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  • Abstract - History of Islamic Finance NCHE 2019

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    Hashir Mansoor Jadoon
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    Islamic banking and finance is often seen as a new field derived from conventional banking, but this paper argues it has deep historical roots. During periods of Islamic rule from the 7th century to the 12th century, during the Ottoman Empire, and in South Asia, Muslims developed a sophisticated financial system based on Sharia principles with practices in banking, trade, treasury management, and financial instruments. Contrary to common perceptions, the review finds Islamic banking concepts predate modern conventional banking and that Islamic finance has a long historical tradition, not a novelty derived from contemporary systems.

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    it is an overview of research paper about the history of Islamic banking.

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    Abstract -History of Islamic Finance NCHE 2019

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    Islamic banking and finance is often seen as a new field derived from conventional banking, but this paper argues it has deep historical roots. During periods of Islamic rule from the 7th century to the 12th century, during the Ottoman Empire, and in South Asia, Muslims developed a sophisticated financial system based on Sharia principles with practices in banking, trade, treasury management, and financial instruments. Contrary to common perceptions, the review finds Islamic banking concepts predate modern conventional banking and that Islamic finance has a long historical tradition, not a novelty derived from contemporary systems.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    11 views1 page

    Abstract - History of Islamic Finance NCHE 2019

    Uploaded by

    Hashir Mansoor Jadoon
    Islamic banking and finance is often seen as a new field derived from conventional banking, but this paper argues it has deep historical roots. During periods of Islamic rule from the 7th century to the 12th century, during the Ottoman Empire, and in South Asia, Muslims developed a sophisticated financial system based on Sharia principles with practices in banking, trade, treasury management, and financial instruments. Contrary to common perceptions, the review finds Islamic banking concepts predate modern conventional banking and that Islamic finance has a long historical tradition, not a novelty derived from contemporary systems.

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    © All Rights Reserved
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    of 1

    The Evolution of Islamic Banking and Finance: An Historic Perspective

    Hashir Mansoor Jadoon, Seemi Naveed, Maryam Sheraz, M Amir Shakoor, Afqar Ismail1
    Dr. Jamil Anwar2

    Abstract

    The contemporary thought about Islamic Banking and Finance (IBF) is based on the perception
    that this is an infant field and is the offshoot of the matured conventional financial system. This
    thinking has overshadowed the practices of financial transactions and its system prevalent during
    the golden era of Islamic history which was rich in the creation and application of knowledge
    including financial system. The purpose of this research paper is to dispel this novelty by
    reviewing the literature on financial system, financial transactions, international trade, treasury
    management, revenues generations, and financial instrument during the three periods of Islamic
    dominations: from the advent of Islam till 12th century; during Ottoman Empire; and during
    Muslims rule in subcontinent. The review shows that Muslims had a well-established financial
    system based on the Sharia guidelines. In fact, most of the modern day banking concepts are
    derived from the practices of Muslims. The study finds that Islamic banking and finance is not
    driven from conventional system but it is otherwise.

    Key Words: History; Islamic Banking and Finance; Riba; Financial System

    1
    MS Scholars of Banking and Finance at Department of Management Sciences, COMSATS University, Abbottabad
    2
    Assistant Professor, Department of Management Sciences, COMSATS University, Abbottabad

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