in order to conduct a detailed study on the "Nature and Philosophy of Islamic Finance" please give me your kind suggestions on how to conduct and execute the study and also propose a suitable methodology.If there are similar studies available please share.
Dear Pir Qasim Shah
Greetings,
Please find the attached file about Islamic system may be useful for you,
Best Regards
One of the first steps to study "Nature and Philosophy of Islamic Finance" is to understand some of the basic principles of Islamic Finance. Four most important principles are firstly the prohibition of RIBA; secondly the prohibition of activities with element of uncertainty or Gharar; thirdly the prohibition to invest in "haram" sector and finally, Islamic finance transactions must be backed by tangible assets. Islamic finance products are multiple. In an effort to ensure sustainability of the Islamic Finance industry, one should innovate and continuously introduce new Islamic finance products. The governance mechanism for the Islamic finance industry must be strengthened. One such mechanism is through shariah audit. Effort must also be made to mitigate financial leakages, a risk that must be contained. There are a lot of hadis and quranic versus that illustrate the above concepts.
Dear Pir Sahib, hope you have gone through the books of Mufti Taqi Usmani Sahib, he has done beautiful work on Islamic Finance its philosophy and nature. http://muftitaqiusmani.com/en/
to read the other side of the story you must also go through the Book " Murrwajah islami bankari" compiled by Darul-Uloom Binory Town, Karachi. unfortunately this book is only available in Urdu. Below is the link
http://www.slideshare.net/MuhammadNabeel4/murrwajah-islami-bankari-dar-ul-uloom-binori-town-karachi-australian-islamic-library-wwwaustralianislamiclibraryorg
hope these both work will help you a lot to understand the philosophy and nature of Islamic Finance.
Following articles maybe useful:
https://islamiceconomicsproject.wordpress.com/2014/05/09/importance-of-worldview-in-shaping-economic-choices/
https://islamiceconomicsproject.wordpress.com/2014/04/29/islamic-economics-and-behavioral-studies-of-religious-agents/
https://islamiceconomicsproject.wordpress.com/2014/03/11/difference-between-islamic-economics-and-islamic-law/
https://islamiceconomicsproject.wordpress.com/2013/11/05/scope-of-islamic-economics/
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