A Socially Responsible Islamic Finance: Character and the by Umar F. Moghul

By Umar F. Moghul

This booklet explores how, via spirituality and the advance of personality, Islamic monetary associations and Muslim groups can combine their companies with modern social accountability tasks to supply optimistic social and environmental effect. From the looming environmental difficulty to the divide among mainstream and extremist interpretations of Islam, the booklet addresses major questions dealing with Muslim groups – and humanity – and demonstrates why Islam may still sit down ‘at the desk’ with different faiths and moral traditions discussing humanity’s nice stumbling blocks. in contrast to current literature, this paintings explores the intersections among classical Islamic ethics and spirituality, modern Islamic finance and monetary markets, and choose sustainability and effect tasks (such because the Equator rules and UN ideas of dependable funding) designed to make the worlds of commercial and finance liable for the environments within which they function and the groups that aid them. Drawing on his years of expertise in Islamic banking, Moghul addresses those functions in gentle of real-world practices and dilemmas, demonstrating how Islamic enterprises and Muslim groups should still include the extensive diversity of stakeholders countenanced by means of the Shari’ah in conversations that impact them. through situating his exploration of Islamic finance within the mild of the a lot higher serious problems with stability, justice, and moderation in Islamic praxis, Moghul creates an interdisciplinary booklet that would entice lecturers and researchers in economics, finance, enterprise, executive and coverage, and law.

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Ibn ‘Ashur, Maqasid, 277. 205. Ibn ‘Ashur, Maqasid, 221. 206. Ibn ‘Ashur, Maqasid, 285. 207. Qur’an 2:282. ISLAMIC SPIRITUALITY: AN IMPETUS TO RESPONSIBILITY AND IMPACT 37 208. Ibn ‘Ashur, Maqasid, 285–89. 209. Ibn ‘Ashur, Maqasid, 295–296. 210. Muhammad Hashim Kamali, Principles of Islamic Jurisprudence (Cambridge: Islamic Texts Society, 2003), 171; Ibn ‘Ashur, Maqasid, 296. 211. It is worth noting that this variability is probably at least partly attributable to differences in theology between Hanafis and other jurists, resulting in different relative primacies afforded to reason and revelation.

Muraqabah, as another example, produces greater transparency, trust, and confidence. But they are not tools proposed herein with an intent to achieve sustainable or fair outcomes, for such are consequences reflective of the continued wisdom and relevance of the Shari’ah. F. MOGHUL ‘Ashur appears to refer to the encouragement of trade and the circulation of wealth. 208 The purpose of transparency, which we take up in Chap. 210 Finally, equity is brought about by balancing rights and responsibilities of individuals with those of the community.

Nuh Ha Mim Keller, Sea Without Shore (Amman: Sunna Book, 2011), 203. 169. Qur’an 29:69. 170. Keller, Sea, 203. 171. 68. 172. , “Conceptual,” 856. 173. , “Conceptual,” 852. 174. Abu Hamid Al-Ghazali, The Book of the Proprieties of Earning and Living, trans. Adi Setia (Kuala Lumpur: IBFIM, 2013), 69. 175. Al-Ghazali, Proprieties, 7. The hadith is found in al-Tirmidhi, al-­ Hakim, and Ibn Majah. 176. Qur’an 83:1–3. 177. Qur’an 55:7–9. 178. Al-Ghazali, Proprieties, 71. The hadith is found in Sahih Muslim.

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