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ISLAM COLUMN: Anatomy of Islamic Finance

10 Sept 2021: ISLAM COLUMN: Anatomy of Islamic Finance

Islamic finance is a faith based scheme of the socio-economic system. Guidelines for the modern Islamic financial system are inferred from Islamic jurisprudence (based on Qura’n and Sunnah). Under Islamic law there is a set criterion for issuing a juristic opinion. Accordingly, the foremost important source of law is Qura’n followed by Sunnah, Ijma’a and finally Ijtihad. There are many socio-economic issues directly addressed in The Quran and verdict from Qura’n is final.

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