Abstract
In early Islamic economics, five different dimensions of analysis are broadly identified. First, economic issues have been discussed by Mufassirin in the light of the Holy Quran. For instance, discussions on theprohibition of usury and the encouragement of economic activities for human welfare. Second; economicissues have been discussed in the light of Fiqh. For example the legal aspects of Mudharibah and Musharikah have been dealt within this discipline in great detail. Third; economic matters have been discussed byMuslims in the light of ethical system of Islam for moral development. The works of Ulama, Sufis, Muslimphilosophers and reformers come under this category. Fourthly, some good pieces of works, related toeconomics have been written by some great scholars of Islam in response to the needs of their times whileholding important government offices. The works related to public finance, public revenues, land tax, public expenditure fall under this category. The book Kitab al Kharaj by Imam Abu Yusuf is one such example.Finally some Islamic Scholars and philosophers have provided objective analysis in the field of economics.The analysis made by Imam Ghazzali, Ibn Taimiyah, Ibn Khaldun and lately by Shah Waliullah Dehlwi fallunder this category.
Highlights
The economic activities practiced in the early Islamic period had a clear basis in the overall ethical and social philosophy of Islam
The works related to public finance, public revenues, land tax, public expenditure fall under this category
The Holy Quran provides a series of values, guidelines and rules which serve as the basis for developing an appropriate economic system
Summary
The Prophet (SAW ) lived in the tiny state of Madinah and his economic policies were simple. Two more sources on Islamic economics were developed besides the Holy Quran and the Sunnah of the Prophet (SAW). These were consensus of opinion and analogical reasoning of experts in Islamic law for the public interest. The Fiqh did not remain confined to ablution, fasting, Hajj and Zakat and encompassed other aspects of society including economics This state of affairs continued during the period of Khulafa al-Rashidin and Umayyads till the advent of Abbasids, when economic matters were given due importance and were attended with great care. The Quran and Hadith being the divine sources have been taken into consideration by Muslim thinkers while discussing the economic matters throughout Islamic history
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