Galadari on Islamic Finance

Abdulla Galadari (Higher College of Technology; American University in Dubai) has posted Inner Meanings of Islamic Finance: Understanding the Theory Behind All Theories. The abstract follows. –JKH

For many centuries, there have been many interpretations of the rules in Islamic Finance. With the modern banking system, more challenges have arisen throughout the world, especially with globalization. Reasons behind Islamic Finance have been studied within the disciplines of philosophy and ethics of the financial system. However this paper looks into deeper mysteries of Islamic Finance and shows how Islamic Shari‘ah for commerce mirrors how Allah deals with humanity. The longest verse in the Qur’an is known as the verse of the loan (āyat al-dayn) [Qur’an 2:282]. This verse is analyzed to understand how commercial contracts permitted between people is mirroring the commercial contract Allah makes with humanity, according to the Qur’an.

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