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How Islamic is Islamic Finance Industry?

The entrepreneurial nature of Islamic finance is often compromised in the product development phase, where Islamic financial products have been frequently designed to look and feel like conventional ones.

The question that we need to analyse is whether the current Islamic finance industry is moving closer towards the objectives of the Shariah (Islamic Law); or, working against its ability to develop truly alternative products for the future.

For many professionals who enter into Islamic finance industry, there is a pressure to accept situation as it is. To interpret what they see and know in a self-serving manner. Many have become complacent instead of broadening perspective and seeing the bigger picture. And many more just conform to what Industry is today and not what it can become tomorrow.

Islamic finance encourages mutual cooperation, generosity and risk sharing. Instead of charging interest, Islamic banks derive their profit by engaging in entrepreneurial activities with...

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Rising to the Challenge: The story of society and boat

 

I have recorded this video for students of AUSCIF Academy - https://www.auscifacademy.com

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Islamic Leadership: The Shepherd within

Understanding Islamic principles of leadership will help us Build Resilient, Strong, Engaged communities of the Future.

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Responsible Ethical Finance: An Islamic Perspective

There is a universal demand for a fair and just financial system. One that is socially responsible and sustainable. The question is: how do we get there?

By Almir Colan

Financial uncertainty can magnify who we really are. It can bring out the best or the worst in us, and that struggle goes back to the very beginning of human existence. The very first business deal in the history of humankind was made soon after God created the first man and woman. A cunning broker approached these newly created beings with the following proposition: “Your Lord did not forbid you this tree except that you become angels or become of the immortal.” And he swore to them, “Indeed, I am to you from among the sincere advisors.” (Qur’an 7:21-22.) This salesperson knew how to manipulate human fears and aspirations. He sold the first ever triple “A” rated security and shrouded it in ‘sincere’ financial advice. Until that time, Adam and Eve had never...

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