An early market economy and an early form of mercantilism were developed between the 8th-12th centuries, which some refer to as "Islamic capitalism. The monetary economy of the period was based on the widely circulated currency the dinar, and it tied together regions that were previously economically independent.
A number of economic concepts and techniques were applied in early Islamic banking, including bills of exchange, partnership (mufawada) such as limited partnerships (mudaraba), and forms of capital(al-mal), capital accumulation (nama al-mal),cheques promissory notes, trusts (see Waqf transactional accounts, loaning, ledgers and assignments. Organizational enterprises independent from the state also existed in the medieval Islamic world, while the agency institution was also introduced during that time.Many of these early capitalist concepts were adopted and further advanced in medieval Europe from the 13th century onwards.
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