Objectives of financial institutions : Western and Islamic
Author
Source
Journal of Islamic Business and Management
Issue
Vol. 5, Issue 2 (31 Dec. 2015), pp.43-68, 26 p.
Publisher
Riphah International University Riphah Centre of Islamic Business
Publication Date
2015-12-31
Country of Publication
Pakistan
No. of Pages
26
Main Subjects
Financial and Accounting Sciences
Religion
Islamic Studies
Topics
- Islamic jurisprudence
- Economics
- Islamic economics
- Financial institutions
- Islam
- Sales
- Markets
- Capitalism
- Social values
- Wealth
- Financing
- Western world
- Islamic Banks
Abstract EN
To understand the functions of the financial institutions within a capitalist system, one must understand the spirit of capitalism.
This paper argues that the spirit is the pursuit of wealth without any moral or social restraints.
Western financial institutions represent an embodiment of this spirit.
Furthermore, these institutions act in concert with social and political institutions and cannot be understood except within this context.
Ultimately, the unrestrained pursuit of wealth leads to the concentration of wealth in the hands of a small number of the rich and powerful.
Sustaining such outcomes within a democratic society requires radical changes in social values.
Neither the spirit, nor the social values associated with capitalist society are compatible with Islam.
Islamic financial institutions have practically attempted to modify the form of the institutions without affecting the spirit.
Thus they end up performing the same functions as capitalist institutions and do not represent a genuine Islamic alternative
American Psychological Association (APA)
Zaman, Asad. 2015. Objectives of financial institutions : Western and Islamic. Journal of Islamic Business and Management،Vol. 5, no. 2, pp.43-68.
https://search.emarefa.net/detail/BIM-718427
Modern Language Association (MLA)
Zaman, Asad. Objectives of financial institutions : Western and Islamic. Journal of Islamic Business and Management Vol. 5, no. 2 (Dec. 2015), pp.43-68.
https://search.emarefa.net/detail/BIM-718427
American Medical Association (AMA)
Zaman, Asad. Objectives of financial institutions : Western and Islamic. Journal of Islamic Business and Management. 2015. Vol. 5, no. 2, pp.43-68.
https://search.emarefa.net/detail/BIM-718427
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 67-68
Record ID
BIM-718427