Need to redefine Islamic finance in the light of Maqasid al-Shariah
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The history of Islamic finance began with the inception of Islam in the world. However, the modern institutionalization of Islamic finance began in the 1960s with the establishement of the first Islamic bank, Mit Ghamr in Egypt in 1963. prior to this, Islamic finance was practices in isolation at an informal level in communities where Muslims wanted to practice muamalat or commercial matters in accordance with Islamic law. These ad hoc practices were customized as pert the requirement of the societies and the benefits from these practices were enjoyed by Muslims of selected communities. When institutionalization of Islamic began, the compatibility of it with the conventional financial system was questioned at it was considered as a remote event that will not be sustainable in the world.
Islamic finance , Maqasid Shariah
Hassan, M. Kabir and Muneeza, Aishath and Sarac, Mehmet. (2021). Need to redefine Islamic finance in the light of Maqasid al-Shariah. In M. Kabir Hassan, Mehmet Sarac and Ashraf Khan (Eds.), Islamic finance and sustainable development: a sustainable economic framework for Muslim and non-Muslim countries (pp. 11-34). Cham, Switzerland: Palgrave Macmillan.