Write about the economic life during the Islamic
Civilisation?
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Answer:
Islamic economics (Arabic: الاقتصاد الإسلامي) is a term used to refer to Islamic commercial jurisprudence(Arabic: فقه المعاملات, fiqh al-mu'āmalāt), and also to an ideology of economics based on the teachings of Islam that takes a middle ground between the systems of Marxism and capitalism.[1][2]
Islamic commercial jurisprudence entails the rules of transacting finance or other economic activity in a Shari'a compliant manner,[3] i.e., a manner conforming to Islamic scripture (Quran and sunnah). Islamic jurisprudence (fiqh) has traditionally dealt with determining what is required, prohibited, encouraged, discouraged, or just permissible,[4] according to the revealed word of God (Quran) and the religious practices established by Muhammad (sunnah). This applied to issues like property, money, employment, taxes, loans, along with everything else. The social science of economics,[4] on the other hand, works to describe, analyse and understand production, distribution, and consumption of goods and services,[5] and studied how to best achieve policy goals, such as full employment, price stability, economic equity and productivity growth.[6]
Explanation:
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Explanation:
A market economy was established in the Islamic world on the basis of an economic system resembling merchant capitalism. Labour promoted capital formation in medieval Islamic society, and a considerable number of owners of monetary funds and precious metals developed financial capital.