Showing items related by title, author, creator and subject.

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  The Future of Islamic Finance: From Shari’ah Law to Fintech

  Smolo, Edib; Raheem, Mohamed Mahees; Department Collaboration; NA; 0; 0; Finance; 0; Smolo, Edib (Emerald Publishing Limited, 2024-11-07)
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  Conclusion: Beyond the Horizon

  Smolo, Edib; Raheem, Mohamed Mahees; Department Collaboration; NA; 0; 0; Finance; 0; Raheem, Mohamed Mahees (Emerald Publishing Limited, 2024-11-07)

  This chapter delves into the complex yet fascinating arena of Islamic finance, looking at its historical foundations and dealing with today’s complexities. There is a huge struggle in Islamic economics in meeting the contemporary needs while practising moderate framework, observing the difference between strictly abiding by the rules and achieving the ethical goals beyond the profit. It urges for a value-driven approach within institutions and the implementation of the zakat, sadaqah and waqf systems to fill the Sustainable Development Goal (SDG) financing gap. Seizing the opportunities, the chapter promotes the necessity of Islamic fiqh experts with current Shari’ah body of knowledge in considering the ethical and legal aspects alongside fintech. This is essentially to ensure that the implementation of Islamic finance enables the sustainable economic development. Looking toward the Industry 5.0, it expects a combination of artificial intelligence (AI) with Islamic finance and identifies Islamic social finance as a powerful socially-driven tool. In the end, the chapter lays out Islamic finance as the powerful tool to work together to achieve an ethical, equitable, and sustainable financial system.
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  A Brief Overview of Islamic Finance: From Madinah Market to Wall Street

  Smolo, Edib; Raheem, Mohamed Mahees; Department Collaboration; NA; 0; 0; Finance; 0; Smolo, Edib (Emerald Publishing Limited, 2024-11-07)

  Many lessons have been learned by the global financial system at the aftermath of the Global Health Crisis (GHC), which could last till the financial crisis occurred in 2008–2009 (global financial crisis [GFC]). As such, the system started facing the deep-rooted questions about regulatory reforms. Amidst a perilous situation, Islamic finance (IF) had demonstrated clear evidence of strong muscles into something that countries appreciate as the tool for money intermediation. It constitutes a brief introduction to the way Islamic Financial System or IFS (1) came forth in the past and (2) continues nowadays. The paper starts with the stating the maqasid al-Shari’ah (goals of the Shari’ah),which are the fundamental objectives of the legal system in Islam. Then, it highlights the key concepts, unique features, andmodes of financing that are unique within the IFS. The integration of Islamic financial institutions (IFIs) into the global economy is covered and IF as well as global financial dynamics at large discussed with the closing comments mirroring IF complexity on the background of global economy. This segment alone has posted very significant gain of almost US$3 trillion, which is projected to rise further to US$6.7 trillion by 2027 – a clear indication of its outreach and accessibility to all.