Topical Issues Related to the Formation of the Islamic Finance System: At the Intersection of Philosophy and Practice

Abstract

An intensively developing segment of the world finance – the so-called Islamic finance – puts a great amount of not so much practical but complex theoretical questions to the financial regulator and professional participants of financial markets. In search of answers financial analytics will have to resort to the philosophical tools of scientific analysis and decision-making. A question to illustrate the problem: “On what level (protein, cell, DNA, molecule, atom, proton, etc.) does pork cease to be meat tabooed for Muslims and become a biological material that may be used?”

Keywords: Islamic finance, Islamic banking, Riba, Gharar, Maisir

JEL Classification: F29, F30, G00, E44