They say: “If you want to lose a friend quickly, lend them money, you may end up losing both the money and the friend.” In Islam, financial dealings are not merely worldly transactions, they are spiritual responsibilities with serious consequences. While much is said in Islamic finance about contracts, riba, and commercial ethics, our focus […]
There is a saying that goes, “Barakah is not having more, it is doing more with less.” When we think of wealth, most people focus on quantity like how much they earn, how much they save, how much they can invest. But in Islam, we’re taught to look beyond numbers. It teaches us that real […]
In today’s uncertain world, protecting our lives, businesses, and families from financial shocks is not just a luxury—it becomes a necessity. Therefore insurance has been introduced. But for Muslims seeking financial products aligned with their faith, conventional insurance poses serious Shariah concerns. This is where Takaful, the Islamic alternative to insurance, steps in as a […]
The emergence of blockchain-based Non-Fungible Tokens (NFTs) has transformed digital asset ownership by introducing unique, immutable, and verifiable digital representations of assets across various sectors. Despite their growing popularity, NFTs have sparked significant debates in Islamic finance due to their novelty, economic implications, and potential conflicts with Shariah principles. This study illustrates the existing landscape […]
Life is extremely precious, and delicate. In one moment, you’re here, and in the next you are gone. The same goes for your wealth, one day you are a captain of industry, making significant strides in the economic sphere and the next day, you might be living from hand to mouth. Allah says in the […]
You walk into your neighborhood branch and see two seemingly identical counters. One says, “Conventional Savings” and the other reads “Islamic Savings.” Both offer debit cards, online banking and mobile apps. What, then, sets an Islamic savings account apart from its conventional cousin? This primer explains the contracts, profit mechanics and consumer protections that make […]
Introduction As I sit down to reflect on 2024, I’m filled with gratitude for the opportunities Allah has blessed me with to serve and contribute to the development of Islamic finance across the globe. Last year has been a remarkable journey of growth, learning, and impact – from boardrooms in Malaysia to conference halls in […]
The role of a Shariah advisory firm is to point out Shariah’s requirements and standards on financial contracts and the elements therewithin. Upon being satisfied with the substance and form of such contracts, the said firm would issue what is referred to as a Shariah Compliance Certificate or Certification (SCC). An SCC is in essence […]
INTRODUCTION: Learning the Ropes A man once asked the Prophet Muhammad (S.A.W) whether he should tie his camel and rely upon Allah or leave it loose and rely upon Allah. The noble Prophet of Islam responded, saying “tie it and rely upon Allah.” From this brief yet profound hadith, we garner that Islam calls upon […]
Introduction: Scenario Ousmane is a businessman from Senegal who understands the importance of diversifying income. Hence, he teams up with Abdullah; an ambitious young man who knows his way around the city and is very capable of driving motor vehicles. Seeing that there is a high-demand for taxi services in the country, Ousmane enters into […]
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