Islamic Finance

The five pillars of Islam include spiritual concepts such as Iman (faith), Salat (prayers), and Sawm (fasting). as well as the more socially oriented concepts of Zakat (charity) and Hajj (pilgrimage). Furthermore, there are specific instructions such as: “Allah has permitted trade and forbidden Riba (interest)…” (2:275).

Islamic Finance System aims to eliminate exploitation and establish a just society by the application of Sharia, the Islamic religious law. The establishment of a just society is one of the main objectives or ‘maqasid’ of Sharia law.