Non-Fungible Tokens (NFTs): An Economic and Shariah Perspective
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 […]
Islamic Wealth Planning and inheritance: “Planning your legacy the Islamic Way”
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 […]
Islamic Savings Account 101: What Actually makes them Halal.
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 […]
My Journey Through Islamic Finance in 2024: A Year of Growth, Challenges, and Impact
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 […]
Stamp of Approval: Key Significations and Implications of a Shariah Compliance Certification
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 […]
Tying Your Camel in the (Islamic) Financial Industry
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 […]
Viable Shariah-Compliant Instruments for Volatile Investments
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 […]
Bridging Faith and Finance: Empowering Value-Based Intermediation Through Cash Waqf
Mr. Amine a dedicated businessperson has always thought that his financial success in life should impact society in a positive way hand in hand. He was intrigued when he heard about value-based intermediation (VBI), a mind-blowing approach in Islamic Finance that connects profits with purposes in Islamic Finance. But it was not until he also learned […]
Shari’ah Rulings on Bindings Contracts and Broken Promises
Introduction Islamic finance is distinguished from conventional finance in that its principles are derived from the sources of Islamic law (#Shariah), which includes the Quran, Prophetic teachings of Muhammad (S.A.W.) and scholarly consensus (ijma), among others. Its primary value proposition is that it is constructed on the principles of justice, equity and mutual benefit. This […]
Can Islam Keep Up with the Ever-Changing Times?
Muslims and non-Muslims often ask the question, is Islam (i.e. Islamic law or the Shariah) compatible with current times? Is it able to adapt to the age of technology wherein which multi-million-dollar transactions are concluded in just milliseconds?? Can it cope with the fast-changing world to meet the needs and demands of human beings?! To […]