Prophetic Finance and Economics

By Mufti Faraz Adam

Prophetic Finance and Economics explores the current Islamic Finance industry, and presents the Prophetic way of how the economy ought to be. The book explores the controversial matters in Islamic Finance, and provides a detailed and insightful scholarly analysis of all the different practices. Most importantly, the book provides a roadmap on how to enhance Islamic Finance. Uniquely, the book presents the Prophetic transactions and economic insights that can be integrated into Islamic Finance to advance and enhance its current offering. The book presents a framework called the 'Shariah-Powered Framework', which combines compliance and Sunnah to give a powerful course of action. "Prophetic Finance and Economics" is a seminal work that delves deep into the heart of Islamic finance, offering readers a comprehensive exploration of its complexities, innovations, and ethical foundations. Through its sixteen meticulously researched chapters, the book addresses the current landscape of Islamic finance, marked by confusion and the need for clarity, and sets forth a path towards a system that is not just compliant with Shariah, but deeply inspired by it. Beginning with an insightful analysis of the present state of Islamic finance, the author skillfully unveils the layers of misunderstanding and the potential for alignment with true Islamic principles. Chapter 2 focuses on iyal, or legal stratagems, used in Islamic finance, providing a nuanced discussion on their role and ethical implications in financial engineering. The following chapters systematically build upon each other, examining the protocols of a Mufti, the intricacies of Commodity Murabahah, and the concept of Shariah wrappers, demystifying complex financial instruments and practices. At the heart of the book, chapters 5 and 6 explore the profound Islamic concepts of wealth and Muamalat (financial transactions), emphasising their purpose beyond mere economic activity to encompass moral and spiritual dimensions. The author then articulates the objectives of Islamic finance, contrasting it with conventional models and highlighting its potential for revolutionary change. The book takes a deep dive into the essence of Shariah, the life and teachings of Prophet Muhammad , and the Sunnah, offering readers a clear understanding of these foundational aspects of Islam and their relevance to finance. Through chapters on Prophetic transactions, macro and microeconomic principles, the author presents a blueprint for an economic system that combines ethical guidance with practical financial strategies. The concluding chapters, "From Shariah Compliance to Shariah Powered" and "The Shariah-Powered Framework," present a visionary approach for Islamic finance. They propose a shift towards a model that not only adheres to Islamic law but is driven by its ethical and spiritual values, suggesting a future where Islamic finance plays a pivotal role in global economic systems. Ending with reflective thoughts on the evolution and future of Islamic finance, this book stands as a call to action for practitioners, scholars, and anyone interested in the intersection of finance and ethics. It challenges the status quo, advocating for a system that upholds the values of justice, equity, and sustainability, inspired by the wisdom of the past and the possibilities of the future. "Prophetic Finance and Economics" is not just a textbook on Islamic finance; it is a manifesto for a new era of financial practice, rooted in the rich heritage of Islamic teaching and aimed at a future where finance is a force for good in the world.

• Format: Hardcover
• Language: English
• ISBN: B0CX87H1SV
• ISBN13: 9798883860507
• Release Date: March 2024
• Publisher: Independently published
• Length: 468 Pages
• Dimensions: 9.0" x 1.3" x 6.0"