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Islam and business
Author(s) -
Wilson Rodney
Publication year - 2005
Publication title -
thunderbird international business review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.553
H-Index - 37
eISSN - 1520-6874
pISSN - 1096-4762
DOI - 10.1002/tie.20088
Subject(s) - islam , capitalism , thriving , underdevelopment , database transaction , capital (architecture) , soviet union , transaction cost , market economy , economics , economy , political economy , political science , business , law , sociology , finance , social science , history , archaeology , politics , computer science , programming language
The underdevelopment of many of the Muslim economies along the Silk Road is often ascribed to the negative effects of Islam. Yet historically, the Muslim cities along the Road were thriving centers of commerce, and since the collapse of the Soviet Union, there appears to be a revival of business as central Asia is opened up to the global economy. Islam has its own distinctive code of business ethics, and the trust this fosters can lower transaction costs and increase management efficiency. There is no inherent conflict between Islam and capitalism; indeed, it is possible to identify the emergence of a distinctive Islamic type where capital accumulation is based on noninterest forms of financing. © 2006 Wiley Periodicals, Inc.