Over the last few decades, the Muslms have been trying to restructure use their lives on the basis of Islamic principles. They strongly feel that the political and economic dominance of the West, during past few centuries, has deprived them of the drivine guidance, especially in the socio-economic fields. Therefore, after acquring political freedom, the masses are striving for the revival of their Islamic identity to organize their collective life in accordance with the Islamic teachings.
In the economic field, it was the biggest challenge for such Muslims to reform their financial institutions to bring them in harmony with the dictates of Shari'ah. In an environment where the entire financial system was based on interest, it was a formidable task to structure the financial institutions on an interest fee basis.
The present book is a revised collection of different articles written by the author which aimed at providing basic information about the principles and precepts of Islamic finance, with special reference to the modes of financing used by the Islamic banks and non-banking financial institutions. He has tried to explain the basic concept underlying these instruments, the necessary requirements for their accepability from the Shari'ah standpoint and the correct method of their application. He has also dealt with the practical issues involved in the application of these instruments and their possible solutions in the light of Shari'ah.
This humble effort will facilitate to understand the basic principles of Islamic finance and the main points of difference between conventional and Islamic banking.
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