Risk sharing as the epistemological foundation of Islamic finance
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Epistemology is defined as the theory of the method or grounds of knowledge. Simply stated, it deals with the question of what we know about a phenomenon and how do we know it. It is used in this paper to clarify the terms and phenomena and show deviations of actual practices from its epistemology. Beofre Islamic finance made its debut in the conventional space, there was what could be a 'market failure'in the financial system in the form of substantial unmet demands for Shari'ah-compliant financial products.
Epistemology , Islamic finance , Shariah-compliant
Mirakhor, Abbas & Smolo, Edib. (2013). Risk sharing as the epistemological foundation of Islamic finance. In Mohammad Hashim Kamali & Sheila Ainon Yussof (Eds.), Islamic transactions and finance: principles and developments (pp. 29-66). Ampang, Selangor: Malaysian Current Law Journal (MCLJ).
Malaysian Current Law Journal Sdn Bhd