Islamic economics is the application of economics that incorporates the concepts of Sharia law. From the beginning of islam, friend, till now, Islamic thinking and economics have evolved. The goal of this study is to uncover the figures of Islamic economics and their contributions to its growth. The author divides Islamic economic leaders into Classical and Contemporary groups. Zaid bin Al, Ab anfah, Ab Ysuf, al-Ghazl, Ibn Taimiyah, Ibn Khladun, and Ibn Qayyim, Shah Wali Allh al-Naw, Muhammad Abduh, and Muhammad Iqbal are examples of ancient Islamic economic figures. The Iqtisaduna School (Baqir al-Sadr), the Mainstream School (Muhammad Abdul Mannan, Nejatullah Siddiqi), and the Alternative School (Muhammad Abdul Mannan, Nejatullah Siddiqi) are the three schools of contemporary Islamic economic figures.
This classical Islamic economic figure is named Taqī ad-Dīn Abu ‘l-ʿAbbās Aḥmad ibn Abd al-Ḥalīm ibn Abd as-Salām Ibn Taymiyah al-Ḥarrānī who was born in Haran in 1263 AD. His father Abd al-Halim, his uncle Fakhr, and his grandfather Majd al-Din were great people of the Hanbali school.
His family was forced to leave their homeland in 1269 AD before the Mongols approached and took refuge in Damascus. Ibn Taimiyah’s education was basically from Hambali theology. But he also studied other fiqh and other fields such as philosophy and Sufism. His knowledge of Greek and Islamic history is very broad, and other religious books, as evidenced by the variety of books he wrote. His contribution in the field of Islamic economic thought.
He breathed his last on September 26, 1328 AD (20 D ulqa’dah 728 H) experiencing harsh conditions for five months. The whole country mourns. Schools, shops, inns and markets were closed to mark his death. His thoughts in the field of economics have been studied by many contemporary Muslim scholars, including Abdul Azim Islahi, entitled Economic Concept of Ibn Taimiyah.
Adam Smith’s contributions and ideas through his book The Wealth of Nation
– By the 18th century many famous economists appeared in England like Adam Smith who is one of the leading figures in economics and philosophy.
– He is famous through his book “The Wealth of Nations”.
Contents of His Book :
1. The Idea Of free Trade – Laissez -Faire
-Through his book Adam Smith has already sparked the idea of free trade -laissez -faire
– According to him, the government should not interfere in economic and trade affairs.
– The doctrine of laissez faire was developed by Adam Smith in England by establishing the School of Political Economy
– The idea of free trade propagated by Adam Smith caught the attention of economists such as Ricardo and Thomas Maltus.
2. Criticize The Basis Of Mercantilism
– Adam Smith criticized the economic policies of mercantilism practiced by nation -states in Europe
– He rejected the actions taken by the nation -state to control the colony.
– The act of controlling the colony politically will increase the burden of the parent country from financial problems.
3. Absolute Benefits
– In his work Karl Mark advocated a theory known as absolute benefit.
– According to him, it is impractical for a country to produce climate change products that can be found cheaply elsewhere.
– He urged a country to specialize in the production of goods that have absolute benefits
– Karl Mark also argues that absolute benefits can also be due to climate and soil structure. Read regarding Nft crypto news.