Page 2 - Islamic Finance Practices

The drive for Shariah compliance in the Islamic

banking business may have brought it towards the

intended objective which is to free its operation

from riba and other prohibitions. But thriving on
profits alone and lack of social touch in the

business has produced criticism about the value

driving it which to some extent gave way for the

concern of justice and hence, maqasid shariah

(Objectives of the Shariah). The maqasid shariah

amplifies the need for moral and legal imperatives

in Islamic banking policies to strike a balance

between profits and social as well as being

resilient to shocks in financial markets. By doing
so, it makes a difference being an Islamic bank to

be emulated by competitors and adversaries alike.