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Philosophy and Fundamentals of Sharī’ah for Islamic Finance
SHA0011
Allāh SWT said:
“Thinking that his wealth would make him last for ever!”
(al-Humazah 104:3)
Allāh SWT said:
“And ye love wealth with inordinate love!”
(al-Fajr 89:20)
Prophet SAW said:
“If a son of Ādam were to own a valley full of gold, he would desire to have
two. Nothing can fill his mouth except the earth (of the grave). Allāh turns
with mercy to him who turns to Him in repentance”.
(Ṣaḥīḥ Bukhāri and Muslim)”
Based on these entire observations, Islām does not restricted human
being to make choices as long as it is in line with Sharī’ah principles .
UNIT 3: DEVELOPMENT OF ISLAMIC BANKING AND FINANCE
Rapid liberalisation in the Islamic finance industry, coupled with
facilitative business environment has encouraged financial institutions
all around the world to move foward in Islamic banking business.
This has created a diverse and growing community of local and
international financial institutions that indicates wide recognition
and acceptance to its presence as a solution for global economic crisis,
which had impacted on the contemporary banking and finance
architecture.
1. Journey of Modern Global Islamic Finance
Although the concept of Islamic finance can be traced back
about 1400 years, its modern global developement can be
outlined as follows:
