Capitalism in Medieval Islam
Ṣubḥī Labīb
He who looks for the term “capitalism” in Islamic sources of Middle Ages will look vain. On other hand, “capital” has been known since beginning culture. Even Holy Book Islam, Sūrat al-Baḳara, idea capital appears connection with trade, business, and illicit practice loaning profit—usury. “O you believe, keep your duty to Allah relinquish what remains [due] from usury, if are believers. But do [it] not, then be apprised war His messenger; repent, shall have capital. Wrong not wronged.” In same Sūrah God forbids usury but Bai', trading, or buying. At another place God's commands clear way investments. devour property among yourselves by illegal methods, although may engage trading mutual consent. And kill people. Surely is merciful you.”The merchant tried follow this system ethics.
The Journal of Economic History