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Islamic Finance - Case Study Example

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This is because the world is advancing in technology, which requires the Islamic Finance to upgrade their systems in accordance with new inventories thus thriving not only in their respective regions but…
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Islamic Finance

Download file to see previous pages... Hence, the present state of this Islamic finance is trying to upgrade and cope up with the economic, banking and finance crisis with trend and advance in technology and it seems it will still be involving from generations to generations.
The view of charging interest on Islamic finance regarding riba is that their basic idea is they like money contribute to this Islamic finance used to develop mosques’ rather than other projects (Swartz, 2011). In accordance to Sharia Islamic religious law riba is considered manipulative and unlawful (Swartz, 2011). In addition, interest from the contributed money is often criticized because perspective view of these whole issues states that it is an effortless profit where the borrower is expected to pay as a form of compensation to the lender. Even in cases like where creditor has right of possession of debtor’s property if he or she is unable to settle the debt. Therefore, riba is an economic issue concerning the Muslims. In the fact, it is unlawful and discouraged in one way or another since the inception of this Islamic finance and still Islam is still withstanding this beliefs. Hence, the major concern in analysis to this monetary transaction is to evade riba despite the reality that it is the foundation to growth in economics, banking and finance (Hart, Childs & Boyle, 2013).
For Islamic finance to grow and develop a strong basis, banks have introduced use of tawarruq and inah to aid in improving Islamic economic, banking and finance with the intention of replacing the old concepts, which are prohibited in Islam. However, this has ignited controversy and criticism for many believe that the dealings are not Sharia compliant citing their argument that there is no main economic activity involved about Sharia law. Therefore, application of tawarruq and Inah banking system in Islamic finance is invalid and in effective. This is because this monetary institution will face an extensive ...Download file to see next pagesRead More
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