Is Islamic Banking Really Islamic?

By: Harris Irfan   Source: The Thinking Muslim Mar 26, 2024 No Comments


Muslims worldwide have come to the realisation that the prevailing capitalist economic system does not serve us ethically. With its interest-based banking and casino-style financial instruments, a devout believer has no choice but to attempt to escape its haram, even if that hinders the progress and prosperity of our daily lives.

In recent years, Islamic finance has been touted as an ethical alternative. A way to escape the haram riba based economy. Some have even presented it as an alternative to financial capitalism. The rationale behind these products is to accommodate the detailed Shariah rulings on trade and many Islamic scholars have endorsed products that Western financial institutes and governments have embraced.

Our guest this week was an Islamic finance industry insider. Harris Irfan is currently the CEO of Cordoba Capital Markets. He has 29 years of investment banking and consulting experience. He was the former co-founder of Deutsche Bank's world-leading Islamic finance team and CEO of Deutsche's Islamic finance subsidiary.

He is the Former Global Head of Islamic Finance at Barclays, and then Head of Investment Banking for the Rasmala group. He is also the author of "Heaven's Bankers: Inside the Hidden World of Islamic Finance", the critically acclaimed best-seller about the Islamic finance industry.

Related Suggestions

Elon Musk Shocks the Deep State
Philippines Path to Islamic Finance: Balancing Religion and Law
From U.S. Dominance to Emerging Powers: A Global Economic Shift
UN Chief to Attend Upcoming BRICS Summit
Pakistan’s Massive Oil Discovery Impact
Building of The Makkah Royal Clock Tower
How Has Islamic Finance Evolved as a System of Justice and Ethical Prosperity?
Can We Find Work-Life Balance Without Compromising Faith?
What are Halal Mortgages?
The Prophet of Islam - His Biography
The Unparalleled Greatness of Prophet Muhammad (PBUH)
Most Powerful Companies on Earth (tier list)
 
COMMENTS DISCLAIMER & RULES OF ENGAGEMENT
The opinions expressed herein, through this post or comments, contain positions and viewpoints that are not necessarily those of IslamiCity. These are offered as a means for IslamiCity to stimulate dialogue and discussion in our continuing mission of being an educational organization. The IslamiCity site may occasionally contain copyrighted material the use of which may not always have been specifically authorized by the copyright owner. IslamiCity is making such material available in its effort to advance understanding of humanitarian, education, democracy, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law.


In accordance with Title 17 U.S.C. Section 107, and such (and all) material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.