Purpose – The paper aims to highlight the challenges facing Islamic finance industry and outline the prospectus of what constitutes a sound Islamic banking product in terms of both its Shariah control and product development methodology. Design/methodology/approach – The paper analytically...

Undoubtedly, Islamic economics is undergoing a serious epistemological crisis as its literature is full of complexities and paradoxes. This chaos is more evident in the applications of Islamic economics as is obvious in he so-called Islamic finance today. Most of the modern literature of Islamic...

It is a well-established rule in the Shariah (Islamic law) that a loan contract is of a charitable nature and as such the lender may not stipulate any excess or benefit from the borrower. However, it is also known in the Shariah that if the benefit from a loan comes to the lender voluntarily and...

During wars and domestic disturbances, currencies value tend to fluctuate. This raises the inevitable question of how debts should be repaid; shall the depreciation in the currency value be taken into account so that the debtor shall be required to repay an excess to the debt to compensate the...

It is noticeable that some of the Ijtihad-based Shariah opinions governing Islamic banking and finance lack common sense and are void of any wisdom, despite the fact Islamic law of transactions is rationalized and meant to bring Maslaha and benefits to human beings. It is as if entering the...

Fiqh, indicating Islamic law and the means to produce it, covers all aspects of human dealings, including Islamic financial law and its Shariah nominated contracts, which represent the bases for all Islamic banking and finance transactions. These contracts are either readily found in the classic...