Innovation in Islamic finance: The way forward

Developing modern Islamic financial products can be very challenging due to a number of constraints from different aspects, including the formation of regulatory, taxation and economic frameworks that are based on conventional principles. Much emphasis was given to replication of conventional instr...

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Main Authors:	Hasan, Aznan, Darwar Khan, Sarfaraz, Noordin, Nazrul Hazizi
Format:	Article
Language:	English English English
Published:	International Islamic University Malaysia 2016
Subjects:	HG Finance
Online Access:	http://irep.iium.edu.my/56484/ http://irep.iium.edu.my/56484/ http://irep.iium.edu.my/56484/1/56484_Innovation%20in%20Islamic%20finance.pdf http://irep.iium.edu.my/56484/8/56484_Innovation%20in%20Islamic%20finance_WoS.pdf http://irep.iium.edu.my/56484/18/56484_innovasion%20in%20Islamic%20finance_scopus.pdf

id	iium-56484
recordtype	eprints
spelling	iium-564842017-10-10T05:08:43Z http://irep.iium.edu.my/56484/ Innovation in Islamic finance: The way forward Hasan, Aznan Darwar Khan, Sarfaraz Noordin, Nazrul Hazizi HG Finance Developing modern Islamic financial products can be very challenging due to a number of constraints from different aspects, including the formation of regulatory, taxation and economic frameworks that are based on conventional principles. Much emphasis was given to replication of conventional instruments by restructuring conventional financial products according to the Islamic law of commercial contracts and eliminating prohibitory elements from these products. This paper aims to discuss the role of innovation in structuring contemporary Islamic financial products. A series of library research is conducted by reviewing both classical and contemporary texts in areas relevant to the present study. In addition, we conducted a field study of the practice of financial innovation made by the stakeholders of the Islamic finance industry. It was found that though replication is acceptable, its continuous application may not be suitable. Hence, it is important for shari’ah scholars and industry experts to think beyond replication. The novelty of this paper lies in the proposed guidelines for innovating Islamic financial instruments. International Islamic University Malaysia 2016 Article PeerReviewed application/pdf en http://irep.iium.edu.my/56484/1/56484_Innovation%20in%20Islamic%20finance.pdf application/pdf en http://irep.iium.edu.my/56484/8/56484_Innovation%20in%20Islamic%20finance_WoS.pdf application/pdf en http://irep.iium.edu.my/56484/18/56484_innovasion%20in%20Islamic%20finance_scopus.pdf Hasan, Aznan and Darwar Khan, Sarfaraz and Noordin, Nazrul Hazizi (2016) Innovation in Islamic finance: The way forward. Al-Shajarah, 21 (3 Special Issue). pp. 1-20. ISSN 1394-6870 http://journals.iium.edu.my/shajarah/index.php/shaj/article/view/410
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English English
topic	HG Finance
spellingShingle	HG Finance Hasan, Aznan Darwar Khan, Sarfaraz Noordin, Nazrul Hazizi Innovation in Islamic finance: The way forward
description	Developing modern Islamic financial products can be very challenging due to a number of constraints from different aspects, including the formation of regulatory, taxation and economic frameworks that are based on conventional principles. Much emphasis was given to replication of conventional instruments by restructuring conventional financial products according to the Islamic law of commercial contracts and eliminating prohibitory elements from these products. This paper aims to discuss the role of innovation in structuring contemporary Islamic financial products. A series of library research is conducted by reviewing both classical and contemporary texts in areas relevant to the present study. In addition, we conducted a field study of the practice of financial innovation made by the stakeholders of the Islamic finance industry. It was found that though replication is acceptable, its continuous application may not be suitable. Hence, it is important for shari’ah scholars and industry experts to think beyond replication. The novelty of this paper lies in the proposed guidelines for innovating Islamic financial instruments.
format	Article
author	Hasan, Aznan Darwar Khan, Sarfaraz Noordin, Nazrul Hazizi
author_facet	Hasan, Aznan Darwar Khan, Sarfaraz Noordin, Nazrul Hazizi
author_sort	Hasan, Aznan
title	Innovation in Islamic finance: The way forward
title_short	Innovation in Islamic finance: The way forward
title_full	Innovation in Islamic finance: The way forward
title_fullStr	Innovation in Islamic finance: The way forward
title_full_unstemmed	Innovation in Islamic finance: The way forward
title_sort	innovation in islamic finance: the way forward
publisher	International Islamic University Malaysia
publishDate	2016
url	http://irep.iium.edu.my/56484/ http://irep.iium.edu.my/56484/ http://irep.iium.edu.my/56484/1/56484_Innovation%20in%20Islamic%20finance.pdf http://irep.iium.edu.my/56484/8/56484_Innovation%20in%20Islamic%20finance_WoS.pdf http://irep.iium.edu.my/56484/18/56484_innovasion%20in%20Islamic%20finance_scopus.pdf
first_indexed	2023-09-18T21:19:42Z
last_indexed	2023-09-18T21:19:42Z
_version_	1777411799205806080

Innovation in Islamic finance: The way forward

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