Capitalism in Medieval Islam

Subhi Y. Labib

The Journal of Economic History, 1969, vol. 29, issue 1, 79-96

Abstract: He who looks for the term “capitalism” in the Islamic sources of the Middle Ages will look in vain. On the other hand, the term “capital” has been known since the beginning of Islamic culture. Even in the Holy Book of Islam, in the Sūrat al-Baḳara, the idea of capital appears in connection with trade, business, and the illicit practice of loaning for profit—usury. “O you who believe, keep your duty to Allah and relinquish what remains [due] from usury, if you are believers. But if you do [it] not, then be apprised of war from Allah and His messenger; and if you repent, then you shall have your capital. Wrong not, and you shall not be wronged.” In the same Sūrah God forbids usury but not Bai', trading, or buying. At another place God's commands clear the way for investments. “O you who believe, devour not your property among yourselves by illegal methods, although you may engage in trading by mutual consent. And kill not your people. Surely Allah is merciful to you.”The Islamic merchant tried to follow this system of ethics.

Date: 1969
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