In the Middle East, the Qirad and Mudarabas institutions developed when

trade with the Levant, namely the Ottoman Empire and the Muslim Near
East, flourished and when early trading companies, contracts, bills of
exchange and long-distance international trade were established.[3] After
the fall of the Roman Empire, the Levant trade revived in the tenth to
eleventh centuries in Byzantine Italy. The eastern and western
Mediterranean formed part of a single commercial civilization in the Middle
Ages, and the two regions were economically interdependent through trade
(in varying degrees).[4]