In Islamocapitalism, Turkish Muslim writer Mustafa Akyol asserts that Islam and capitalism are compatible:
The conceptual openness of Islam towards business was one of the important reasons for the splendor of medieval Muslim civilization. The Islamic world was at the heart of global trade routes and Muslim traders took advantage of this quite successfully. They even laid the foundations of some aspects of modern banking: Instead of carrying heavy and easily-stolen gold, medieval Muslim traders used paper checks. This innovation in credit transfer would be emulated and transferred to Europe by the Crusaders, particularly the Knights Templar.So central was trade to Muslim civilization that its very decline may be attributed to changes in the pattern of global trade. When Vasco de Gama rounded the Cape of Good Hope in November 1497 — thanks in part to the astrolabe, invented by Muslims — he opened a new chapter in world history, one in which global trade would shift from the Middle East and the Mediterranean to the oceans. Consequently the Arabic Middle East, which had been scorched by the Mongols two centuries before and could have never recovered anyway, entered deadly stagnation. The Ottoman Empire would excel for a few more centuries, but decline was inevitable. The loss of trade also meant the end of cosmopolitanism; this was followed by the rise of religious bigotry. While the early commentators of the Koran cherished trade and wealth as God’s bounties, late Medieval Islamic literature began to emphasize extreme asceticism.