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Islamic Banking and Finance
Pages 16 (4016 words)
Socio-economic justice in the eyes of Islam depends on the abolishment from the economic area of interest and similar kinds of aspects that exploit people. Through the Islamic financial system there is a facilitation of services such as lending, borrowing and investing on a risk-sharing basis.
Because of the Islamic financial system there is the guarantee that the formulation of capital would take place at a desirable rate and because it would be utilized efficiently there would be sustainable economic expansion along with everyone receiving equal advantages. Such a system can be called a value-based mechanism and the main target is to ensure "moral and material wellbeing" of the persons as well as the whole community (Ahmed, 1994; Siddiqi, 2000). It was about four decades back that Islamic banking and finance discipline came up. There was an awareness of the abstract expansions of Islamic banking back then during the late 1940s. By the next twenty years they increased such that there was a model developed which the Middle Eastern nations adopted in order to meet the requirements of their kinds of banks. Several of such Islamic banks came up by the 1970s and they had a good enough reputation. Such banks included "Nasser Social Bank Cairo (1972), Islamic Development Bank (IDB) (1975), Dubai Islamic Bank (1975), Kuwait Finance House (KFH) (1977), Faisal Islamic Bank of Sudan (1977) and Dar Al-Maal Al-Islami (1980)" (Khan & Bhatti, 2008: 1). By the beginning of the 1980s the Islamic banking industry was already emerging and at that time three Muslim nations (Iran, Pakistan and Sudan) made a decision of transforming their system of economics and finance to Islamic. ...
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