The modern financial system had been serving both Muslim and non-Muslim with common benefits. Though some aspects of the Modern financial system are contrary to the principles and spirit of Shari’ah, but several technicalities of it are indeed in harmony with the Shari’ah standard. Because of some issues of modern system contradict the spirit of Shari’ah it may be unfair to generalise the Modern financial system as un-Islamic.
Shari’ah standard of financial system is purely based on the Divine rulings, which do not in reality reject the practicality of some issues or procedures of Modern financial system, so long one is in harmony with the spirit and principles of Divine standard.
Islamic financial system in the contemporary practicality is an able alternative parallel solution provider for global industrial needs acceptable to both Muslim and non-Muslim environments whilst modern financial system stands on its own platform with its standard and services.
Despite this dual system is greatly appreciated and acceptable in the global environment respectively, but leaves some questions and confusions haunting in the mind of generals on the issues justifiably are proven to be non-contradicted. To reduce such queries while creating friendlier movement in the financial industry a 3rd position may additionally be suggested and that is, “Harmonized System”.
The harmonizing of modern financial system to Shari’ah standard can only be recognized on those issues or aspects, which are justifiably proven not contrary to the Divine spirit and the Shari’ah principles per se. Thus, the burden of proof shall be on the modern financial system to ensure its subject matter is in total compliance with the Shari’ah standard. While the Shari’ah justification of such harmonization is on the basis of the principles of Masaleh al-Mursalah (public interest) so long the fact in issue is not contrary to the Divine spirit and standard.
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