Islamic Economic Thought in the Medieval Times: Some Reflections

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.