Money with Morals: The Necessity of Islamic Finance in Today's World

By Md Masudur Rahman

"Money with Morals: The Necessity of Islamic Finance in Today's World" offers a comprehensive exploration of Islamic finance and its growing relevance in the contemporary global financial landscape. This insightful and timely book dives deep into the principles, ethics, and practices that underpin Islamic finance, shedding light on its increasing importance in addressing the ethical and economic challenges of our times.

As the world grapples with financial crises, ethical dilemmas, and an increasing demand for sustainable and responsible financial systems, "Money with Morals" emerges as a beacon of hope. The author, a renowned expert in Islamic finance, presents a compelling case for the adoption and integration of Islamic financial principles in today's world. 

The book begins by providing a solid foundation in the core principles of Islamic finance, including the prohibition of riba (usury or interest) and the promotion of risk-sharing, asset-backing, and wealth distribution. Readers are guided through the essential elements of Islamic finance, including the concepts of Sharia compliance, Islamic banking, and Takaful (Islamic insurance).

With a keen eye on contemporary financial challenges, the author then explores how Islamic finance can serve as a practical and ethical alternative. "Money with Morals" delves into case studies that illustrate how Islamic finance has weathered financial crises and provided a more equitable, stable, and ethical financial system. It emphasizes the role of Islamic finance in fostering economic development, reducing income inequality, and promoting financial inclusion.

The book's central thesis is the imperative need for a paradigm shift in global finance. The author argues that Islamic finance, with its inherent focus on ethics, risk-sharing, and social responsibility, can offer a compelling solution to the ethical and financial shortcomings of conventional finance. This transformation, it contends, is not merely desirable but necessary to build a more equitable and sustainable financial ecosystem.

"Money with Morals" is not just a theoretical treatise. It is a practical guide for policymakers, financial institutions, investors, and anyone concerned with the future of finance. The book provides actionable insights on how to integrate Islamic finance principles into the existing financial system, highlighting areas where adaptation and innovation are required.

Furthermore, the book addresses common misconceptions and concerns about Islamic finance, offering clarity and transparency on issues such as Sharia compliance and the mechanisms for profit and risk-sharing.

This book is a timely call to action for a world in search of financial solutions that are both ethically sound and economically viable. It challenges the status quo and offers a roadmap for a more responsible, sustainable, and inclusive financial future.

In summary, "Money with Morals: The Necessity of Islamic Finance in Today's World" is a thought-provoking and authoritative work that not only introduces readers to the principles of Islamic finance but also champions its practical adoption in the global financial system. It offers a compelling vision of a world where money is not just a means to an end but a tool for promoting morality, equity, and sustainable prosperity.

• Language: English
• Publisher: masudkhl
• Release date: Oct 29, 2023
• ISBN: 9798223297093

Book preview

Author

MD MASUDUR RAHMAN

PREFACE:

The global financial crisis of 2008 was a wake-up call for the world, exposing the weaknesses of the conventional financial system and highlighting the need for an alternative model that prioritizes ethical considerations and social responsibility. In the aftermath of the crisis, interest in ethical finance has grown, with Islamic finance emerging as one of the most promising alternatives to the conventional financial system.

Islamic finance is based on the principles of justice, fairness, and social responsibility, and is grounded in Islamic law. It prohibits the charging or receiving of interest (riba) and promotes risk-sharing and asset-backed financing. Islamic finance also places a strong emphasis on social responsibility, requiring financial institutions to contribute to the development of their communities through charitable giving and other means.

The need for ethical finance is clear. The conventional financial system has been criticized for prioritizing profit over all other considerations, leading to a system that is often characterized by excessive risk-taking, greed, and the exploitation of vulnerable individuals and communities. The result is a financial system that has failed to serve the needs of all members of society and has contributed to rising inequality and instability.

This book, Money with Morals: The Necessity of Islamic Finance in Today's World, explores the principles and practices of Islamic finance and its potential to create a more just and equitable financial system. The book argues that ethical finance is not only desirable, but necessary for creating a sustainable and just society. It also examines the challenges and opportunities of integrating Islamic finance into existing financial systems and the role of Islamic finance in promoting financial inclusion and supporting economic development.

In writing this book, we drew upon a wide range of sources, including academic research, industry reports, and interviews with experts in the field of Islamic finance. We also relied on the insights and experiences of practitioners and scholars in the Islamic finance industry.

The first chapter of the book, Introduction: The Need for Ethical Finance, provides an overview of the global financial crisis of 2008 and the shortcomings of the conventional financial system. It highlights the need for a financial system that prioritizes ethical considerations and social