khaldun enters the frame of Islamic scholarship, associating both intellectual might and near perfect organisational skills to set the foundations for our modern social, economic, historical and political sciences.


Agriculture in Muslim civilisation : A Green Revolution in Pre-Modern Times

by Salah Zaimeche Published on: 25th December 2001

The period from the 9th century to the 13th century witnessed a fundamental transformation in agriculture that can be characterized as the Islamic green revolution in pre-modern times. The economy established in the Arab and…