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Issues in theory and practice of Islamic finance and the reform agenda
Other Title(s)
خطة مقترحة لإصلاح صناعة الخدمات المالية الإسلامية
Author
Source
Journal of King Abdulaziz University : Islamic Economics
Issue
Vol. 33, Issue 2 (31 Jul. 2020), pp.81-92, 12 p.
Publisher
King Abdulaziz University Scientific Publishing Center
Publication Date
2020-07-31
Country of Publication
Saudi Arabia
No. of Pages
12
Main Subjects
Abstract EN
Despite exponential growth over the last four and a half decades, Islamic finance is facing serious challenges both in terms of credibility as a value-based system, as well as sustainability.
While many authors, forums, and research institutions have been indicating the lacuna and suggesting reforms for some years, the initiative by the Journal of King Abdulaziz University: Islamic Economics to explore the area is a welcome effort.
This analytical essay discusses the theoretical foundations of Islamic finance, and the difference of opinions and issues like the current focus on quantity versus quality and authenticity versus innovations.
It suggests a reforms agenda with the objective to make Islamic finance a sustainable discipline distinct from the conventional finance.
It also suggests a different role for the regulators, the practitioners and the jurists, and the code of ethics for the management of Islamic banking and finance institutions (IBFIs).
While the conventional institutions are moving towards value based financial intermediation (VBI), it is more a duty of the IBFIs to move to VBI by focusing on financing the real production and business sectors for shared development in the societies.
The reforms agenda also assigns a responsible role to the jurists, the practitioners, the regulators, and the governments
American Psychological Association (APA)
Ayyub, Muhammad. 2020. Issues in theory and practice of Islamic finance and the reform agenda. Journal of King Abdulaziz University : Islamic Economics،Vol. 33, no. 2, pp.81-92.
https://search.emarefa.net/detail/BIM-1279202
Modern Language Association (MLA)
Ayyub, Muhammad. Issues in theory and practice of Islamic finance and the reform agenda. Journal of King Abdulaziz University : Islamic Economics Vol. 33, no. 2 (Jul. 2020), pp.81-92.
https://search.emarefa.net/detail/BIM-1279202
American Medical Association (AMA)
Ayyub, Muhammad. Issues in theory and practice of Islamic finance and the reform agenda. Journal of King Abdulaziz University : Islamic Economics. 2020. Vol. 33, no. 2, pp.81-92.
https://search.emarefa.net/detail/BIM-1279202
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 90-91
Record ID
BIM-1279202