islamic finance

Islamic finance has been growing fast in the past decade, having emerged internationally in the 1970...

Islamic finance has been growing fast in the past decade, having emerged internationally in the 1970s. But the principle and doctrine upon which it is built is more than 1,400 years old, based on the Quran, the Hadith and the Sunnah of Prophet Muhammad. So what are the tenets of Shariah-compliant finance? Shariah-compliant finance is driven by some ethical issues in the form of positive criteria and negative screens, said Mutfi Barkatulla, an Islamic scholar. Ethically, business activities should be fair, legitimate and beneficial for both parties with shared risk. Deception, gross uncert...