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Islamic Economic

Reader comment on item: Islamic Economics: What Does It Mean?

Submitted by Haytham Morrar (Jordan), Oct 22, 2009 at 07:11

"Now teaching at Duke University, Kuran finds that Islamic economics does not go back to Muhammad but is an "invented tradition" that emerged in the 1940s in India. The notion of an economics discipline "that is distinctly and self-consciously Islamic is very new." Even the most learned Muslims a century ago would have been dumbfounded by the term "Islamic economics."

I agree with most of what's been said except the above paragraph, since the dawn if Islam 1400+ years ago there existed laws to regulate trading which is based on Quran and Sunnah called Fiqh Al Muamalat which means "The Laws Of Commercial Transactions"

, Omar Ibn Al Khattab used to say that who does not know the Fiqh of Muamalat will run into Usury if he trades. So the new work of Economy was not used by instead Al Tejarah "Trading" and Al Muamalat "Commercial Transactions" or so.

Many thanks


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