Wednesday, 22 April 2015 15:10

Waiting for a Breakthrough in the Islamic Financial System

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The recent development of Islamic banking and finance (IBF) in its practice as well as its discourse has been dominated by technical/operational issues; i.e., how to produce financial products or contracts that are compliant with Islamic law (usually known as Shari‘ah compliant). Many view this stage as a seamless continuation of the early three decades (1960’s-1980’s) of IBF’s development, in which the scholars and practitioners laid its philosophical and conceptual foundations. Some, however, do not view the impressive development in a relatively short period as a natural progression from the pioneering stage. Thus many questions have been raised about the Islamicity of IBF and the nature of its progress..................Download the full article in pdf attachment (below)