A paper economy of faith without faith in paper: A reflection on Islamic institutional history

Histories of law and economic life in the Islamic world

“…Similarly, Lydon's work on the practices of trans‐Saharan traders suggests that while their commercial strategies had been successful for centuries, they were quickly displaced by European technology (Lydon, : 387‐388). Elsewhere, she makes a more explicitly comparative argument, stating that “the lack of faith in paper in Islamic legal systems … may have posed considerable economic constraints on the development of many early modern Muslim societies” (Lydon, : 649). The ambiguous place of paper, she argues, “serves to explain why Islamic institutions prevented the growth of ‘paper companies’ such as joint‐stock companies, as well as the development of complex and large‐scale enterprise in commerce, industry, and for obvious reasons, in the key sector of banking.” The shift from oral testimony to paper proof, she emphasizes, marked a turning point in the institutional history of Western Europe (Lydon, : 658).…”

Sport and Common Business Practices for the Sport Investor through the Lens of Islam

“…The result of this belief commitment prompts followers of the faith to firmly observe or obey Islamic instruction during their business activities managing people, products, and services. Lydon (2009) It should be noted that sport is frequently included in this social norm. For example, sport facilities are designed with praying rooms to service this purpose.…”

“…However, the work of Hamadi, Budhwar, and Shipton (2007) suggested not all Muslims proscribe to the same definitions due to cultural, tribal, political, and economic considerations. Sharia law also evolved in Arab locations and formed within a much less complicated mixture of variables because business practices were small and generally stayed small since the time of the Crusades (Foster, 2006(Foster, , 2010Kuran, 2005 (Foster, 2006(Foster, , 2010Kuran, 2005;Lydon, 2009). To contrast, colonial trading, the Industrial Revolution, and capital-based markets "combined to create advanced trading and industrial economies" in the western world and different type of governance structure to manage business activities (Foster, 2010, p. 30).…”

“…Again, as noted above, Islam desires for the creation of an ethical and fair distribution system toward improvement of social welfare. Contracts are a key tool used to help secure the future in the eyes of Islam and both verbal and written contracts are accepted if at least two men, or twice the number women, witnesses them (Ahmad, 1995;Ali, 2010;Lydon, 2009 Noticeably, the passage provided in the Quran highlights contracts are to be created in the presence of witnesses because witnesses are inseparable parts of the contracts in the eyes of Allah. Another example within the Quran showed, "Believers, when you contract a debt for a fixed period, put it in writing.…”

The Political Economy of Law and Economic Development in Islamic History

“…For the importance of the oral tradition in Muslim courts, seeLydon (2009) and Chapter 9 in this volume.…”