of the medieval Islamic world were more advanced than those of their European counterparts. Goitein wrote a multi-volume history of the Mediterranean from Geniza records, and Amitav Ghosh was inspired by a Geniza letter to tell the story of an Indian slave in his book, In an Antique Land . T HE C ENTRAL I SLAMIC L ANDS ACTIVITY Describe a morning scene in Basra. T HEMES IN W ORLD H ISTORY Towards the eastern end, caravans of Iranian merchants set out from Baghdad along the Silk Route to China, via the oasis cities of Bukhara and Samarqand (Transoxiana), to bring Central Asian and Chinese goods, including paper.
Transoxiana also formed an important link in the commercial network which extended north to Russia and Scandinavia for the exchange of European goods, (mainly fur) and Slavic captives (hence the word, slave). Islamic coins, used for the payment of these goods, were found in hoards discovered along the Volga river and in the Baltic region. Male and female Turkish slaves ( ghulam ) too were purchased in these markets for the courts of the caliphs and sultans. The fiscal system (income and expenditure of the state) and market exchange increased the importance of money in the central Islamic lands.
Coins of gold, silver and copper ( fulus ) were minted and circulated, often in bags sealed by money-changers, to pay for goods and services. Gold came from Africa (Sudan) and silver from Central Asia (Zarafshan valley). Precious metals and coins also came from Europe, which used these to pay for its trade with the East. Rising demand for money forced people to release their accumulated reserves and idle wealth into circulation.
Credit combined with currencies to oil the wheels of commerce. The greatest contribution of the Muslim world to medieval economic life was the development of superior methods of payment and business organisation. Letters of credit ( sakk , origin of the word cheque) and bills of exchange ( suftaja ) were used by merchants and bankers to transfer money from one place or individual to another. The widespread use