It is important to learn our history as it instils a sense of pride. However, often the knowledge is guarded away behind institutional walls. Rizwan Rahman believes we should reclaim it, understand it, and be motivated by it.
The academic ivory towers that guard the Islamic sciences are impenetrable to the average person. Within the intellectual halls of university, debates rage on a range of issues that affect humanity in general, and communities and individuals, in specific. We, the average person, are not privy to their debates, oftentimes abstract and encroached in a language and methodology slightly too arcane and complicated for our less educated minds.
With wreathes of paper containing important research, is it acceptable, that we, the average person, are not aware of groundbreaking work? That we, the average person, are not granted access to unique perspectives and theories and historical findings that could palpably alter the way we look at the world? One only has to go onto journal sites such as Ingenta Connect and jstor to recognise the high costs of even accessing one article on our Islamic heritage; to realise that this work is not meant to be consumed by us, the average person.
We are limited rather to the shelves of books that are stocked in bookstores and
the virtual world of Amazon
, and are priced at a less prohibitive price. In terms of Islam, we are even more constrained as most good bookstores will contain only a few books on Islam. Even Islamic bookstores are not renowned for containing rigorous academic work, instead proffering, oftentimes, sim- plasticliterature, opinionated and denuded of intellectual rigour that one could see in the Arabic and Persian literature of classical scholars.
This is not to say that the proliferation of this type of literature has not been beneficial. Undoubtedly, the literature we see in the typical Islamic bookstore has done much to instil and inspire a sense of ‘Islam’ within us, the average person. Moreover, most of the literature is based upon the notion that knowledge is the cornerstone of the faith.
But the world of academic research and analysis offers profound insight that is generally closed to the average person; un- less one has the desire to seek out the knowledge available through either attend- ing university or finding purpose built in-
situation such as the British Library to satiate their thirst for knowledge. The problem, however, may not lie with the lack of opportunities to find knowledge but rather with the desire and willingness of the individual to gather it. In the hustle and bustle of the modern world, searching for knowledge outside of one’s chosen profession can often be tiring, cumbersome and toilsome. After a hard day’s work, who really wants to read the intricacies of usul al fiqh?
Thus we content ourselves with bitesize chunks of knowledge found in newspapers, the internet and the occasional book. This seems only appropriate given the rigours of working life. Hence, it would appear that the responsibility to convey the knowledge derived in universities falls upon the academicians who walk the corridors of erudition. But it would be the responsibility of us, the average person, to have the desire to seek out knowledge.
Islamic economics
Islamic heritage in all fields of study is rich, not least in economic affairs. A constant criticism by many Muslims and non-Muslims alike is that the traditional Muslim world has not sufficiently contributed to the practical fields of public and personal finance, and has little to say with regards to economic or legal theory, that is applicable to the population at large. Yet, this ignores significant literature that has hit upon topics and promulgated principles which are just as applicable to the modern age as they were to the times in which they were formulated.
Modern-day Islamic economics and finance have
done much to resurrect the thoughts of scholars from the past who can effectively contribute to the present age. In this regard, many western academics have endeavoured to push the thinking of these scholars to the fore, arguing that while their writings may not encroach in the language of economics as we know ittoday (it is unlikely you will find a classical scholar who speaks about marginal utility and the theory of the firm), they certainly articulated principles which we would regard as emanating from an economist mindset.
Reading the contemporary for knowledge of the past
An important contribution in bringing out the economic thinking of classical scholars has been by University of Idaho professor, S.M Ghazanfar. His book, “Medieval Islamic Economic Thought: Filling the Great Gap in European Economics” is a collection of essays which looks into the economic thinking of scholars such as ibn Taymiyyah and Al Ghazali. The book is important in that it contests the theory of the renowned Austrian economist, Joseph Schumpeter, who believed that there was a ‘great gap’ in economic thought between the Greeks and the appearance of Thomas Aquinas in the 13th century. Ghazanfar re- buts this thesis by showing classical scholars had an acute sense of economic issues. More importantly, what the book manages to achieve is granting its reader an appreciation of the flow of ideas and Islam’s contribution to the contemporary intellectual milieu so aggressively appropriated by the West. Pierce Butler, in support, states:
“No historical student of the culture of Western Europe can ever reconstruct for himself the intellectual values of the later Middle Ages unless he possesses a vivid awareness of Islam looming in the background.”
Certainly, western scholars ac- knowledge the philosophical contributions of Ibn Rushd (known in medieval educational institutions as Averroes) and Ibn Sina (Avicenna) but there is scarce mention of the flow of economic thought. However, when delving deeper into the works of scholars, we see an impressive grip of economic ideas though they were unlikely to categorise the study of economic behaviour as an independent and separate social science.
Dimashqi, Ibn Taymiyya and Ibn Khaldun
A perusal of the books of thinkers from the past will reveal their pe speciality. Kitab al-Ishara ila Mahasin writ- ten by Jafer Al Dimashqi, a 12th-century merchant from Damascus, has been described by scholars as being economic in tone and content. In the book, he speaks of trade and generating wealth through mercantile activities. He praises trade and explores price theory commenting on how scarcity and transport costs can affect prices. The Belgian economist Louis Baeck comments that Dimashqi ‘makes a distinction between normal periods in which market prices are based on cost of production, as opposed to periods of scarcity or over-supply, in which speculators’ drive mani- fests itself’. Dimashqi recognised that it was up to the merchant to investigate price differentials in the market, thereby recognising the importance of information dissemination in the functioning of an efficient economy. Moreover, Dimashqi commented upon the importance of the division of labour and cooperation along with a suitable means of exchange to strengthen trade. He also wrote about wealth protection and saving.
As a merchant, Dimashqi had
experience of the markets and therefore was able to appropriately analyse and as- sess. But even Islamic legal scholars have shown comprehension of market forces. As an example, Ibn Taymiyya, the conservative 14th-century jurist, is remarkable for his contributions to economic thought. He writes on a range of topics including money, property rights, wealth and poverty, distribution of income, andmonopolies amongst other economic topics.
With regards to market forces, Ibn Taymiyya believed in the free markets and was against price controls except in times of emergency and occasionally in a monopolistic market. For him, sellers had to offer a fair price and not take advantage of insufficient information flowing through the market. In this regard, only the state,
through its regulatory arms such as the muhtasib, can ensure this prevails. If a party is known to be charging exorbitant prices then according to Ibn Taymiyya, he should be punished and not be allowed to enter the market.
A host of other classical scholars such as ibn Qayyim, Al Ghazali, and the Hanafi jurist Abu Yusuf have contributed to economic thinking but perhaps the most renowned in Western scholarly circles is Ibn Khaldun. His seminal work, the Muqaddima, has been praised for its wealth and breadth of knowledge. In the book, regarded as a masterpiece, Ibn Khaldun tackles a host of subjects including the philosophy of history, the rise and fall of empires, Islamic theology, sociology, economics, anthropology, political theory and physical sciences. His main concern was analysing the social organisation of civilisations.
Consequently, economics played a significant role in his analysis. He looks at the economic development of societies and the evident rise and fall of previous civilisations. Ibn Khaldun describes how de- mand and supply increase as the dynasty grows in age. However, the increase in growth leads to luxurious living, which eventually weakens the economy, leading to deteriorating economic conditions and the eventual collapse of the dynasty. By analysing historical events, Ibn Khaldun hypothesises that the rise and fall of a dynasty occur in four or five stages. The latter stages can be characterised by high taxation rates on the population and wasteful spending. People will become overburdened leading to a decrease in public fi- nances and the eventual collapse. One could certainly argue that his theory resonates with the current economic turmoil.
Ibn Khaldun’s analysis rests upon the idea of man forming communities to facilitate personal, commercial and political relationships. By forming social organisations, there are opportunities to increase the wealth of a nation. He recognised that a division of labour and specialisation in a particular craft would lead to increased output and production over and above elemental wants creating a market economy. Consequently, a price system and exchange rates are employed where prices for goods will differ between big cities and small cities due to resource quantity. Ibn Khaldun also alludes to the elasticity of both the demand and supply of goods. The Muqaddima is not an economic textbook but it shows an understanding of concepts which were tackled by later economists. Joseph Spengler, in concluding his work on Ibn Khaldun’s economic thought comments that Ibn Khaldun’s knowledge of man’s economic behaviour:
The problem, however, may not lie with the lack of opportunities to find knowledge but rather with the desire and willingness of the individual to gather it. In the hustle and bustle of the modern world, searching for knowledge outside of oneqs chosen profession can often be tiring, cumbersome and toilsome.
“… extended far beyond the household, embracing market, price, monetary, supply, and demand phenomena, and hinting at some of the macro-economic relations stressed by Lord Keynes… one is compelled to infer from a comparison of Ibn Khaldun’s economic ideas with those set down in Muslim moral-philosophical literature that the knowledge of economic behaviour in some circles was very great in- deed, having been acquired through contact with cumulating experience, and that one must turn to the writings of those with access to this knowledge and experience if one would know the actual state of Muslim economic knowledge.”
The final point intimates that Muslim economic thought ran far deeper than has often been credited. Ibn Khaldun did not live in a vacuum and his analysis must have been influenced by his peers and teachers. It would thereby lead to the conclusion that there were many other thinkers who have broached this topic. One cannot assume that Ibn Khaldun’s work was a flash in the pan and must accept that the Islamic intellectual heritage contained a space for economic thought.
The real world
There can be no denying that Islamic legal and philosophical thought is rich, intricate and complex. The literature is vast and tackles issues that
modern scholars in these respective fields would be impressed by. There are however many people who refuse to grant the respect that is due to the Islamic intellectual heritage either reducing its impact on the modern world or relying on anachronistic viewpoints of classical scholars which may be misogynistic or militant. Yet, western academics like Wael Hallaq, Bernard Weiss, andGeorge Makidsi, amongst a long list of others,
hasshown that Islamic law and philosophy is a treasure trove of knowledge.
We have to look beyond the intellectual realm
and look at day-to-day activity in Muslim societies, realising that the Islamic world was dynamic and fruitful. It certainly had to be, with an empire, which at one point spanned from Portugal in the east to Indonesia in the west. Subsequently, the trade network that the Islamic world developed was remarkable. Maxime Rodinson, in his book ‘ Islam and Capital- ism’, argues that capitalism is not inimical to Islamic dictates. Stress is laid on the in-tense commercialisation of the economy, its monetisation and specialisation in the agricultural and manufacturing sectors. Given the perilous economic and political state of the Ottoman Empire, leading up to the revolution of 1924 – the British labelled the Ottoman Empire as ‘the sick man of Europe’ – the fact that capitalism did not take root in Muslim lands, until today, is surprising. Notwithstanding the post-colonial condition of the Muslim world, the capitalist thesis promulgated by Rodinson is supported by plenty of historical evidence. Maya Shatzmiller, a professor at the University of Western Ontario, has conducted extensive work on Islamic economic his- tory. Her current research work is onthe economic history of the Islamic world from 700 – 1000 AD, which will be both a quantitative and qualitative study of the period.
(For further information on the project, readers are advised to refer to https://sites.google.com/site/islamicecono-myuwo/) Her previous work has brought out interesting evidence about the mercantile economy of the Islamic world. She successfully shows that there was nothing intrinsic about Islamic institutions (legal, regulatory, and state) which prevented capitalistic enterprise and development. Networks were created consisting of merchants, agents and customers, which stretched across the globe. Markets were created and places like Fez, Cairo, Damascus, Samarqand, and Java amongst others were thriving marketplaces. The vibrant business arena was such that numismatic evidence is far greater than that of the Roman Empire. Piecing the evidence together, one sees a gradual but bust increase in money production and supply until the 11th century in the Islamic regions.
Looking at the labour markets, one can see a division of sectors into primary, manufacturing and tertiary, and a great deal of literacy within the labour force. For more sophisticated occupations such as political scribes, physicians, and
jurists, manuals were created to aid trainees. It leads to the theory, thatthe increase in literacy, will lead to an increase in productivity; and coupled with the trading networks that spanned across the globe, the theory holds significant weight in the Islamic world.
Conclusion
A dynamic economy naturally begets analysis and undoubtedly scholars living in major cities such as Cairo and Damascus were aware of the changes in the social, economic, and political spheres. It would result in refined analysis, and while not technical from a modern viewpoint, was certainly perceptive and erudite.
Time is progressive, and not regressive, and we are continually going forward, and not going backwards. Therefore, many would regard the study of Islamic history as without utility for the development of Islamic finance and economics but there is much to be learned from historical eco- nomic thought and activity. Moreover, delving deep into the literature will reveal more about the elaborate thinking of the scholars which could benefit the contemporary economy. Most of this literature is being scrutinized behind the hallowed walls of the university. It needs to be analysed effectively, efficiently and disseminated.
