One of Islam's five canonical pillars is a predictable, fixed, and mildly progressive tax system called zakat. It was meant to finance various causes typical of a pre-modern government. Implicit in the entire transfer system was personal property rights as well as constraints on government—two...

The elimination of interest from financial transactions has been a salient goal of Islamization movements around the world. Its proponents have had to balance this objective, which they claim to draw from Islamic law (sharia), against consumer demand for convenient products. In general they have...

In advanced economies interest rates generally vary inversely with the borrower's socio-economic status, because status tends to depend inversely on default risk. Both of these relationships depend critically on the impartiality of the law. Specifically, they require a lender to be able to sue a...

Until the modernizing reforms of the 19th century, the Islamic waqf played a massive role in the economy of the Middle East, the Balkans, and North Africa. Formally, it was a trust founded by an individual; income from the endowed assets financed designated services in perpetuity. The largest...