A critical study on Shari'ah compliant and Shari'ah based products in Islamic banking

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This paper aims at analyzing the concept of Shari'ah compliant and Shari'ah based products in existing Islamic banking Institutions. The paper would shed more lights on the differences between both concepts. The main argument which is premised on the notion that the products may be Shari'ah compliant but not fully Islamic is vehemently deficient due to the fact that if the product is Shari'ah compliant and is less Islamic, then it is basically contrary to proper and true concept of Shari'ah. It is incontrovertible that Shari'ah is the system of law based on the commandment of Allah and the submission to such law would permit someone to be recognized as "Muslim" A believer in Islam. However, such kind of contradictions certainly shows the presence of shortcomings in such products, or in process of making them compliant to Shari'ah. Therefore, this study is a qualitative design, which addresses lacuna of the idea of Shari'ah complaint may be of less Islamic ethics. It will also examine the approach used by the Prophet peace be unto him- to reform the financial systems during his era. The paper will conclude by offering four alternative approaches on Shari'ah compliant parameters viz.; 'Aqd approach, Maqasid approach, Reporting approach, and Legal documentation of contract approach. In addition, this paper will explains the relationships among the various approaches, as some stand as dependent parameters, while the other stand as independent parameter. The study will offer suggestions for future research.
Shari'ah compliance , Shari'ah base , Products
Mikail, Sa'id Adekunle and Arifin, Mahamad. (2013). A critical study on Shari'ah compliant and Shari'ah based products in Islamic banking. Journal of Islamic and Human Advanced Research, 3 (4), pp. 168-189.
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