Quora Answer: What are the Objectives of Islamic Financial Regulations?
بِسۡمِ
ٱللهِ ٱلرَّحۡمَـٰنِ ٱلرَّحِيمِ
The following is my answer to a Quora question: “What are the objectives of Islamic financial regulations?”
The main objective of
Islamic banking and finance is actually the removal of zhulm, oppression.
This oppression, to our understanding is
mainly expressed in riba’, usury. Essentially, any sort of predatory practise,
where one takes advantage of another, manipulates the market for unfair gain,
cheating, preys on the vulnerable and discounts the consequence of actions are
absolutely haram. The concerns of
Islamic banking are not just for the Muslims, but for humanity in general, and
the issues with usury, for example, are not unique to Islam but is found in
common with Abrahamic faiths. As such,
it is actually better addressed as ethical banking to reflect these shared
objectives.
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