- This is a sub-article of Islamic economic jurisprudence and Muslim world.
Between the 8th and 12th centuries, the Muslim world developed many advanced concepts, techniques and use in production, investment, finance, economic development, taxation, property use such as
Hawala, an early informal value transfer system, Islamic trusts known as
waqf, systems of
contract relied upon by merchants, a widely circulated common currency,
cheques,
promissory notes, early contracts, bills of exchange, (mufawada), advanced agricultural techniques, high literacy rates, and enlightened capture and use of slaves.