Happy World Fair Trade Day!
WFTO: “The World Fair Trade Day is an initiative of the World Fair Trade Organization (www.wfto.com) that takes place on the second Saturday of May of each year. It is an inclusive worldwide festival of events celebrating Fair Trade as a tangible contribution to the fight against poverty and exploitation, climate change and the economic crisis that has the greatest impact on the world’s most vulnerable population.”
Muslim Heritage would like to share some articles in regards to ethical trading and entrepreneurship in Muslim civilisation. 
Scholars such as Ibn Khaldun for example conclude in their theories on taxes that “the best way to make agriculture prosper is to reduce as much as possible the charges that the state imposes. [In turn] …farmers work with enthusiasm knowing the great benefits they derive.” Other common practices which aimed to encourage fair trading included the zealous work engineers, market trades people, and market inspectors upheld with regards to weights and balances at the marketplace.
It is said that the word “business” translates in to Arabic as TAJiR and comprises of four letters. Each letter represents the first letter of a word describing a feature or a characteristic; e.g. T represents Taqwa ( God consciousness) , A signifies Amanah (Trustworthiness), J indicates Juraa or Jasarah (Courage) and R implies Rahmah (Mercy). This may well explain why and how traders from Muslim civilisation captured the hearts and minds of millions of Malaysians and Indonesians. For a peaceful just future world perhaps such characteristics is just what is required in our bankers, financiers, leaders,..etc.
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A ‘Gap-Filling’ Book on Islamic Economic Thought
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… |
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Capitalist Traditions in Early Arab-Islamic Civilization
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… |
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Ibn Khaldun and Adam Smith: Contributions to Theory of Division of Labor and Modern Economic Thought
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… |
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Ibn Khaldun on Taxes
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… |
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Lord Vivian Bowden on Muslim Heritage in Economics and Fiscal System
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… |
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Professor Salim Al-Hassani at Turkish Innovation Week
President of FSTC, Professor Salim Al-Hassani, was invited to take part in an event entitled the “Turkish Innovation Week” in Ankara from 19th to 21st November, 2014. This event was organised by the Turkish… |
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The Economic Theory of Ibn Khaldun and the Rise and Fall of Nations
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… |
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The Islamic Science of Weights and Balances
Three main concerns are focused upon in the following article. The first is an overview of the textual tradition of a core-part of Arabic mechanics dealing with the science of weights. Then the historical significance… |
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