Editing Islamic economics (section)

===Fiqh and Islamic economics===
Fiqh (religious law) has developed several traditional concepts having to do with economics. These included:
* ''[[Zakat]]'' – the "[[charity (practice)|charitable]] taxing of certain assets, such as [[currency]], [[gold]], or [[harvest]], with an eye to allocating these taxes to eight expenditures that are also explicitly defined in the Quran, such as aid to those in need."
* ''[[Gharar]]''—"uncertainty". The presence of any element of excessive uncertainty, in a [[contract]] is prohibited.
* ''[[Riba]]''—"referred to as [[usury]] (modern Islamic economists reached consensus that Riba is any kind of interest, rather than just usury)"<ref>{{harvnb|Roy|1994|p=[https://archive.org/details/failureofpolitic00royo/page/132 132]}} is prohibited.</ref>

Another source lists "general rules" include prohibition of ''Riba'', ''Gharar'', and also  
*''[[Qimar]]'' (gambling)<ref name="tabari" />  and
*the encouragement of ''[[Taa’won]]'' (mutual cooperation),<ref name="tabari" />
*"the overriding doctrine of fairness in commercial dealings is established."<ref name="tabari" />

These concepts, like others in Islamic law, came from study of the [[Quran]] and [[Hadith|ahadith]].   

In addition to [[Quran]] and [[Hadith|ahadith]], sometimes other sources such as ''[[al-urf]]'' (custom), or ''al-[[ijma]]'' (consensus of the [[Ulama|jurists]]) are employed,{{sfn|Schirazi|1997|p=170}} to create laws that determine whether actions were [[Haram|forbidden]], [[Makruh|discouraged]], [[Mubah|allowed]], [[Mustahabb|encouraged]] and [[Fard|obligatory]] for Muslims. The different school of fiqh (''[[madhhab]]'') vary slightly in their rulings.

Works of fiqh are typically divided into different "books" such as a Book of ''[[Iman (concept)|Iman]]'', of ''[[Salah]]'', ''[[Zakat]]'', ''[[Taqwa]]'', ''[[Hajj]],'' but not `economics` or `economy`.<ref name="roy-133"/> Some brief works might contain almost nothing related to matters of property, sales, finance {{#tag:ref|such as ''The Essential Hanafi Handbook of Fiqh'' by Qazi Thanaa Ullah).<ref>''Essential Hanafi Handbook of Fiqh'' A Translation of Qazi Thanaa Ullah's Ma La Budda Minhu, by Maulana Yusuf Talal Ali al-Amriki, (Kazi Publications, Lahore, Pakistan)</ref>|group=Note}} Others do not gather questions on economic issues in one heading, the case in ''Tawzih al-masa'il'', a work of [[fatwa|fatawa]] by Ayatollah [[Ruhollah Khomeini]], who although a pioneer of [[political Islam]] approached the subject of economy {{blockquote |text=as the classical ulamas do ... the chapter on selling and buying (''Kharid o forush'') comes after the one on pilgrimage and present economic questions as individual acts open to moral analysis: `To lend [without interest, on a note from the lender] is among the good works that are particularly recommended in the verses of the Quran and in the Traditions.`<ref name="roy-133"/> |author=Ruhollah Khomeini |source=''Tawzih al-masa'il'', p. 543}}
Other works divided the subjects of fiqh into four "quarters":{{sfn|Jaliz|Ramli|Shahwan|2014|p=8}} typically worship (al-`Ibadat), marriage and family law (al-Munakahat), criminal law (Jinayat), commercial transaction law (''[[Muamalat|Mu'amalat]]'').<ref name="ODI-muamala">{{cite web|url=http://www.oxfordislamicstudies.com/article/opr/t125/e1564?_hi=0&_pos=4953|archive-url=https://web.archive.org/web/20150412120009/http://www.oxfordislamicstudies.com/article/opr/t125/e1564?_hi=0&_pos=4953|url-status=dead|archive-date=April 12, 2015|title=The Oxford Dictionary of Islam. Muamalat|website=Oxford Islamic Studies Online|access-date=25 January 2015}}</ref> At least one author (M. Kahf) writes that ''Mu'amalat'' is "closely related" to Islamic Economics.{{sfn|Kahf|2003|p=46}} (However even with the "quarters" division of fiqh topics ''mu'amalat'' would not include inheritance or wedding dower (''[[mahr]]'') (which at least often comes under marriage and family law),<ref>{{cite web|last1=Hassan|first1=Mohamed Fadzli|title=INTRODUCTION TO USUL AL-FIQH |url=http://ufaoil.blogspot.com/2008/02/introduction-to-usul-al-fiqh.html|access-date=6 April 2017|date=10 February 2008}}</ref><ref>{{cite web|last1=Wan Yussof|first1=Wan Nor Aisyah|title=The Originality of Qard and its Implication on the Loan Theory: Does Intention Matter?|url=http://jams92.org/pdf/MSJ04/msj04(013)_wannoraisyah.pdf|website=jams92.org|access-date=6 April 2017|page=13|quote=Fiqh al-Munakahat: it deals with marriage, divorce, inheritance, guardianship and related matters}}</ref> or calculation of alms (''[[zakat]],'' which comes under ''al-`Ibadat'')).

A number of scholars ([[Olivier Roy (professor)|Olivier Roy]], [[Timur Kuran]], Omar Norman) have noted the recentness of reflecting on economic issues in the Islamic world,{{sfn|Kuran|2004|p=x}}<ref name="roy-133"/><ref name="norman-74" /> and the difference between economics the social science based on data, and Islamic jurisprudence based on revealed truth.

Salman Ahmed Shaikh and Monzer Kahf insist on a clear distinction between the roles of ''Fiqh'' and Islamic Economics, Shaikh saying <blockquote>to be meritorious as a separate field of inquiry, Islamic economics cannot confine itself just to explaining and deducing laws in economic matters based on core principles. Since this function is already performed by the discipline of Islamic jurisprudence ...<ref>{{Cite web|url=https://islamiceconomicsproject.wordpress.com/2014/03/11/difference-between-islamic-economics-and-islamic-law/|title=Difference between Islamic Economics and Islamic Law|last=Shaikh|first=Salman Ahmed|date=2014-03-11|website=Islamic Economics Project|access-date=2017-04-06}}</ref> </blockquote>
M. Kahf writes that ''mu'amalat'' and Islamic economics "often intermingle",{{sfn|Kahf|2003|p=47}} ''mu'amalat'' "sets terms and conditions of conduct for economic and financial relationships in the Islamic economy" and provides the "grounds on which new instruments" of Islamic financing are developed,{{sfn|Kahf|2003|p=46}} but that the "nature of ''Fiqh'' imposes a concern about individual transactions and their minute legalistic characteristics", so that analyzing Islamic economics in terms of ''Fiqh''" risks losing "the ability to provide a macro economic theory".{{sfn|Kahf|2003|p=49}}

According to economist Muhammad Akram Khan the "main plank" of Islamic economics is the "theory of riba", while "another landmark" is [[zakat]], a tax on wealth and income.{{sfn|Khan|2013|pp=xv-xvi}} According to another contemporary writer Salah El-Sheikh, "Islamic economic principles"  (what he calls a "FiqhiConomic model") utilize the [[Faqīh]] (Islamic jurisprudence) as supporting material, but are grounded upon the ethical teachings within the Qu'rān.  Sharīah's basic tenets involve gharar and (fadl māl bilā 'iwad). Gharar insists all knowledge about a trade or transaction is known before two individuals complete a transaction and (fadl māl bilā 'iwad) warns against unjustified enrichment through trade and business. These tenets were "among the first economic regulations" and their philosophy can be seen today in modern Capitalism.  Within Sharīah, El-Sheikh states, Gharar functions as a divine deterrent against asymmetric information and allows trade to prosper. Riba, ensures each transaction is conducted at a fair price, not allowing one party to benefit exceedingly, which shares a parallel philosophy with Karl Marx "Das Kapital": seeking a greater outcome for the community.<ref>{{cite journal |last1=El-Sheikh |first1=Salah |title=The Moral Economy of Classical Islam: A FiqhiConomic Model |journal=The Muslim World |date=2008 |volume=98 |issue=1 |pages=116–144 |doi=10.1111/j.1478-1913.2008.00213.x}}</ref>