Save

Islam Compliance, beyond Sharīʿah Compliance: Toward a Broader Socio-Economic Transformation

In: Arab Law Quarterly
Author:
Mohammad Omar Farooq Department of Economics and Finance, Gulf University 743 Sanad Bahrain

Search for other papers by Mohammad Omar Farooq in
Current site
Google Scholar
PubMed
Close
https://orcid.org/0000-0002-4112-7222
Download Citation Get Permissions

Access options

Get access to the full article by using one of the access options below.

Institutional Login

Log in with Open Athens, Shibboleth, or your institutional credentials

Login via Institution

Purchase

Buy instant access (PDF download and unlimited online access):

$34.95

Abstract

With the emergence and growth of the Islamic finance industry, Muslims now have at their disposal comprehensive Sharīʿah-compliant financial services. However, the notion of Sharīʿah compliance has rarely been deconstructed; essentially, it constitutes a prohibition-driven enterprise. While avoidance of the forbidden (ḥarām) is fundamentally important, Islam encompasses a great deal more than the impermissible. Approaching relevant issues from the perspective of Sharīʿah compliance, where legal aspects are overemphasized, leads to legalism where the principles, norms and values based on the Qurʾān and Sunnah are largely ignored or compromised. Limiting itself to merely avoiding the ḥarām has significantly handicapped the industry from identifying and endeavouring to address synergistically the broader socio-economic challenges. In this article, a modified conceptualization based on a more nuanced framework of ‘Islam-compliance’ is proposed and explored, especially from the perspective of value-orientation in Islam. The notion and framework of Islam compliance has broader implications beyond Islamic finance.

Content Metrics

All Time Past Year Past 30 Days
Abstract Views 126 126 35
Full Text Views 1 1 0
PDF Views & Downloads 5 5 1