14 December 2019   16. Rabi-us-Thaani 1441
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An Introduction to Islamic Finance (Book Review)

Written by

Title: An Introduction to Islamic Finance

Author: Muft Muhammad Taqi Usmani

Publisher: Idara Isha'at-e-Diniyat

Edition: 1999

Vol: 1

Pgs: 246

Islam does not deny the market forces and market economy. Even the profit motive is acceptable to a reasonable extent, Private ownership is not totally negated, Yet, the basic difference between the capitalist and Islamic economy is that in secular capitalism, the profit motive or private ownership is given unbridled power to make economic decisions. Their liberty is not controlled by any divine injunctions. If there some restrictions, they are imposed by human beings and are always subject to change through democratic legislation, which accepts no authority of any super-human power. This attitude has allowed a number of practices which cause imbalances in the society.

The evils emanating from this attitude can never be curbed unless humanity submits to the divine Authority and obeys its commands in any case and at every price. This is exactly what Islam does. After recognizing private ownership, profit motive and market forces. Islam has put certain divine restrictions on these activities. These restrictions being imposed by Allah, Whose knowledge has no limits and cannot be removed by any human authority. All these prohibitions combined have a cumulative effect of maintaining balance, distributive justice and equality of opportunities.

 

 

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