IEF 336 - History of Islamic Economic Thought

This course aims to examine the fundamental principles of Islamic economics as established and shaped in detail from its inception to its development. It focuses on the economic regulations set during the time of the Prophet Muhammad ﷺ and the Rashidun Caliphs (RA), as well as the mindset formed through their applications, which remained influential until the mid-19th century. Furthermore, the course will analyze contemporary Islamic economic thought, assessing its position in relation to original sources and the historical experience of Muslims.

This course examines the foundations of Islamic economics, focusing on the economic regulations established during the time of Prophet Muhammad ﷺ and the Rashidun Caliphs (RA), as well as the mindset shaped through their application until the 19th century. In this context, key principles and prohibitions regulating economic life during these periods—such as the land system, zakat, public finance, trade, markets, hisba, charitable spending (infaq), endowments (waqf), inheritance, and interest-free loans (qarḍ ḥasan)—are explored.