Islamic finance: more expectations and less disappointment

Islamic finance has faced a two-fold criticism from scholars; viz. constructive criticism and destructive criticism. Majority of the scholars criticize it with the intention to improve its overall development, but some scholars are more negative in their criticism. This paper proposes that Islamic b...

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Bibliographic Details
Published in:Investment management & financial innovations 2017, Vol.14 (1), p.134-141
Main Authors: Lone, Fayaz Ahmad, Ahmad, Siraj
Format: Article
Language:English
Subjects:
Accounting - Business Administration
allegations banking
Business Economy / Management
constructive criticism
destructive criticism
Economic policy
expectations
Financial Markets
Islam studies
Islamic banking
Islamic financing
Project finance
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Summary:Islamic finance has faced a two-fold criticism from scholars; viz. constructive criticism and destructive criticism. Majority of the scholars criticize it with the intention to improve its overall development, but some scholars are more negative in their criticism. This paper proposes that Islamic banks (a component of Islamic finance) are not charitable institutions, but are the intermediary institutions that take care of investors’ expectations to keep the time value and return to their investments intact with the market fluctuations. The purpose of this paper is to provide better insight about Islamic finance so as to further improve this industry to achieve its long term goals and serve the society better. The paper also attempts to answer some of the common allegations imposed by scholars towards Islamic finance.
ISSN:1810-4967
1812-9358
DOI:10.21511/imfi.14(1).2017.14