What it takes to embrace Islamic finance
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The question we hope to answer is what are the preconditions needed to embrace Islamic Finance? The term Islamic Finance must be underlined by Shariah, otherwise there is no Islamic Finance. It encompasses banking, insurance (takaful) wealth planning, capital and money markets. In fact, it includes also the personal, public and corporate finance. In fact, it also includes international finance. Shariah is essentially the Islamic law that covers all aspects of life for Muslims. Its main objective is to provide what is good and beneficial to society and prevents what is harmful and bad for society. This is only achievable by commanding what is good and forbidding what is evil. It is to create a just and fair environment for all. Justice and fair dealings is the ultimate objective.
islamic finance , Role of Shariah , Contracts
Alhabshi, Syed Othman. (2010, August 5). What it takes to embrace Islamic finance. Paper presented at The Role of Education Institution on Developing Islamic Finance: Opportunities and Challenges, at Universitas Padjadjaran, Bandung Indonesia.