Islamic capitalism: an approaching truth or an expectant panorama for Islamic finance – a case of Pakistan and Malaysia

Muhammad, Awais and Yaqub, Asad and Iftikhar, Umer and Khalid Bhatti, Omar and Mohd Thas Thaker, Mohamed Asmy (2022) Islamic capitalism: an approaching truth or an expectant panorama for Islamic finance – a case of Pakistan and Malaysia. Multicultural Education. ISSN 1068-3844 E-ISSN 1064-678X (In Press)

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Abstract

The investigation of future capitalism in the wake of Islam is rather complicated. The difference of interests and difference of opinions between secular scholars and fiqh scholars can stymie the progress of innovation. Nevertheless, a harmony between their intellectual views can prove to be a boon for encouraging Islamic financial elements. This paper scrutinizes an alternative capitalist structure as one of the basic and fundamental key elements for Islamic finance. In this study, interview-based multi case-study method is used, which is based on qualitative approach. This study concludes that Islam promotes the concept of risk sharing in trading and other financial activities, which may lead to lessen the burden on an individual. However, external factors are playing major roles in both of the countries as conventional system is very strong around the globe.

Item Type:	Article (Journal)
Uncontrolled Keywords:	future capitalism, wake of Islam, secular scholars and fiqh scholars, fundamental key elements of Islamic finance, alternative capitalist structure
Subjects:	H Social Sciences > H Social Sciences (General)
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Economics and Management Sciences > Department of Economics
Depositing User:	Dr Mohamed Asmy Bin Mohd Thas Thaker
Date Deposited:	04 Apr 2022 11:07
Last Modified:	04 Apr 2022 11:07
URI:	http://irep.iium.edu.my/id/eprint/97452

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