Islamic finance is a relatively new business segment, however, shown promising results so far. In addition to banking services, Islamic finance has started penetrating in other sectors including capital market and insurance. This study is conducted to evaluate a newly emerging Takaful sector in...

Purpose This study aims to develop a Sharīʿah-compliance rating mechanism for the Islamic financial services industry (IFSI), with a special focus on banking. The banking sector is taken as the area of focus due to its leadership role in the volume of global Sharīʿah-compliant assets....

Purpose This study aims to evaluate the role of the prevailing currency systems in achieving (or departing from) the socio-economic objectives of a progressive and just society; i.e. featuring stability and equitable distribution of wealth. Design/methodology/approach After documenting...

This paper scrutinizes the ethicality of Islamic banks’ (IBs’) business model by employing the ‘objectives of Islamic law’ (Maqāsid al-Sharī’ah). This necessitates developing an ethical framework to construe two primary injunctions of Islamic finance, namely ribā and gharar. The...

This study proposes a renewal of the contemporary Islamic banking Murabaha financing model as it aggravates financial fragility with waning economic efficiency. We adapt the working capital framework of successful US companies like Amazon and Walmart and model an innovative Murabaha facility as...

An overwhelming criticism on practice of Islamic finance is lesser application of Shari'a based (profit and loss sharing) modes of financing. This study is conducted to analyze the issue based upon available literature and data. It is found in the process that profit and loss sharing based modes...

This article covers Development of Islamic finance as a distinct financial stream. It includes religious foundations [Objectives of Shari'a and Injunctions on Riba/interest & usury], Historical developments [timeline], Principles [Riba prohibition, Gharar, Myser and PLS] and Operational modes...