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Islamic Capitalism—An Imminent Reality or a Hopeful Possibility for Islamic Finance?

Islamic Capitalism—An Imminent Reality or a Hopeful Possibility for Islamic Finance? Abstract This paper explores the future of Islamic finance and the sustainability of its development alongside conventional finance within the same capitalistic framework and posits an alternative capitalist structure as a principled foundation for Islamic finance based on Islamic ideals. The success of this medium will ultimately depend on the extent to which traditionalists, who resist departing from ‘purist’ Islamic principles, will challenge the ijtihād of modernists and their support for innovation. The combined knowledge and cooperation of the fiqh scholars and secular experts can facilitate the development and standardisation of Islamic financial instruments. Points of tension between scholars and secular financial experts should not hinder the process of innovation. Instead, their interaction should be seen as an opportunity for creating a platform for an intellectual discourse, especially in the wake of Western economic crises and the demise of the West’s monopoly over global finance. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Arab Law Quarterly Brill

Islamic Capitalism—An Imminent Reality or a Hopeful Possibility for Islamic Finance?

Elshurafa, Dina
Arab Law Quarterly , Volume 26 (3): 339 – Jan 1, 2012
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References (4)

Publisher
Brill
Copyright
© Koninklijke Brill NV, Leiden, The Netherlands
ISSN
0268-0556
eISSN
1573-0255
DOI
10.1163/15730255-12341236
Publisher site
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Abstract

Abstract This paper explores the future of Islamic finance and the sustainability of its development alongside conventional finance within the same capitalistic framework and posits an alternative capitalist structure as a principled foundation for Islamic finance based on Islamic ideals. The success of this medium will ultimately depend on the extent to which traditionalists, who resist departing from ‘purist’ Islamic principles, will challenge the ijtihād of modernists and their support for innovation. The combined knowledge and cooperation of the fiqh scholars and secular experts can facilitate the development and standardisation of Islamic financial instruments. Points of tension between scholars and secular financial experts should not hinder the process of innovation. Instead, their interaction should be seen as an opportunity for creating a platform for an intellectual discourse, especially in the wake of Western economic crises and the demise of the West’s monopoly over global finance.

Journal

Arab Law Quarterly – Brill

Published: Jan 1, 2012

Keywords: capitalism; Islamic finance; Islamic capitalism; Sharīʿah

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