Building Genuine Islamic Financial Institutions

Published: Asad Zaman (2015) "Building Genuine Islamic Financial Institutions", Journal of Islamic Economics, Banking and Finance,  Volume 11, Number 2 (April-June, 2015) pp13-32


URDU YouTube Lecture (70 minutes): Building Genuine Islamic Financial Institutions.

ABSTRACT:  Capitalist financial institutions are designed to support the process of accumulation of wealth, which is at the heart of capitalist societies. Central to Islam is the spirit of service, and spending on others, which is expressed by diverse, service-oriented institutions, radically different from those dominant in capitalist societies.Since the spirit of Islam is in stark and violent conflict with the spirit of Capitalism, the form taken by institutions designed to express this spirit must also be different. 


HISTORY of presentations:

Paper presented at CILE Conference: “Economics and Ethics” organized by the Center for Islamic Legislation and Ethics (CILE) in Doha, Qatar on the 10-12 of June 2014.

Post CILE-Conference, an entirely new paper was written to deal with questions and issues that arose at the conference. This is entitled: Objectives of Financial Institutions: Western & Islamic.

Also presented at: 9-11 February 2014: Presented a paper on “Building Genuine Islamic Financial Institutions” 3rd International Conference on Islamic Business ( ICIB-2014) held in: Riphah Center of Islamic Business (RCIB) , Riphah International University (RIU) Islamabad.

Dear Dr. Asad Zaman,
I'm Hakan ASLAN from Sakarya University, Turkey. I'm working as a research assistant in the Islamic Economics and Finance department.
I'm assistant editor of the International Journal of Islamic Economics and Finance Studies. We would like to publish translated version of your article titled as "Building Genuine Islamic Financial Institutions". 
Our Journal is issued in both online and paper version. You can see the details for our Journal from the link:http://ijisef.org/index.php/IJISEF
Please see the attached files which contains original version of your article and translated version. 
Could you give us your permission to publish translation of your article?



RELATED LINKS:
Featured Writings on Islamic Economics
Guide to my writings on Islamic Economics
See also: Islam & Money -- which lists papers & talks on Islamic views on Money


Many are working on practical steps towards building genuine Islamic Institutions, as opposed to the effort to Islamize Western ones. Some theoretical issues, discussing why Islamization is unlikely to work, are discussed in my article on Rebuilding Islamic Societies

Closely Related to the spirit of this paper, but in an entirely different dimension is a AUDIO talk of a presentation I made in Bali Indonesia:
Macro-Prudential Regulations in an Islamic Framework. This talk shows that Islam offers a three dimensional framework for regualtion which covers aspects not within scope of conventional approaches. It includes, social, spiritual and instititutional components.

Practical Efforts have been made by a group at Zuflah to create training materials for businesses wishing to Islamize their operations in spirit as well as in form. A document in Urdu, describing the Shariah principles for Trade (Tijarat) is attached below.

The spirit of capitalism is the pursuit of wealth as an end in itself, to the point of being absolutely irrational (Max Weber)

The Islamic spirit of business is cooperation and service.   

The paper is attached below. It is also available on the Islamic Economist Blog.

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IJEMA Referee Report -- Rejection.   44k v. 1 Oct 9, 2014, 12:28 AM Asad Zaman
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contains my paper BGIFI. ALSO and article by Murat Cizakca on why Gold Dinar/Dirham is NOT a suitable path to an Islamic Economy.  Mar 26, 2016, 1:22 AM Asad Zaman
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Building Genuine Islamic Financial Institutions  109k v. 2 Sep 21, 2013, 7:56 PM Asad Zaman
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Version submitted to IJEMA -- only formatting changes.   65k v. 1 Aug 11, 2014, 9:48 PM Asad Zaman
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URdu: Shobon main Deen Ka Ihya: First Part Tijarat  1635k v. 1 Sep 21, 2013, 7:47 PM Asad Zaman
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Özgün İslami Finansal Kurumlar İnşa Etmek  Mar 25, 2016, 6:33 PM Asad Zaman
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