None of the foundations of Islamic economics promote a mere overcharging and material gain with no care for the ultimate success in the Hereafter, as it is based on the notions of economic prosperity, universal affiliation and justice, fair dispersion of income, and freedom of the individual in social welfare. This development can only be achieved in an accordance with the maqasid al-Shari’ah, urging the Islamic Banks to develop products from the maqasid al-Shari’ah framework, and not solely focusing on the ordinances of the products. With a meticulous analysis, it can be visible that the present practices of the Islamic banks are not in compliance with the Shari’ah required standards in many cases. Therefore, it has become one of the biggest challenges to come up with products which are not only Islamic compliant but are also Shari’ah compliant, without breaching the business nature of being combative, lucrative and practical in the long run. The analyzation of some of products is in the following discussion.
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None of the foundations of Islamic economics promote a mere overcharging and material gain with no care for the ultimate success in the Hereafter. (2019, Jul 23). Retrieved April 11, 2021, from https://midwestcri.org/none-of-the-foundations-of-islamic-economics-promote-a-mere-overcharging-and-material-gain-with-no-care-for-the-ultimate-success-in-the-hereafter/