Capitalism and Islam

Proto-capitalist economies and free markets became active during the Islamic Golden Age where an early market economy and a form of merchant capitalism took root between the 8th–12th centuries.

A vigorous monetary economy developed, based on a widely circulated currency (the dinar) and on the integration of previously independent monetary areas.

Business techniques and forms of business organisation employed during this time included:

Organizational enterprises independent from the state also existed in the medieval Islamic world, while the agency institution was also introduced.

Medieval Europe adopted and further developed many of these early capitalist concepts from the 13th century onwards.