Building Genuine Islamic Financial Institutions

"Building Genuine Islamic Financial Institutions", Journal of Islamic Economics, Banking and Finance, Volume 11, Number 2 (April-June, 2015) pp 13-32

Presented at Conference on: Economics and Ethics” organized by the Center for Islamic Legislation and Ethics (CILE) in Doha, Qatar on the 10-12 of June 2014

Presented at 3rd International Conference on Islamic Business & Finance, at Riphah University, Islamabad, Pakistan on Feb 10-11, 2014

18 Pages Posted: 25 Aug 2014 Last revised: 29 May 2016

Date Written: August 9, 2013

Abstract

Since the spirit of Islam is in stark and violent conflict with the spirit of Capitalism, the form taken by institutions designed to express this spirit must also be different. Capitalist financial institutions are designed to support the process of accumulation of wealth, which is at the heart of capitalist societies. Central to Islam is the spirit of service, and spending on others, which is expressed by diverse, service-oriented institutions, radically different from those dominant in capitalist societies.

Keywords: Islamic Economics, Islamic Financial Institutions, Spirit of Capitalism, Cooperation, Generosity

JEL Classification: A13, B29

Suggested Citation

Zaman, Asad, Building Genuine Islamic Financial Institutions (August 9, 2013). "Building Genuine Islamic Financial Institutions", Journal of Islamic Economics, Banking and Finance, Volume 11, Number 2 (April-June, 2015) pp 13-32, Presented at Conference on: Economics and Ethics” organized by the Center for Islamic Legislation and Ethics (CILE) in Doha, Qatar on the 10-12 of June 2014, Presented at 3rd International Conference on Islamic Business & Finance, at Riphah University, Islamabad, Pakistan on Feb 10-11, 2014, Available at SSRN: https://ssrn.com/abstract=2478277

Asad Zaman (Contact Author)

PIDE ( email )

Quaid-i-Azam University Campus
P.O.Box 1091
Islamabad, Federal Capital 44000
Pakistan

Al-Nafi ( email )

64 Fullerton Crecent
Markham, Ontario L35 3G5
Canada

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