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Islamic Capitalism—An Imminent Reality or a Hopeful Possibility for Islamic Finance?

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Abstract This paper explores the future of Islamic finance and the sustainability of its development alongside conventional finance within the same capitalistic framework and posits an alternative capitalist structure as a principled foundation for Islamic finance based on Islamic ideals. The success of this medium will ultimately depend on the extent to which traditionalists, who resist departing from ‘purist’ Islamic principles, will challenge the ijtihād of modernists and their support for innovation. The combined knowledge and cooperation of the fiqh scholars and secular experts can facilitate the development and standardisation of Islamic financial instruments. Points of tension between scholars and secular financial experts should not hinder the process of innovation. Instead, their interaction should be seen as an opportunity for creating a platform for an intellectual discourse, especially in the wake of Western economic crises and the demise of the West’s monopoly over global finance.

Affiliations: 1: Courts of England and Wales UK


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