PRESENTATION OUTLINE
Banking stimulated the commercial Islamic economy. Operated on a much larger scale and provided a more extensive range of services than their predecessors.
Lent money to ontrapaneurs also served as brokers for investments and exchanged different currencies.
Established multiple branches that honored letters of credit known as Sakk. The root for the modern word for check drawn on the the note.
Trade benefits from techniques of business organization.
As in the case of banking ,and were precedents for these techniques in the classical meditteranian society.
Increasing volumes of trade enabled ontrapaneurs to refine their methods of organization.
As a result of Improved transportation, expanded banking service, and refined techniques of business organization, long distance trade surged through the early Islamic world.
Muslim merchants delt in silk from china, spices from India, and jewelry from the Byzantine empire.
Merchants also ventured beyond settled societies in China,mIndia, and the meditteranian basin to distant lands that previously had not engaged systematically in long distant trade.
They engaged in trade with Russia and Scandinavia by way of the Dnieper and Volga rivers and obtained high value commodities such as animal skins, furs, honey, amber, slaves, as well as bulk goods such as timber and livestock.
The vigorous economy of the Abbasid empire helped established networks of communication and exchange through much of the Eastern hemisphere.
