Definition:
Islamic economics can be defined as that part of Islamic code which studies as a process, economic, social and moral behavior in an integrated manner in relation to production, distribution and consumption of goods and services.
Islamic economics refers to the body of Islamic studies literature that "identifies and promotes an economic order that conforms to Islamic scripture and traditions," and in the economic world an interest-free Islamic banking system, grounded in Sharia's condemnation of interest (Riba).
Basis:
Behavioral norms" derived from the Quran , Sunnah,Ijma and Ijtihad
Islamic Economics (6th -14th Century):
Begun: The practice of Islamic Economics was begun in the state of Medina in the 6th century.
Contributors: After that, the process of Development of this discipline was handled by the different scholars and Economists in different centuries. many of them were Abu Yusuf (731-798), Al Farabi (873-950), Al Ghazali (1058-1111), Al mawaridi (1675-1158), Nasir Al-Din Al-Tusi (1201-1274), Ibn Taymiyyah (1263-1328), Ibn Khaldun (1334-1406) History of the World (Kitab al-Ibar), Asaad Davani (1444).
Topics: They amplified the Ideas of consumer theory, supply and demand, Elasticity, Taxation (Khaldun-Laffer Curve (the relationship between tax rates and tax revenue) etc in the light of Islamic Economics. Ibn Khaldun was considered as a Forerunner of modern economics.
Books: History of the World (Kitab al-Ibar), division of labor, and macroeconomic forces of population growth, human capital development, and technological developments effects on development.
Recent Contributors:
The tools of Islamic economics are also employed in modern economics by some economic thinkers. Among of them, the contributions of M .Umer chapra (Islam &economic challenges), Monzer Kahf. Najat Ullah Siddiqui, M.A. Mannan, Fahim Khan,Anas Zarqa are well mentioned to the recent world.
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