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Returning

In: A Socially Responsible Islamic Finance

Author

Listed:
  • Umar F. Moghul

Abstract

Moving beyond present-day Islamic finance to serve the common good requires an expansion of the applications of Islamic norms. The Shari’ah, as hopefully has been demonstrated, invites humanity to sustainable and responsible living, compassionate relationships, and institutions and economies marked by inclusivity, sustainability, and resiliency. In earning, businesses choosing to place themselves within the fold of the Shari’ah aspire to realize and preserve the objectives of Islamic ethics, particularly of wealth comprehensively understood to ensure its continuity and that of life—of the Earth, its diverse inhabitants, and interrelated systems. Foremost among these universals is the religion (din) itself, namely the preservation of faith, worship and religious devotions, and the relevancy of its continued applicability. To seek out these higher objectives, financial institutions and businesses must intend positive impact through avoiding harm and seeking benefit, as countenanced by the Shari’ah. A precursor to this expansion is the paths of tazkiyyah, as a necessary enabling spiritual transformative effort.

Suggested Citation

  • Umar F. Moghul, 2017. "Returning," Palgrave Studies in Islamic Banking, Finance and Economics, in: A Socially Responsible Islamic Finance, chapter 0, pages 295-296, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-319-48841-7_7
    DOI: 10.1007/978-3-319-48841-7_7
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