Islamic banking is a modern phenomenon; however, its roots go deep into history with its principles primarily derived from the Quran. An early market economy developed in the Islamic world between the eighth and twelfth centuries, which was based on an early form of mercantilism, sometimes called Islamic capitalism.
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- 1.
Muslim traders are known to have used the check or sakk system since the time of Harun al-Rashid of the Abbasid Caliphate in the ninth century.
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Basov, S., Bhatti, I. (2016). The Historical Roots and Evolution of Islamic Financial Thought. In: Islamic Finance in the Light of Modern Economic Theory. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-28662-8_3
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DOI: https://doi.org/10.1057/978-1-137-28662-8_3
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Publisher Name: Palgrave Macmillan, London
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