There are two basic approaches to Islamic economics and finance: Shari' ah compliant and Shari'ah based. The former is relatively easy and therefore dominates. It involves looking at the West for viable economic or financial institutions and instruments. After identifying these, it reverses engineering and dismantles them into their essential components. This is followed by the introduction of additional transactions, trying to make each component comply with the Shari'ah. It can then claim to have invented a new instrument that is Shari'ah compliant.
Islamic economics , Finance , Shari'ah compliance
Cizakca, Murat. (2010). Introduction. In Amer Al-Roubaie & Shafiq Alvi (Eds.), Islamic banking and finance: critical concepts in economics, Volume 1 (pp. 11-14). Abingdon, Oxon: Routledge.