Islamic Classical Literature (A.D. 950–1450) on Institutionalisation of Ethics for Regulating Markets and Society

Abstract

The third expansion of the Islamic Caliphate (AD950–1450) produced the need for formalising an ethical framework to create an institutionalised approach to market regulations. During these times significant contribution to the literature was made regarding the modelling of the ethical premise of the duty to subscribe good and prohibit wrongs. It ranged from the formation of vigilante-styled civil duties to the institutionalisation of ethics in the form of the institution of hisbah, which is broadly understood as a quasi-autonomous non-governmental organisation (quango) designed to establish the ethical mandate within the medieval Muslim world. Our investigation maps the development of thoughts on embedding ethical rules in markets and within society between AD950–1450. This study explores and conceptualises the models for market regulations proposed by Al-Mawardi (d.AD1058), Al-Ghazali (d.AD1111), Ibn Taymiyya (d.AD1328), and Ibn Khaldun (d.AD1406). We formulate and compare the ethical models of these scholars in the context of their political–social positionings. The rationale for choosing these four scholars is the wide articulation and recognition of their logical ideas throughout Islamic history. This research examines the historic–ethical patterns within the corpus of Islamic thoughts that provide a discourse deixis for constructing regulatory models as conceptualised by these scholars for the institutionalised governance of markets and society in general.