Mastering Islamic Finance

2

Islam – key beliefs, principles and practices

Introduction

Belief system

Key practices – the five pillars of action

Importance of the Qur’an and the Sunnah

Interpretation of the sharia

The role of scholars and sharia supervisory boards in Islamic finance

Conclusion

INTRODUCTION

To understand Islamic finance it is important also to understand a little about the Islamic faith. Practitioners who have a base level of understanding of the faith will not only comprehend the various principles underpinning sharia-compliant financial transactions better, but will be tuned into the mindset of a faith-based buyer of a sharia-compliant financial product. Indeed, all too often, those involved in the Islamic finance industry have shown a lack of ...