Sample Research Paper
Over the past decade the Islamic finance sector internationally has grown steadily and rapidly, drawing attention from multinational banks and moving into European markets. Although Islamic finance accounts for just one percent of the global finance market, with a yearly value estimated at about $500 billion, over the past ten years the industry has grown at a pace of ten to fifteen percent per year. The difference between Islamic and conventional finance is much more nuanced than the definition often presented in terse media accounts that “Islam forbids interest.”
Islamic scholars, both today and throughout Islam’s theological tradition, have looked to the Qur’an and Prophetic tradition in order to ascertain the divinely prescribed ordering of trade and economic relations within a society. The difference between Islamic and conventional finance is much more nuanced than the definition often presented in terse media accounts that “Islam forbids interest.”
Islamic finance is larger than its prohibition against interest: “Islamic banking has been defined as banking in consonance with the ethos and value system of Islam; interest-free banking, by contrast, is a narrower concept, denoting a number of banking instruments or operations that avoid interest. Islamic banking, the more general term, is expected not only to avoid transactions on the basis of interest but also to participate actively in achieving the goals and objectives of an Islamic economy.”
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