“Iqtiṣād”(1908–1913), the First Islamic Economics Magazine: A Rediscovered Legacy of the Tatar Muslims

“Iqtiṣād”(1908–1913), the First Islamic Economics Magazine: A Rediscovered Legacy of the Tatar Muslims

Senior Islamic Finance Specialist, IsDB Institute

1. Introduction

The development of Islamic finance in Russia is often viewed through weak contemporary initiatives and shy legal reforms. Yet, its foundations trace back to earlier intellectual and institutional efforts by Muslim Tatar scholars during the Tsarist era. Long before the concept of “Islamic finance” entered the modern vocabulary, the Tatar Islamic press had already laid the groundwork by engaging with key economic, ethical, and institutional questions that would later define this field.

In the early 20^th century, Tatar Jadid reformist intellectuals believed that the advancement of Russian Muslims required not only educational renewal but also economic empowerment. Despite ideological diversity, Jadid thinkers believed in the power of the press to spread reformist ideas, especially those concerning trade, banking, finance, economic justice, wealth distribution, banking practices, and the compatibility of economic tools with Islamic law. Their engagement with these issues was not abstract: it was tied to a broader vision of societal revival grounded in Islamic ethics and responsive to modern challenges. This historical engagement offers valuable insights into how contemporary Islamic finance in Russia might reclaim and build upon a local intellectual tradition, rather than import models developed elsewhere.

This intellectual foundation reveals that the principles of Islamic economics have long been part of Russia’s Muslim discourse, especially among Tatar scholars. Their contributions, embedded in the Jadid press, reflect a sophisticated understanding of aligning religious values with modern economic realities. Reviving this legacy is not only an act of historical recognition but also a strategic resource for shaping contemporary Islamic finance. Grounding today’s development efforts in this tradition can foster models that resonate with Russian Muslim identity and social conditions, ensuring both legitimacy and sustainability.

Jadid thinkers sparked the Tatar press boom around 1905. Their pre-Bolshevik Islamic periodicals like Shūrá, al-Dīn wa-al-Adab and al-Iṣlāḥ extensively covered economic issues relevant to the Tatar community^[1].  However, Iqtiṣād stood out as the first Islamic economic magazine for Muslims in Russia – and arguably the first of its kind globally – with no known counterpart in the Arab, Indian, or Turkish press.

2. Editorial information on Iqtiṣād

Muhammad-Fatih Murtazin (1875–1938), an Imam in Samara and alumnus of Kazan’s “Marjaniyya” madrassa^[2], founded, edited, and published Iqtiṣād. Alongside his religious and editorial work, he also served on the Samara Credit Bank’s Board of Directors^[3].

Published in Tatar with Arabic script, the magazine circulated widely across Muslim-populated areas like Kazan, Astrakhan, Ufa, and Orenburg^[4]. Although based in Samara, it was printed at “Karimov, Khusainov and Co.” in Orenburg, due to the local shortage of Arabic-type printers^[5].

Photo 1: Photo of the Editor in Chief, Muhammad-Fatih Murtazin

3. Formal description of Iqtiṣād

Published from 1908 to 1913, Iqtiṣād produced 46 editions across 51 numbered issues, totaling around 1,578 pages. Despite occasional combined issues, it maintained a consistent structure, with sections on economy, trade, production, agriculture, public affairs, letters, and ads, dedicating over half its content to economic topics.

Photo 2: Second page showing the magazine’s general plan

4. Brief Analysis of Iqtiṣād’s content

Contributors to Iqtiṣād showed broad intellectual exposure, introducing readers to Greek philosophers like Aristotle, Plato, and Xenophon, and 18^th–19^th century European economists such as Adam Smith, John Stuart Mill and Jean-Baptiste Say[6]. Topics were framed through Tatar life and Islamic law, creating a unique doctrine merging classical economic theory with Sharia, thus forming a new Islamic economic doctrine. The magazine sought to modernize the economic and financial culture of Muslims in Russia.

The debut issue’s first article, Maqṣad wa-Maslak (“Objective and Methodology”), outlined this vision: “raising Muslim awareness of their economic condition, providing scientific knowledge in commerce, agriculture, production, and industry, demonstrating methods for national wealth allocation, and promoting happiness and progress”^[7]. It affirmed political neutrality, pledging to approach all issues economically and “weigh them in the balance of the sharīʿah”^[8].

Photo 3: First article of the first number.

Though Iqtiṣād‘s content has yet to undergo in-depth study, a preliminary analysis can be made from article themes and titles. I. Zaripov categorized its economic content under key sections^[9]:

• Relations between the Islam and the economy[10]
• Bank-related issues and proposals for a Muslim bank[11]
• Economic conditions of Muslims in various Russian regions[12] and abroad[13]
• Islamic opinions on shares, bonds, debts, loans[14]
• Insurance[15]
• Ethical issues in Islamic economy[16]
• Religious-legal rulings on new products, materials, and technologies[17]
• Education issues[18]

A special emphasis was placed on banking and credit. Iqtiṣād described banks as “the heart and blood vessels of economic life”[19] and was among the first to introduce the concept of an “Islamic bank”[20].

The magazine’s focus on banking reflected the growth of mutual credit societies in Russia, early forms of mutual banks offering short-term business loans[21]. Some contributors defended these companies’ Sharia compliance and encouraged Muslim participation[22]; others, however, advocated for a distinct Islamic banking model[23]. Muslim engagement with mutual banking is evidenced by Iqtiṣād’s editor, M. Murtazin, who served on the board of such a bank[24].

 Photo 4: Board of Directors of Samara Mutual Credit Bank, with shaykh M. F. Murtada on the far left

Photo 5: Cover of the last edition of Iqtiṣād

5. Conclusion

Not all ideas proposed by Iqtiṣād were realized. The 1917 Revolution abruptly halted the economic and theological development of Muslim Tatars and destroyed the national bourgeoisie, the magazine’s main audience capable of implementing its vision^[25]. Yet, Iqtiṣād was not purely theoretical; it analyzed mutual banking practices emerging in Russia before the Bolshevik takeover.

This article highlights the magazine’s importance as a milestone in Islamic economic thought and law. It offers a valuable starting point for uncovering the early economic thought of Muslim Tatar scholars and their role in shaping early Islamic finance practice.

I strongly recommend translating Iqtiṣād into Arabic as a strategic project to uplift Muslim morale in Russia and inspire development in the country’s Islamic banking and finance sector. Such a translation would not only preserve this valuable intellectual heritage but also enable a deeper analysis of the magazine’s content. In turn, it could pave the way for further scholarly inquiry into the contributions of Muslim Tatar scholars, situating their writings within the broader historical, social, and economic contexts of the early 20^th century. Comparative studies could also explore how their ideas intersect with contemporary Islamic economic thought, and assess the extent to which their legacy might inform the evolution of Islamic banking and finance in Russia, both conceptually and in practice.