Maqāṣid al-Sharīʿah and Islamic Financial Industry: Addressing the Concerns.
Lakhi Muhammad, Gul-E-Rana, Irum Saba, Shahab Aziz
Published Online: December 2019
Banking system is the backbone of every modern economy. Role of Islamic banking is rising in economy of different countries. Meanwhile, criticism on Islamic finance is also rising with the passage of time. A careful review of literature suggests that researchers are raising concerns on the way the Islamic banking is operating closely on the lines of conventional banking. They claim that the difference between these two banking system is only limited to documentation level. Aim of this paper is to identify the concerns about Islamic finance industry in literature and to provide suggestions on how to address these concerns in line with the maqāṣid al-Sharīʿah.
Islamic Finance, Islamic Banking, Maqāṣid al-Sharīʿah.