Maqasid-al-Shari‘ah vs. Contemporary Islamic Banking and Finance: The Case of Pakistan
Journal Title: Journal of Islamic Thought and Civilization (JITC) - Year 2017, Vol 7, Issue 0
Abstract
One of the cardinal issues in Islamic banking and finance is how to reconcile the objectives of Islamic moral economy and observed current reality? The skeptics argue that Islamic banking and finance is not contributing towards the universal goals of Islamic economic system and the paradigm contains similar moral hazards like conventional banking system. The study documents the underlying flaws and contradictions of the present-day Islamic banking with regard to maqasid-alshari‘ah. Further, the study also recommends reforms in few key areas of Islamic banking to align the goals of Islamic moral economy and contemporary Islamic banking in Pakistan.
Authors and Affiliations
Abdul Rafay, Saqib Farid
Keywords
Related Articles
- EP ID EP472906
- DOI 10.29145/2017/jitc/72/070203
- Views 155
- Downloads 0
Hizbullah’s Post-Islamist Resistance Art
In post-Islamist phase, Hizbullah reformulated some of its central ideas and strategies. Its former top-down strategy of forcibly imposing an Islamic state against the will of significant parts of the Lebanese society ha...
Reconstruction of humanities in Islamic perspective: A case study of Pakistan
Many Western post-modern philosophers agree with the view that humanities or social sciences are not value-neutral but contain the values of the society in which they are nourished and developed. They are the product of...
History of Mosque Architecture in Lahore
The mosque has served as one of the most important institutions of the Muslim world at all times. This paper outlines the religious function of a mosque and explains the architectural scheme to fulfill the required funct...
Waqf Administration in India: Issues and Challenges of State Waqf Boards
The law (Waqf Legislation) in India conceptualizes waqf as ‘the permanent dedication by any person, of any movable or immovable property for any purpose recognised by the Muslim law as pious, religious or charitable.’ Th...
The Works and Contributions of Ismai'il Raji al-Faruqi in Islamization of Knowledge
This paper analyses the works and contributions of prof. Ismail Raji al-Faruqi in Islamization of knowledge and it critical impact and ramifications in the Islamic world.