Economic Syestem of Islam

Islam provides guidance to its adherents in all phases and activities of life, including material and spiritual. Its basic teachings with regard to economy are mentioned in several passages of the Quran. Far from despising material well-being, it recognizes it. The Holy Quran states that God has filled this world with material resources for humankind ¹ and has made them the means of subsistence. ² Moreover, it guides humankind not to be neglectful of their share in this world but at the same time, also be aware of the hereafter ³ since the stay in the world is temporary. ⁴ This is why Muslims are encouraged to pray for the benefits of both, this world and the hereafter. ⁵

The economic system of Islam was initiated after Prophet Muhammad’s migration to Madinah. The core policy of this system was designed to ensure that wealth did not solely circulate among the rich only. ⁶ One of the reasons for this was that Islam did not allow the rich to waste their money in misdeeds like the elite of other civilizations, and to ensure that the gap between the rich and poor should not increase up to the extent, which might lead to anarchy in the society in the form of the clashes because of exploitations of poor’s right. So, God Almighty made some taxes ⁷ obligatory for them, ⁸ and only some optional. ⁹ In this way, the poor did not get envious of the wealth of the rich since the rich would share a portion of their wealth with them, and developed an affectionate relation towards them, while the rich, in order to maintain their wealth, worked harder but would not hoard their wealth since it was strictly forbidden. ¹⁰

When Prophet Muhammad came to Madinah, it was a small agricultural state with minimal trade. The health conditions of this area were so bad that it was generally called Yathrib ¹¹ which referred the place of diseases or bashing and crying. ¹² Prophet Muhammad named this place ‘Madinah’ ¹³ and started to develop its state institutions. In those days, the economic super power of Madinah were the Jews, who were extremely rich ¹⁴ and controlled its markets. The rules of this market were also dictated by the Jews who considered dealing in interest-based transactions, normal and legitimate at-least with the non-Jewish people.

The muhajireen (the companions who migrated with Prophet Muhammad ) didn’t have sufficient economic resources and were in an inferior condition, but with the help of ansar of Madinah, ¹⁵ and their trading experience from Makkah; they started their trading activities in the market of Madinah according to the teachings of Prophet Muhammad which yielded extremely fruitful results.

Business

The Holy Quran guides the Muslims to trade with mutual consent and avoid devouring others possessions wrongfully. ¹⁶ Legal and illegal things have been clearly defined. ¹⁷ Hence, the Muslims are instructed to be fair in their dealings i.e. give full measure and full weight and not to cheat. ¹⁸ Muslims who abide by this law are considered good believers ¹⁹ while the ones who do corruption in measure and weight are considered to be evil mongers ²⁰ and are cursed. ²¹

The Muslims of Madinah dealt in cash and credit transactions, but they did not charge extra on late payments. Instead they were taught to show leniency if the debtor was unable to pay his debt at the specified time. They were also encouraged to forgive their debts in return for better incentives in this world and the hereafter. ²² Their trade activities included buying and selling of grains, textiles, dates, vegetables and fruits. However, trade of wine ²³ (khamr) and swine was banned ²⁴ along with usury ²⁵ since they were detrimental for the economy and society.

Even in sales, some types are prohibited in order to avoid disagreements and problems. Among them are the Mulamasah, Munabadhah, al-Hasah, and Habal-ul-Habalah etc.

• Mulamasah is when a man touches the product with his hand and does not examine it more than that; he is obligated to buy it.
• Munabadhah is when a seller throws his product to a prospective buyer. If he catches it then he is obligated to buy it without examining and without being pleased with the item. ²⁶
• Hasah was the sale done by throwing pebbles. It is conducted when a person throws a pebble in the direction of the product he desires, but the problem is that he is obligated to buy the product where the stone lands regardless of the fact it lands on his required product or not. ²⁷
• Habal al Habalah referred to the sale of animals who are not even born yet. ²⁸

All of these are banned because they lead towards discrepancies and controversies and any transaction which has uncertainty and leads towards disagreements, hence it is prohibited in the Islamic Law.

Prohibition of Riba

The pre-Islamic Arabs considered dealings with usury as a profitable way of business, but since it was harmful for the economy, God Almighty prohibited it. ²⁹ It is referred as Riba in the Holy Quran. The Arabic word Riba theoretically refers to ‘grow’ and to ‘increase’ ³⁰ and the word Riba in the Holy Quran refers to the usury or the extra amount which the lenders take from the borrowers on loan ³¹ for which several attractive words like interest, profit, mark up, dividends etc. are used today.

When the Arabs were prohibited from indulging in Riba, they alleged that buying and selling was also like Riba. ³² Likewise, the proponents of this view argue even today, that if profit on money invested in a business enterprise is permissible, why should the profit accruing on loaned money be deemed unlawful? Their argument runs as follows: A person who could have profitably invested his money in a commercial enterprise, loans it out to somebody who, in turn, makes a profit out of it. In such circumstances why should the borrower not pay the lender a part of the profit? Such people, however, disregard the fact that no enterprise in which a man participates, whether it is commercial or agricultural, and whether one participates in it with one's organizing skill or capital, or by both, is immune from risk. No enterprise carries absolutely guaranteed profit at a fixed rate. What is the justification, then, for the fact that out of all the people in the business world, the financier alone should be considered entitled to a profit at a fixed rate in all circumstances, and should be protected against all possibility of loss? Which rational principle, which logic, which canon of justice and which sound economic principle can justify that those who spend their time, energy, capacity and resources, and whose effort and skill make a business thrive, are not guaranteed profit at any fixed rate, whereas those who merely lend out their funds are fully secured against all risks of loss and are guaranteed profit at a fixed rate? And which principle can justify the fact that a man lends out his funds to an industrial concern and fixes, say for the next twenty years, that he will be entitled to receive each year a given per cent interest on his capital, while the proprietors of the industrial concern have no means of foretelling the price changes affecting their commodity, and hence their profit? ³³ Moreover, this usury causes the rich to become richer, and the poor, poorer as was seen in the cases of the other ancient civilizations i.e. the ancient Roman, Greek civilizations etc. The poor were not only deprived from their wealth, but from their offspring, freedom, dignity and sometimes, even their lives.

Due to such disastrous results, usury was not only prohibited, but its lenders, borrowers, recorders, and even testifiers were severely cursed and warned. ³⁴ The Holy Quran states that such people should be ready for a war from God Almighty and Prophet Muhammad .³⁵ While expounding upon the severity and filth of usury, Prophet Muhammad said that there were seventy degrees of usury, the least of which is equivalent to a person having intercourse with his mother, ³⁶ and the punishment of a person who has intercourse with blood relatives is death.³⁷ The Holy Prophet also discussed various punishments for these people which he witnessed on the night of ascension. He said that on the night of ascension, he was taken to a place where the stomachs of the people were like houses (huge) filled with snakes. These snakes were visible from the outside. Prophet Muhammad asked: Who are these? O Jibrael! He replied that these are the people who consumed usury. ³⁸

However, it does not mean that the people who had done dealings in usury in the past (before the revelation) and stopped it and repented after learning about its prohibition would be punished as well. Regarding them, the Holy Quran states that God Almighty would not punish those people ³⁹ and they are forgiven. ⁴⁰ However, it must be noted that all interest-based transactions of all forms are prohibited in the Islamic state. As a replacement, Islam gave its own economic tools to nurture the economy.

Islamic Modes of Trade and Financing

Banning Riba or usury did not mean that all the modes of financing were prohibited, and that people could not start or expand their businesses. Islam only prohibited those means of finance which were against the interest of humanity, but at the same time provided with viable solutions. These solutions were known as Mudarbah, Musharka, Istisna, Ijara, Salam and Murabaha which are discussed briefly:

Mudarbah

This financing tool is derived from the Holy Quran ⁴¹ and the Hadith. ⁴² According to its basic teachings, this is a contract between two people. One who has money and wants to invest it somewhere, while the other one wants to work but has no money to start a business. Hence both people enter in to a contract after deciding the profit/loss ratio and other terms. An important point of this tool is that the investor (Rabbul maal) is basically a sleeping partner and does not work, while the other person (Mudarib) manages every aspect of the operation. ⁴³ Hence the financing needs of the Rabbul Maal and Mudarib are fulfilled and it also results in robust economic activity which benefits other people as well.

Musharkah

It refers to a contract which is known as ‘partnership agreement’ in contemporary times. This tool is also derived from the Holy Quran. ⁴⁴ According to the teachings of Prophet Muhammad , if two people initiate a partnership with honesty, then God becomes their third partner and blesses their work until they remain loyal to each other. ⁴⁵ In Musharkah, all the terms of the agreement are mutually decided by the partners, and the contract ends on the death of a partner, retirement of a partner or if a partner wishes to end it, but through a proper agreed process. This mode is not merely restricted to two people only and all the members of it will be shareholder of profit and loss according to their investments and capital.

Istisna

According to Islamic Jurists, Istisna refers to have things made on order. ⁴⁶ This tool is established from Sunnah and Ijmah. The Holy Prophet himself had a ring and a pulpit made via Istisna. ⁴⁷ In this contract, one is a producer (does not include any producers from agriculture) or a manufacturer and the second is a buyer who orders manufacturing of products as per his requirements and when they reach consensus, they enter in to an agreement. In this agreement, the customer can pay partially, or completely in advance or in installments.

Ijara

Ijara or the agreement of rent is similar to a normal sale contract, but the difference here is that in this agreement, the ownership of the asset is not transferred to the lessor. The lessee only possesses it for a specific time period only. ⁴⁸ The rent is charged on the benefits which the lessee enjoys while possessing the asset. ⁴⁹ After the agreed upon time period, the asset is returned to the owner.

Murabaha

Murabaha or working capital finance is an Islamic financing tool for individuals and companies who fall short in cashflows and want to expand their trading activities. In this agreement, the lender (the investor) invests in the product which is required by the buyer and sells it to the buyer with a declared rate of profit. ⁵⁰ The buyer takes the goods, but pays the amount on a later date or in installments as per their pre-agreed conditions.

Salam

Salam is very commonly followed in the field of agriculture where the buyer pays all the amount in advance, but receives the produce (harvest) at a later date. ⁵¹ This practice was prevalent at the time of Prophet Muhammad as well and he approved it. ⁵² With the help of this practice, the farmers who are poor and do not have the financial means to cultivate their lands are provided with the capital to do so. Resultantly, more economic activity is done and the individual, and the state (in form of taxes and production) benefit.

All the mentioned Islamic modes of trade and finance encourage economic activity and ensure that money or resources should not be hoarded at one place or in a single hand. Through these modes, not only does the production increases, but prices also remain under control (since demand and supply are kept under check). Moreover, unemployment decreases as jobs are created as a result of economic activity which leads to a decrease in poverty and an increase in the living standard of an individual. Such modern, welfare oriented, economy boosting tools were not found in any of the other civilizations.

Revenue of State

The Islamic economic system did not impose taxes on every citizen, but on those eligible people who were able to afford it. Separate type of taxes was imposed on Muslims and non-Muslims. Non-Muslims were only liable to pay the Kharaj and Jizya tax, while the eligible Muslims had to pay Zakat, Ushr and few optional Sadaqat. There were other minor taxes, but those too were not forcefully collected from the poor. Only those people who could pay them were taxed and in return, these taxes were used for the betterment of the citizens of the Muslim states whether they were Muslims or non-Muslims.

Zakat

Zakat was the tax obligatory for Muslims who were well off. The rate was 2.5 percent every year and this tax was not levied on income, but on the savings. If a certain amount was saved and remains unspent during a whole year, the owner was bound to pay the necessary tax to the people addressed in the Holy Quran. Here, debts were taken into consideration, and proportionately the amount was deducted from the savings and the stocks - the rest was taxable.⁵³

Ushr

In Arabia, there was some agricultural land and the majority of the region was barren. These agricultural lands grew date groves, vineyards, fields of wheat and barley along with gardens of fruits. After a certain quantity, the produce from these fields were subject to a tax called Ushr.⁵⁴ Muslims were motivated to pay this tax through the commandment in the Holy Quran.⁵⁵ As the name suggests, this tax is 10% of the whole production. ⁵⁶ Taxes on such items were asked to be paid in kind, not in cash.

Other Major Taxes

People of Arabia also domesticated animals. If these animals surpassed the minimum taxation amount and were fed on general pastures, they roughly paid 1 per cent every year. Besides, there were other sources of income, such as import duty on foreigners. International trade was also not unknown in Madinah at this epoch, and the Nabatean traders used to bring to that place wheat, oil, olives, etc. There was also a sort of scutage tax on those who did not render military service. Another source of income were the agreements which had been made between the Holy Prophet and the leaders of different localities. ⁵⁷

Jizya

It was a tax levied upon the non-Muslims residing peacefully in the Muslim territories and accepted their authority as a ruler. In return, the non-Muslims were guaranteed peace, freedom to do business and all other rights. This tax was only taken from those non-Muslims who were adults, sane, not handicapped and were not slaves. ⁵⁸ If a person became too old or became too sick or too poor that he was unable to bear the expenses of himself and his family, and received charity from his fellow non-Muslims, then such a person was exempted from Jizya. ⁵⁹ In fact, the needs of such people were fulfilled from the state treasury. ⁶⁰ This means that infants, women, handicapped people, extremely ill people and slaves were all exempted from this tax.

The Holy Prophet was very stringent regarding this matter and said that whoever inflicted cruelty upon the non-Muslim citizens (Ahl-ud-Dhimma) of the Muslim territory or damaged their property or usurped any of their possessions, then he would punish them on the day of Judgement. ⁶¹ It is also narrated that Prophet Muhammad instructed the Muslims to protect the life, rights, wealth and respect of the non-Muslim citizens, since they had promised to protect them. ⁶² It was even said that the Muslims had no right to collect Jizya if they were unable to defend the non-Muslims in their lands. ⁶³

Jizya was basically a tax payment to the Muslim states by the non-Muslims in return for security, and freedom. The Muslim rulers were responsible for their security and in case of war, they used to send their armies to protect the non-Muslim states. ⁶⁴ Jizya was paid yearly and its quantity was so meager that it surprises the world. For the rich, the amount was fixed at 48 dirhams per year, for the middle class, 24 dirhams per year and 12 dirhams for the lower class.⁶⁵

Kharaaj

This was a tax which was imposed on the harvest of non-Muslims like Ushr on the harvest of Muslims. ⁶⁶ But here as well, the Muslims were specifically instructed to avoid harshness on the subjects of this tax. If the land of the non-Muslims were producing less, then they were instructed to collect lesser so that it did not become a problem for the tax payer. ⁶⁷

Budgets

The Islamic State, founded and run by the Prophet Muhammad , was a growing and ever-expanding organism. It began in the first year of the hijrah with only a few streets of the small city of Madinah. But a few years later when he departed from this world, the whole of Arabia and parts of southern Palestine and Iraq were under his jurisdiction. This meant almost a million square miles. This was the achievement of ten years only, that is to say, about 274 square miles were on an average added daily to the Islamic State. ⁶⁸

In order to prepare budgets, one needed to know all about the resources at hand. So, Prophet Muhammad organized the census of the Muslim population. In the caliphate of Umar , the census of beasts, fruit-trees, and other goods were also organized, and cultivable lands were measured in the newly-acquired provinces. With a large spirit, full of concern for the wellbeing of the public, caliph Umar had the habit of inviting representatives of the people of different provinces, after the collection of taxes, to find out if they had any complaint against the behavior of the collectors during the year. ⁶⁹

The income of the State varied from year to year, even from day to day. It is not possible to give exact figures for the whole country for any year, only odd figures can be given: The income from Bahrayn (not the island of this name but modern al-Ahsa district, opposite the island of Bahrayn) was 80.000 dirhams. The region of Khaybar had agreed to divide its agricultural products in a 50-50 ratio. This brought 20,000 wasq' (apparently of dates and wheat) to the Muslim government every year.

The localities in Palestine (of Jarba and Adhruh) had each agreed to pay annually 100 dinars. The port of Aylah, on the Gulf of 'Aqabah, paid 300 dinars every year. The region of Najran, in the Yemen, paid 2,000 garment every year, each garment worth 1 oz. of gold. The port of Maqna, on the Gulf of Aqabah, paid one-fourth of its date harvest, one-fourth of fishery catches, and one-fourth of the spinning of the womenfolk, but the actual income is not mentioned. The same was the case of Fadak, and Wadi al-Qura, where the farmers had to deliver half of the harvest; and information regarding the actual amounts is unknown. ⁷⁰

Government Expenditures

The first duty of the State was to see that no dweller on the Islamic soil was deprived of the means of livelihood: food, dress, lodging, etc. The next item concerned the salaries of the functionaries: collectors, accountants, controllers of expenditure, auditors of accounts etc. This category comprises the entire administration, civil, military and diplomatic.

To boost the economy, Caliph Umar started a special section in the Public Treasury, in order to lend money, free of interest, to those who had temporary needs and provided the necessary guarantees for repayment. The caliph himself had recourse to it for his private needs. It goes without saying that the ‘nationalization’ of lending without interest was the necessary concomitant of the prohibition of interest in Islam. The same caliph used to lend public money, even to merchants, for fixed periods and the treasury participated with them in a percentage of their business returns. They participated not only in gains but even in the event of losses. Another application of this state expenditure was for a kind of social insurance. If somebody was found guilty of involuntary homicide, and was unable to pay the blood money required by law out of his own means, the government came to his help under this heading of the budget, as is evidenced by several cases of the practice of the Holy Prophet .

Moreover, military defense and the expenditure for the personnel, equipment, all sorts of charitable works, such as helping students, grants and aids in religious causes such as the construction of mosques, etc. were also included in the public expenditures. ⁷¹ Caliph Umer also established another social institution which organized a pension system for all the inhabitants of the country to the extent that even non-Muslims were among its beneficiaries, and even if a child was born, he began to receive a certain pension while the adults received a minimum amount necessary for living. ⁷²

Denunciation of Games of Chance

Like contemporary times, people of ancient Arabia considered gambling or other games of chance as an easy way of making money and taking over other people’s possessions including their women and children, which resulted not only in material losses, but destruction of families as well. In order to save the society from these economic and social losses, the following verse was revealed:

  یٰۤاَیُّہَا الَّذِیۡنَ اٰمَنُوۡۤا اِنَّمَا الْخَمْرُ وَالْمَیۡسِرُ وَ الۡاَنۡصَابُ وَ الۡاَزْلٰمُ رِجْسٌ مِّنْ عَمَلِ الشَّیۡطٰنِ فَاجْتَنِبُوۡہُ لَعَلَّکُمْ تُفْلِحُوۡنَ 90 ⁷³

  O People who Believe! Wine (all intoxicants), and gambling, and idols, and the darts are impure – the works of Satan, therefore keep avoiding them so that you may succeed.

It is recognized that most social evils emanate from the bad distribution of the national wealth wherein some individuals become too rich and others too poor and as a result, they fall victim to exploitation by the rich. In games of chance and lotteries, there is great temptation for quick and easy gain - and so often easy gain is bad for society. Less than one percent of the people thrive at the expense of the remaining 99 per cent. In other words, the 99 percent are impoverished in order to enrich the 1 per cent so that one creates one per cent of millionaires by systematically ruining the other 99 per cent.

Whether games of chance, including lotteries, are private or nationalized, the evil of accumulating wealth in the hands of the few at the expense of a very vast majority, works with full force. Hence gambling and other games of chance were and still are banned in Islam completely. ⁷⁴

Coinage

At the time of Prophet Muhammad , Muslims used raw metal or byzantine coins as money. Three sorts of metal were used for economic transactions: Gold (dinar), silver (dirham), and copper (fals). The Muslim government struck its own dirhams as early as 18 hijra, although gold and silver coins from the Byzantine Empire were still accepted through out Islamic society. Gold coins were not made before the government of Muawiya bin Abi Sufyan ؄, and Byzantine coins were accepted until the monetary reform of Abdul Malik bin Marwan in 75 or 76 hijra. Initially, the quality of coin was not consistent and weight varied. Therefore, coins were treated like raw metal and people continued to weigh them rather than counting them. Another reason that weighing remained the most important way for measuring the value of money was that wear and tear afflicted coins so that they would lose weight over time. Even the official weight of the dirham varied between 2.8-3.1 grams. ⁷⁵

Unlike the economic systems of Rome, Greece, Egypt, Persia and other civilizations which were the super power of those times, the economic system of Islam, was designed for the betterment of all humanity rather than for a few chosen ones. It totally destroyed all those evil ideologies which were against the interest of humanity and introduced modern techniques through which the economic circle progressed. This system not only taught the Muslims how to earn in a lawful manner, but also how to share it with their brothers, sisters and the whole society. Furthermore, if someone was still left without money for their basic needs, then the state provided for it. No other civilization possessed such a system and this was one of the major reasons that their economy was unstable. In their economies, the rich were becoming richer and the poor turning poorer, whereas in the Islamic civilization, after a certain time, an era came when there was no poor left in the society. This is the system which has changed the fate of humanity in the past and can do it again, if it is implemented in its original teachings because it was the only economic system which focused on social and economic welfare of human beings.

• ¹ Holy Quran, Al-Baqarah (The Cow) 2: 29
• ² Holy Quran, Al-Nisa (The Women) 4: 5
• ³ Holy Quran, Al-Qasas (The Fables) 28: 77
• ⁴ Holy Quran, Al-Rahman 55: 26
• ⁵ Holy Quran, Al-Baqarah (The Cow) 2: 201-202
• ⁶ Holy Quran, Al-Hashr (The Gathering) 59: 7
• ⁷ Here the term of ‘taxes’ is used only to make people understand the system of Islamic Economy in the context of modern economic system otherwise there is a major difference in the Islamic Taxes (like Zakat, Ushr, Khiraj etc.) and Modern Taxes (Income and Withholding Taxes etc.). Islam enforces Zakat and Sadaqat only on the people who are in the category of rich according to the different definitions in Islamic Law, contrary to this, modern system of taxation enforces tax-paying for every one including poor or worst which is illegitimate in Islamic Shariah and completely prohibited according to the Islamic perspective.
• ⁸ Holy Quran, Al-Baqarah (The Cow) 2: 43
• ⁹ Holy Quran, Al-Baqarah (The Cow) 2: 267
• ¹⁰ Muslim bin Al-Hajjaj Al-Neshapuri (2000), Sahih Muslim, Hadith: 1605, Darussalam, Riyadh, Saudi Arabia, Pg. 702.
• ¹¹ Holy Quran, Al-Ahzab (The Armies) 33: 13
• ¹² Ahmad Bin Muhammad Al-Khaffaji Al-Misri (1996), Sharhu Durrat-ul-Ghawwas fi Aoham-il-Khawwas, Dar-ul-Jail, Beirut, Lebanon, Vol. 1, Pg. 278.
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• ¹⁶ Holy Quran, Al-Nisa (The Women) 4: 29
• ¹⁷ Muhammad bin Ismael Al-Bukhari (1999), Sahih Al-Bukhari, Hadith: 2051, Darussalam, Riyadh, Saudi Arabia, Pg. 329.
• ¹⁸ Holy Quran, Al-Mutaffifeen (The Defrauders) 83: 2
• ¹⁹ Holy Quran, Al-A’raaf (The Heights) 7: 85
• ²⁰ Holy Quran, Hud (Prophet Hud) 11: 85
• ²¹ Holy Quran, Al-Mutaffifeen (The Defrauders) 83: 1-3
• ²² Holy Quran, Al-Baqarah (The Cow) 2: 280
• ²³ Holy Quran, Al-Maidah (The Table Spread) 5: 90
• ²⁴ Holy Quran, Al-Baqarah (The Cow) 2: 173
• ²⁵ Holy Quran, Al-Baqarah (The Cow) 2: 275
• ²⁶ Muslim bin Al-Hajjaj Al-Neshapuri (2000), Sahih Muslim, Hadith: 3807, Darussalam, Riyadh, Saudi Arabia, Pg. 658.
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• ²⁹ Holy Quran, Al-Baqarah (The Cow) 2: 275
• ³⁰ Ibrahim Mustafa et al. (N.D), Al-M’ujam-ul-Waseet, Dar-ul-Dawa, Cairo, Egypt, Vol. 1, Pg. 326.
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• ³² Holy Quran, Al-Baqarah (The Cow) 2: 275
• ³³ Sayyed Abul A’ala Mawdudi (2008), Tafheem-ul-Quran, Idara Tarjuman-ul-Quran, Lahore, Pakistan, Vol. 1, Pg. 211-212.
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• ³⁵ Holy Quran, Al-Baqarah (The Cow) 2: 279
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• ³⁹ Holy Quran, Al-Baqarah (The Cow) 2: 275
• ⁴⁰ Holy Quran, Aale Imran (The Family of Imran) 3: 155
• ⁴¹ Holy Quran, Al-Muzzammil (The Wrapped One) 73: 20
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• ⁴⁴ Holy Quran, Suad (Arabic Alphabet) 38:24
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• ⁴⁸ Wahbah bin Mustafa Az-Zuhaily (1985), Al-Fiqh-ul-Islami wa Adillatuhu, Dar-ul-Fikar lil Taba’a wa Tawz’i wa Nashar, Damascus, Syria, Vol. 5, Pg. 3800.
• ⁴⁹ Kamaluddin bin Al-Hummam (N.D), Fath-ul-Qadeer, Dar-ul-Fikar, Beirut, Lebanon, Vol. 9, Pg. 58.
• ⁵⁰ Wahbah bin Mustafa Az-Zuhaily (1985), Al-Fiqh-ul-Islami wa Adillatuhu, Dar-ul-Fikar lil Taba’a wa Tawz’i wa Nashar, Damascus, Syria, Vol. 5, Pg. 3765.
• ⁵¹ Ibid, Pg. 3603.
• ⁵² Suleman bin Ahmad At-Tabrani (1994), Al-M’ujam-ul-Kabeer, Makataba Ibn Taimiyah, Cairo, Egypt, Vol. 11, Pg. 130.
• ⁵³ Abdul Azim Islahi (2014), Muhammad Hamidullah and His Pioneering Works on Islamic Economic, King Abdul Aziz University, Jeddah, Saudi Arabia, Pg. 174-175.
• ⁵⁴ Ibid.
• ⁵⁵ Holy Quran, Al-Baqarah (The Cow) 2: 267
• ⁵⁶ Abu Yusuf Yaqoob bin Muhammad Al-Ansari (N.D), Al-Khiraj, Al-Maktabat-ul-Azharia lil Turath, Cairo, Egypt, Vol. 1, Pg. 62.
• ⁵⁷ Abdul Azim Islahi (2014), Muhammad Hamidullah and His Pioneering Works on Islamic Economic, King Abdul Aziz University, Jeddah, Saudi Arabia, Pg. 174-175.
• ⁵⁸ Muhammad Karam Shah Al-Azhari (2013), Zia-un-Nabi, Zia-ul-Quran Publications, Lahore, Pakistan, Vol. 4, Pg. 296.
• ⁵⁹ Abu Yusuf Yaqoob bin Muhammad Al-Ansari (N.D), Al-Khiraj, Al-Maktabat-ul-Azharia lil Turath, Cairo, Egypt, Vol. 1, Pg. 158.
• ⁶⁰ Ibid, Pg. 139.
• ⁶¹ Abu Ahmed Khurasani (1986), Al-Amwal, Markaz-ul-Malik Faisal lil Bahuth wa Dirasat-ul-Islamia, Riyadh, Saudi Arabia, Vol. 1, Pg. 379.
• ⁶² Abul Hasan Ali bin Hasan Al-Baghdadi (N.D), Al-Ahkam-us-Sultania, Dar-ul-Hadith, Cairo, Egypt, Vol. 1 Pg. 223.
• ⁶³ Muhammad bin Jareer Abu Jaffer At-Tabari (1967), Tareekh-e-Tabri, Dar-ut-Turas, Beirut, Lebanon, Vol. 3, Pg. 367.
• ⁶⁴ Muhammad bin Ahmed Ibne Rushd Qurtubi (N.D), Al-Muqaddemat-ul-Mumahhidat, Dar-ul-Kutub Al-Ilmiyah, Beirut, Lebanon, Vol. 1, Pg. 188.
• ⁶⁵ Muhammad bin Umar Al-Raazi (1999), Mafateeh-ul-Ghaib, Dar Ihya At-Turas Al-Arabi, Beirut, Lebanon, Vol. 16, Pg. 26.
• ⁶⁶ Muhammad bin Yazeed Abu Abdullah Al-Qazweeni (2009), Sunan Ibne Majah, Hadith: 1831, Darussalam, Riyadh, Saudi Arabia, Pg. 327.
• ⁶⁷ Abu Ahmed Khurasani (1986), Al-Amwal, Markaz-ul-Malik Faisal lil Bahuth wa Dirasat-ul-Islamia, Riyadh, Saudi Arabia, Vol. 1, Pg. 170.
• ⁶⁸ Abdul Azim Islahi (2014), Muhammad Hamidullah and His Pioneering Works on Islamic Economic, King Abdul Aziz University, Jeddah, Saudi Arabia, Pg. 177-178.
• ⁶⁹ Dr. Muhammad Hamidullah (1973), Introduction to Islam, Sh. Muhammad Ashraf Publishers, Lahore, Pakistan, Pg. 108.
• ⁷⁰ Abdul Azim Islahi (2014), Muhammad Hamidullah and His Pioneering Works on Islamic Economic, King Abdul Aziz University, Jeddah, Saudi Arabia, Pg. 177-178.
• ⁷¹ Dr. Muhammad Hamidullah (1973), Introduction to Islam, Sh. Muhammad Ashraf Publishers, Lahore, Pakistan, Pg. 102-105.
• ⁷² Ahmed bin Yahya Al-Balazri (1988), Futuh-ul-Buldan, Dar wa Maktabat-ul-Hilal, Beirut, Lebanon, Pg. 431-442.
• ⁷³ Holy Quran, Al-Maidah (The Table Spread) 5: 90
• ⁷⁴ Dr. Muhammad Hamidullah (1973), Introduction to Islam, Sh. Muhammad Ashraf Publishers, Lahore, Pakistan, Pg. 106.
• ⁷⁵ Nikolaus A. Siegfried (2001), Arab Law Quarterly: Concepts of Paper Money in Islamic Legal Thought, Brill, Leiden, Netherlands, Vol. 16, No. 4, Pg. 320.