Islam and Free Trade: The Contributions of Muslim Scholars to Modern Economic Theories

Abstract

Islamic economic ideology has exerted a profound influence on the evolution of the open market, particularly in the domains of individual property rights, unobstructed commerce, and restrained governmental interference. The Islamic doctrine pertaining to individual property rights underscores the entitlement of individuals to possess and exercise dominion over their possessions, and this fundamental doctrine has played a pivotal role in shaping the unrestrained market. Islamic economic philosophy also champions free trade, affording individuals the freedom to exchange commodities and services devoid of governmental constraints. This doctrine has contributed to the creation of a more efficient and prosperous economic milieu. Ultimately, Islamic economic thought propagates the concept of delimited governmental involvement in economic affairs. This principle affords enterprises the latitude to undertake risks, while empowering entrepreneurs to establish novel companies, both of which are integral to economic expansion. The undeniable contributions of Islamic economic thought to the maturation of the open market are incontestable. These principles have been instrumental in the establishment of a more efficient, flourishing, and vibrant economic landscape. As our world becomes progressively intertwined, it remains imperative to retain the insights gleaned from Islamic economic thought and persist in the pursuit of an equitable and free market system.

Citation

Smolo, E. (2024), "Islam and Free Trade: The Contributions of Muslim Scholars to Modern Economic Theories", Smolo, E. and Raheem, M.M. (Ed.) The Future of Islamic Finance, Emerald Publishing Limited, Leeds, pp. 49-64. https://doi.org/10.1108/978-1-83549-906-120241004