A Study on the Impact of Islamic Thought on Global Commerce and Trade

Abstract

Islam is one of the major global religions with over a billion followers living in all parts of the globe. The rise of Islam also coincided with the rise of several medieval trade routes spanning Asia, Africa and Europe including the famed Silk Route. Islam puts great emphasis on trade, commerce and mercantile exchanges and even the prophet Muhammad (PBUH) was a merchant. The Holy Qur'an contains as many as 1400 verses referring to economic issues, much more than any other holy book. Islam lays down very clear and practical rules and regulations as to how trade and business should be conducted. Several ethical issues relating to trade are dealt with in great detail and simplicity. Islam spread throughout Asia and Africa through trade and commerce between the people. Thus, it can be inferred that Islam has had a major impact on global trade and commerce since the medieval times. The principles and guidelines given in the Qur'an are as relevant in contemporary times as they were a thousand years back. This paper attempts to throw light on the influence of Islam on trade, commerce and finance and how the rules mentioned in the Qur'an and Hadith can play a major role in establishing a prosperous society.