APPROACHES IN DEVELOPING ISLAMIC FINANCIAL SERVICES (ISRA-TR REPORT 2016)

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Year: 2016


The Islamic finance industry has grown by leaps and bounds since its introduction in the 1960s and 1970s. The range of Islamic financial services and products has broadened, the volume deepened and the players many times multiplied. The development of Islamic financial products has come largely as a result of the dynamic interaction between the needs of the industry and the ability of the market practitioners, in consultation with Shariah scholars to produce relevant solutions.

This productive interaction between practitioners and scholars in their attempt to respond and provide solutions to market requirements requires a re-examination of the principles of Islamic commercial law in the context of their immediate application to financial market transactions. Diverse approaches can be observed in the exercise and this article attempts to study these approaches as part of the so-called “legal reform” in Islamic financial thought. 

 

Source:

ISRA THOMSON REUTERS ISLAMIC COMMERCIAL LAW REPORT 2016 (Pg 153 - 156)


 

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