عصری اسلامی بینکاری: روایتی اسلامی اصولوں سے انحراف کا جائزہ

An Evaluation of the Deviation of Contemporary Islamic Banking Practices from Traditional Islamic Principles

Abstract

This study, titled "An Evaluation of the Deviation of Contemporary Islamic Banking Practices from Traditional Islamic Principles," explores the relationship between modern Islamic banking practices and traditional Islamic finance principles. The research aims to assess the alignment or deviation of contemporary banking practices from classical Islamic jurisprudence, focusing on core values such as the prohibition of riba (interest), Shariah-compliant investment ethics, and the promotion of socio-economic welfare. These principles are vital for ensuring justice and equity in financial transactions. The study examines modern financial instruments like partnership-based financing (mudarabah and musharakah), sukuk (Islamic bonds), and other innovative models gaining traction in today’s market. These practices are analyzed against traditional Islamic principles to evaluate their adherence to Shariah law. The research addresses key questions: To what extent do current Islamic banking practices align with traditional Islamic finance? Are there deviations, and if so, what are their implications on the Islamic finance ecosystem? Additionally, the study explores the impact of these practices on the growth, integrity, and sustainability of Islamic banking. Findings indicate a mixed landscape—some modern practices closely adhere to traditional principles, enhancing the system’s robustness, while others show deviations that could challenge the ethical and legal foundations of Shariah-compliant finance. These insights are valuable for Islamic bankers, Shariah scholars, investors, and policymakers. By identifying areas of alignment and deviation, this research encourages dialogue to reinforce Shariah compliance in modern Islamic banking, ensuring its credibility and long-term sustainability. The study ultimately emphasizes the importance of aligning contemporary banking practices with traditional principles to foster a fair, ethical, and stable financial system reflective of Islamic finance's true spirit.