The Influence of Quran and Islamic Financial Transactions and Banking

Authors: Kazi, Ashraf U.; Halabi, Abdel K.

Source: Arab Law Quarterly, Volume 20, Number 3, 2006 , pp. 321-331(11)

Publisher: BRILL

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Abstract:

The Quran is the holy book of the followers of Islam, where simple solutions to the day-to-day problems of life are discussed in detail. Whatever the nationality of a Muslim, the Quran and Islamic prayers remain in a single universal language called "Arabic". Thus, uniformity has been maintained throughout the world from the days of the Prophet Mohammed, in the seventh century to the twenty-first century. Financial transactions and banking based upon Shariah are growing rapidly today. Islamic banking has been widely accepted in many countries such as Pakistan, Malaysia, Brunei, and Saudi Arabia, and are an increasing presence in Canada and Australia. Islamic banking and financial transactions are different from conventional banks, and this has led to some criticisms. After tracing the history of Islamic Banking some of these criticisms are discussed. While Islamic Banking does face some challenges, it continues to grow, and this growth reflects the desire for social, political and economic systems based on Islamic principles.

Document Type: Research article

DOI: http://dx.doi.org/10.1163/026805506778388836

Publication date: 2006-08-01