Islamic Transactions and Finance: Principles and Development

Islamic Transactions and Finance: Principles and Development

Islamic finance is in a state of transition in response mainly to a groundswell of opinion that all is not well with the state of the industry. It was with this awareness that IAIS Malaysia took the initiative to publish this volume of essays entitled 'Islamic Transactions and Finance Finance: Principles and Developments'. It is a book which takes stock of past developments, reviews existing challenges and explores fresh thinking on future prospects. It also reflects on issues of epistemology that the Islamic finance industry encountered over the years. The volume before us also looks into some of the worrying aspects of the industry practices such as the existing practice of replicating conventional products with a thin veneer of Shari'ah. The way forward, as many contributors have pointed out is to innovate from the fount of Shari'ah principles that will meet the public needs and market trends. Not many seems to acknowledge that Islamic finance has to be nestled in this intermediate phase first before it can realise its full potential of achieving a self-contained Shari'ah-based system of banking and finance. This exercise entails persistent search for viable alternative models that can ensure financial stability and sound ethical governance. The authors convey the message that emphasise the importance of socially responsible economic development in a new economic order which is just and equitable. These are some of the perspectives represented in the eighteen chapters that constitute the bulk of this volume,