Economic Thoughts of Shah Wali Allah: A Study of his Theory of Al-Irtifaqat

Shah Wall Allah stands in the Indian subcontinent's history as a link between medieval and modem Islamic thought. Through his writings on various ShurVah sciences, he brought about a revolution in the Muslim mind, one that continues to inspire his readers even today. Focusing on the economic problems of his time, he reflected upon the economy's applied aspects and such theoretical issues as a person's basic occupation, the need for a division of labor, the nature and function of money, and undesirable economic practices. He also analyzed riba' al-facll (interest in terms of quantity) and riba' ah (interest of terms of time of delivery) in economic terms and emphasized the need and importance of having a full treasury (to ensure that the government sufficient funds to meet its obligations to its inhabitants during times of war and peace). In addition, he formulated a theory known as al-htFrqat (the stages of socioeconomic development). Starting from primitive village life and ending with an international community, he divided society's socioeconomic development into four stages, the first of which is dominated by simple economic struggle and the last of which is developed to maintain a just political order on the international level in order to safeguard the various states' socioeconomic interest and establish mutual peace and justice. All of his economic ideas revolve around and arc related to his concept of irty'aqat.