Economy

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	The Institution of Waqf as a Solution to the Economic Crisis
	By: Cem Nizamoglu, Tue 08 November, 2011
	Cem Nizamoglu The Wall Street Journal, one of the world's most respected newspapers, has suggested recently that the ongoing economic crisis could be resolved in part by the charitable institution of waqf created by the Muslim civilisation and used effectively by the Ottomans. In its broader sense, a waqf in Islamic history is an endowment consisting in donating a building, a sum of money or plot of land for charitable purposes. The donated assets are held by a charitable trust. The institution of waqf played a great role in nurturing solidarity and charity in Muslim countries and continues to represent one of the most original and active aspects of the social and economic structures of the modern Islamic world.
	Ibn Khaldun: Studies on His Contribution in Economy
	By: The Editorial Board, Sat 16 October, 2010
	Ibn Khaldun: Studies on His Contribution in Economy
	Ibn Khaldun and the Rise and Fall of Empires
	By: Caroline Stone, Sat 24 April, 2010
	Caroline Stone The 14th-century historiographer and historian Abu Zayd ‘Abd al-Rahman ibn Khaldun was a brilliant scholar and thinker now viewed as a founder of modern historiography, sociology and economics. Living in one of human kind's most turbulent centuries, he observed at first hand, or participated in, such decisive events as the birth of new states, the disintegration of the Muslim Andalus and the advance of the Christian reconquest, the Hundred Years' War, the expansion of the Ottoman Empire, the decline of Byzantium and the epidemic of the Black Death. Considered by modern critics as the thinker that conceived and created a philosophy of history that was undoubtedly one of the greatests works ever created by a man of intelligence, so groundbreaking were his ideas, and so far ahead of his time, that his writings are taken as a lens through which to view not only his own time but the relations between Europe and the Muslim world in our own time as well.
	Ibn Khaldun and Adam Smith: Contributions to Theory of Division of Labor and Modern Economic Thought
	By: James R. Bartkus and M. Kabir Hassan, Fri 16 April, 2010
	James R. Bartkus and M. Kabir Hassan The contributions of Ibn Khaldun to the development of economic thought have gone largely unnoticed in the academic realm of Western nations, this despite recent research focusing on Khaldun's magnum opus, The Muqaddimah. In this paper, we examine the similarities between The Muqaddimah and Adam Smith's Wealth of Nations, particularly as they discuss the benefits of a system of specialization and trade and the role of markets and price systems.
	Ibn Khaldun’s Theory of Taxation and its Relevance Today
	By: Abdul Azim Islahi, Fri 26 March, 2010
	Abdul Azim Islahi Ibn Khaldun's theory of taxation has been considered one of his most important contributions to economic thought. In the Muqaddimah, he relates the theory of taxation with the government expenditure and argued for low tax rate so that incentive to work is not killed and taxes are paid happily. According to him, at the beginning of a dynasty, taxation yields a large revenue from small assessment, but at the end of a dynasty, taxation yields a small revenue from large assessment. The effect of taxation on incentives and productivity is so clearly visualized by Ibn Khaldun that he seems to have grasped the concept of optimum taxation. He also analyzed the effect of government expenditure on the economy. He advocates a policy of wise and productive public expenditure. By these economic insights, Ibn Khaldun has been considered as the forerunner of modern recommendations that high tax rates shrink the tax base because they reduce the economic activity. The present paper aims at an analytical study of this theory by presenting empirical evidence that may support and strengthen the Khaldunian theory of taxation and examines its practicality and relevance today.
	A ‘Gap-Filling’ Book on Islamic Economic Thought Buy Viagra, Cialis, Levitra online
	By: FSTC Limited, Thu 16 October, 2008
	This book is a collection of previously-published papers on the origins of economic thought discovered in the writings of some prominent Islamic scholars belonging to the five centuries prior to the pre-modern era. This period was labelled by the late Joseph Schumpeter in the 1950s as representing the "great gap" in literary history, in particular the history of economic thought. Since then, this mishap, already well embedded in the relevant literature, was further strengthened and perpetuated. However, during this period the Islamic civilisation was about the most fertile grounds for intellectual developments in various disciplines, including economics. The present single-volume collection of papers attempts to fill that blind-spot in the history of economic thought.
	The Destruction of the Muslim Economic System: A Prime reason for the Decline of Muslim Science
	By: FSTC Limited, Wed 19 May, 2004
	Attacks on Islamic centres of wealth on land and on sea by Western Christian pirates greatly reduced the economic power of Muslim lands. North Africa became economically impoverished as the Trans-Saharan traffic, which had sustained it, was diverted to European vessels operating along the Atlantic coast of West Africa.