Seyed Kazem Sadr, The Economic System of the Early Islamic Period: Institutions and Policies

Abbas Mirakhor ()
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Abbas Mirakhor: INCEIF Chair in Islamic Finance. International Centre for Education in Islamic Finance (INCEIF), Lorong Universiti, Kuala Lumpur, Malaysia.

Journal of Economic and Social Thought, 2016, vol. 3, issue 3, 458-466

Abstract: The book is a major contribution to Islamic economic history and to Islamic economics in the English language. It presents a comprehensive yet concise economic hermeneutic of policies implemented by the Messenger (saas) in Medinah. It is an authoritative presentation based on the Qur’an, the Traditions of the Messenger, earliest writings of Muslim historians and jurists. Within the context of contemporary economic universe of discourse, the book discusses implications of policies of the Messenger with regards to allocation of resources, production, exchange, growth, development, environment, efficiency and justice. For those who think that zakat, prohibition against interest, waqf and the like are the only elements that distinguish an Islamic economy from other systems, the depth and the breadth of the book would provide a transformative experience. This Review argues that the appearance of the book is particularly timely given the distorted, dis-embedded, and fictitious model of an Islamic economy manufactured by Orientalists. The book will go a long way in correcting these distortions.

Keywords: History of economic thought; Macroeconomy; Macroeconomic policy; Economic policy; Economic history; Economic systems; Political economy. (search for similar items in EconPapers)
JEL-codes: B10 E40 E60 N10 P40 P48 (search for similar items in EconPapers)
Date: 2016
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