The Economic System of the Early Islamic Period
Institutions and Policies

Authors: Seyed Kazem Sadr



This book provides an economic analysis of the earliest Islamic society, focusing on the policies of the Messenger of Islam (Sawa) and his successors during the first four formative decades of Islam. Two institutions of great importance – the market and the public treasury (Baitul Mal) – and their roles in the development of the private and public sectors are particularly emphasized in this study. The first part of the book is devoted to the economic and cultural dimensions of life in the Arabian Peninsula during the pre-Islamic period, including an analysis of trade and financial relationships with the Roman and Persian economies; the challenges faced by the Messenger’s mission and the economic policies of the Messenger after the migration to Madinah are also examined in detail. The author then moves on to a devoted analysis of the nature and functions of the public treasury, its revenues and expenditures, as well as financial and fiscal policies. Also examined is the role of the public sector in maintaining equilibrium in the financial and real sectors, as well as in promoting economic growth and employment. Analysis of the institution of the market, its characteristics, and its functions during the earliest Islamic period constitutes the third section of the book. The behaviors of consumers, producers, and investors in an economy without an interest rate mechanism are also addressed here. The final section investigates the fundamental objective of Islam for human societies – that is, justice – within the context of discussions in earlier parts of the book. The author uses historical economic data, facts, and evidences that are reported from the period, both prior to and after the establishment of the Islamic State, to explore the economic relations, policies, and models that were in practice and applied at that time.

Table of contents

Front Matter
Pages i-xxi

Arabian Peninsula in the Eve of the Introduction of Islam
Front Matter
Pages 1-1
The Economic and Cultural Situation of the Arabian Peninsula prior to Islam
Pages 3-21
Invitation to Islam
Pages 23-35
Migration of the Holy Prophet (SAAS) to Madinah and the Formation of an Islamic State
Pages 37-66

Public Treasury and Public Finance
Front Matter
Pages 67-67
The Public Treasury (Baitul Mal) and the Governing System
Pages 69-88
Fiscal Policies in Early Islam
Pages 89-133
Money and Finance in the Early Islamic Era
Pages 135-158

Market and the Private Sector
Front Matter
Pages 159-159
The Markets in the Early Islamic Era
Pages 161-185
Consumption Theory
Pages 187-207
Production Theory
Pages 209-220
Exchange
Pages 221-243
Investment and Saving
Pages 245-267

Justice
Front Matter
Pages 269-269
Efficiency and Justice
Pages 271-296

Back Matter
Pages 297-311

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