Waiting for a Breakthrough in the Islamic Financial System

Wednesday, 22 April 2015 15:10

Waiting for a Breakthrough in the Islamic Financial System

Written by Hafas Furqani

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)

Published in Economic, Finance, Zakat & Awqaf

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Hafas Furqani

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