Photo : Messenger
In the intricate tapestry of Islam, the thread of economic well-being weaves through every aspect of a Muslim's life, from the individual to the broader community. The Islamic worldview encompasses not just daily transactions but extends to encompass banking and financial activities, illustrating the interconnectedness of faith and finance.
Foundations of Islamic life: Aqidah, Shari‘ah, and Akhlaq
At the heart of Islamic economics lies 'Aqidah,' a comprehensive belief system that envelops a Muslim's faith in Allah. It spans from the fundamental belief in the existence of the Divine to the adherence to His commands, shaping the bedrock of a Muslim's economic decisions.
'Shari‘ah' takes this belief further, translating it into practical actions. It acts as a guide for a Muslim's daily life, differentiating between 'ibadat,' or worship, and 'muamalat,' the practical aspects of everyday life. In the economic realm, 'Shari‘ah' ensures financial decisions align with ethical and moral principles, making it a compass for economic conduct.
'Akhlaq,' the third pillar, shapes a Muslim's behavior, attitude, and work ethics. In the economic landscape, 'Akhlaq' emphasizes honesty, fairness, and compassion, infusing a moral dimension into financial transactions. It is this ethical foundation that sets Islamic finance apart, transcending mere profit motives.
Bridging faith and everyday life : Muamalat
'Muamalat,' the practical bridge between faith and daily life, stands as a testament to Islam's holistic approach. While 'ibadat' focuses on worship, 'muamalat' brings faith into the nitty-gritty of everyday life, defining how Muslims engage in financial transactions, trade, and investment. It ensures that economic activities reflect the core values of Islam.
Roots of Islamic banking and finance: From Muamalat to Allah
Delving deeper into 'muamalat,' we uncover the roots of Islamic banking and finance. It is not merely a set of financial instruments; rather, it is a journey that connects economic prosperity to spirituality. The chain linking a Muslim's economic actions to Allah is a profound one, underscoring the unique nature of Islamic finance.
Starting from the practicalities of daily life ('muamalat'), we ascend to the guiding principles of 'Shari‘ah,' which find their roots in 'Aqidah,' the bedrock of faith. This journey does not stop here; it extends to encompass Islam as a way of life and, ultimately, leads to Allah. In this framework, Islamic finance becomes a holistic system where economic prosperity intertwines seamlessly with spiritual values.
Conclusion: Faith and finance in harmony
Islamic banking and finance, viewed through this narrative lens, emerge as more than just economic tools. They are threads intricately woven into the fabric of a Muslim's faith and daily life. By adhering to the principles of 'Aqidah,' 'Shari‘ah,' and 'Akhlaq,' Islamic finance stands as a distinctive model fostering economic prosperity while upholding ethical standards. It is a testament to the harmonious integration of faith and finance in the Islamic worldview, where prosperity is not merely material but deeply rooted in spiritual values.
The author is the Managing Director & CEO of National Bank Limited. He is a fellow member of the Institute of Cost & Management Accountants of Bangladesh (ICMAB) and the first Certified Sustainability Reporting Assurer (CSRA) in Bangladesh. He is also a post-graduate diploma from the Institute of Islamic Banking & Insurance (IIBI), United Kingdom.
Messenger/Fameema
