Mohammedan Theories Of Finance

STUDIES IN HISTORY, ECONOMICS AND PUBLIC LAWEDITED BY THE FACULTY OF POLITICAL SCIENCEOF COLUMBIA UNIVERSITYVolume LXX Whole Number L66MOHAMMEDAN THEORIESOF FINANCEWITH ANIntroduction to Mohammedan Lawand a BibliographyBYNICOLAS P. AGHNIDESB. L. ConstantinoplePH.D. ColumbiaCOLUMBIA UNIVERSITYLONGMANS, GREEN CO., AGENTSLONDON: P. S. KING SON, LTD.1916THE FACULTY OF POLITICAL SCIENCE OFCOLUMBIA UNIVERSITY, NEW YORKPREFACETHE raison detre of this dissertation is found in the intrinsic interest of its subject and in the fact that this subjectup to the present time has never been treated in its entiretyand for its own sake. There is indeed some literaturebearing upon it in European translations of Mohammedan legal textbooks, but the treatment of finance in thesetextbooks is naturally terse and incidental and covers buta portion of the entire subject. Hamiltons English translation of the Hidayah is a case in point. The few chaptersin it bearing on finance are at times very inaccurate adefect explained by the fact that the translation was madefrom a Persian translation of the original Arabic insteadof direct from the originaland lack all historical perspective. Moreover, they do not give a full insight into thearguments invoked in support of the particular views. Thetranslations into the othg European languages unfortunately cannot lay claim to rstter perfection, the chief difference among them .being their varying degree of accuracy.In this dissertationmatbempt has been made to give acomprehensive exposition of the Mohammedan financialtheories in their entirety with especial emphasis when possible on the reasons underlying them. To this end all theavailable primary sources have been used andthe divergentviews which they contain frequently cited. A body ofancient theories, however, no matter how fully set forth, would convey but little meaning to the modern mind, unlessthe origin of those theories were indicated and their practicalbearings pointed out. These two last needs are met byPREFACEParts I. and III, Part IL being devoted to the theoriesthemselves.The general purpose of Part I. is to explain the termsand concepts of Part II. More particularly, with a viewto settling the question of the origin of Mohammedanfinancial theories, it attempts to determine the degree towhich those theories, as a matter of theoretical possibility, were subject to foreign influences. Its title, Introductionto Mohammedan Law, seems at first blush to bear norelation to these purposes. The connection, however, becomes at once clear when it is remembered that Mohammedan financial theory is but an integral part offiqh or Mohammedan law in general. An explanationof the origin of fiqh is, therefore, also an explanation ofthe origin of Mohammedan financial theory. Accordingto the Mohammedan doctors fiqh has been derived from therevealed sources of the Koran and the Prophetic conductor sunnah exclusively, in conformity with a body of principles called usulalfiqh. This construction would seem topreclude any foreign influence in the development ofMohammedan law.