Munich Personal RePEc Archive

The Legacy of Muhammad Hamidullah in Islamic Economics

Islahi, Abdul Azim (2017): The Legacy of Muhammad Hamidullah in Islamic Economics.

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Abstract

Dr. Muhammad Hamidullah is famous for his French translation of the Qur'an, and well-known for discovery, editing and bringing in light a number of rare and invaluable hadith manuscripts. He is also rightly acknowledged for his ground-breaking research works on international Islamic law, biography of the Prophet (peace be upon him), Islamic politics and archival heritage of Islam. A less known but significant aspect of his contribution is his pioneering works on Islamic Economics. Spread over more than fifty years he wrote scores of papers in English, Urdu, Arabic, French and Turkish. In fact it was he who coined the term "Islamic Economics" by which this discipline is known worldwide today. Many firsts in this subject belong to him. For instance: the first and the earliest record of the interest-free financial institution in the modern period, advocacy of mutuality as the basis for Islamic insurance, mutuality based Islamic finance, proposal for establishment of international interest-free monetary fund, federation of currencies for Muslim countries, etc. He also focused on topics such as nature of Islamic economic system, critiques of capitalism and communism, insurance, zakah and public finance, money and banking, partnership and equity finance, production and distribution, labor relations, et cetera. The present paper aims at introducing this aspect of his contribution and his legacy in Islamic economics.

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