Is Islamic Finance Astoundingly and Actually Growing?

Ever wonder if Islamic finance is really growing?

Is Islamic Finance Astoundingly and Actually Growing?
Photo by Aaron Burden / Unsplash

When should we learn about #islamicfinance  (IF)?

We come to know about IF after a certain age. Maybe when we are just selecting an undergrad degree or masters.

But we start doing transactions from a very early age.

Shouldn't it be part of our curriculum when we #learn about Islam and the way of life according to Islam?

Islamic finance cannot grow without incorporating Islamic values.

Otherwise, we will be limited to just making #shariahcompliant alternatives to conventional products. Understandably, IF is very marginal compared to its counterpart and competing with it as well as profit-driven. But it should not hold us back.

Evolution is necessary.

And charity begins at home.

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Photo by Luke Stackpoole / Unsplash

But who will teach the home about charity?

Once the mosque was the centre of Islamic knowledge and civilisation. Mosques played a vital role in #society integrating Islamic social #values into every aspect of life. Nowadays our mosque is limited to only preaching avoiding riba and the punishment of riba. But is it enough?

The mosque and its leaders should teach people how to avoid riba by teaching how riba occurs. They should teach what are the legal and Islamic transactions and how they work. How to incorporate Islamic values in transactions should be preached too.

When we integrate Islamic values into our transactions, we don't have to promote to the world that Islamic finance is #ethical, and encompasses #sustainability and #ESG. Because the actions of people will make it visible to everyone.

When the mosque becomes the hub of knowledge of IF, it can also play an important role in governance and filtering. Increased awareness of IF will make the industry to be more compliant in its activities.

Time to revert back to the root?

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