Answer:
Trade and commerce: Islamic lands were situated in a strategic location at the crossroads of trade routes between Europe, Africa, and Asia. This made trade and commerce a crucial part of the economy, with cities such as Baghdad, Cairo, and Damascus becoming major commercial centers.
Agriculture: Despite the growth of trade and commerce, agriculture remained a crucial part of the economy in Islamic lands. The development of new irrigation techniques and the introduction of new crops from other regions helped to increase agricultural productivity.
Currency and banking: The Islamic world developed sophisticated financial systems, including the use of paper money and bills of exchange, which facilitated long-distance trade. The concept of banking was also developed, with early forms of interest-based lending (known as "riba") becoming common.
Manufacturing and handicrafts: Textile production, metalworking, and ceramics were among the main industries in Islamic lands. Many cities developed specialized markets for particular crafts, such as the textile markets of Aleppo and Cairo.
Science and technology: Islamic scholars made significant contributions to fields such as mathematics, astronomy, and medicine, which helped to drive economic development. For example, innovations in mathematics led to new techniques for calculating interest and managing financial transactions.
Overall, the Islamic economy during the Middle Ages was characterized by a combination of trade, agriculture, finance, manufacturing, and scientific innovation.
Step-by-step explanation: