Islamic finance, grounded in Sharia principles, is reshaping global markets with its ethical and transparent approach. By banning riba (interest) and haram (forbidden) sectors, it ties investments to tangible assets and social good. In 2024, the market reached $4.9 trillion, with forecasts projecting $6.7 trillion by 2027, per LSEG. What numbers define this sector’s growth, […]
What is Social Responsibility in Islamic Finance? Social responsibility is a core pillar of Islamic finance, rooted in Sharia’s ethical framework from the Quran and hadiths. Islamic finance demands fairness, transparency, and a ban on exploitation, inherently tied to societal welfare. Unlike conventional finance, where profit often reigns supreme, Islamic finance prioritizes community well-being alongside […]
What is Islamic Insurance? Islamic insurance, or takaful, is a financial system deeply rooted in Sharia principles derived from the Quran and Hadith. Unlike conventional insurance, which prioritizes profit through premiums and investments, takaful focuses on mutual assistance and collective responsibility. Participants contribute to a shared fund, which is then used to compensate any member […]
The question of whether life insurance is haram (forbidden) in Islam has sparked significant debate among Islamic scholars and the Muslim community. To determine «Is life insurance haram in Islam?», we must delve deep into the principles of Shariah related to financial transactions and examine how conventional life insurance aligns with these principles. This detailed […]
In today’s complex financial world, life insurance has become a common tool for providing financial security to families in the event of unforeseen circumstances. However, for Muslims striving to live according to Islamic principles, the question arises: Is life insurance prohibited in Islam? This question requires a deep understanding of Islamic financial principles and Shariah […]