By Dr. Mohammad Akram Nadwi Islamic finance over the last three decades or so has grown into a huge industry. It is huge both in the sense that vast sums of money are handled by Islamic finance, and also in the sense that a great many scholars have been attracted to it, and they have helped to invent or justify financial instruments which claim to make it lawful for Muslims to do things with their money very similar to the things that non-Muslims do with theirs. Yet, if using the word ‘Islamic’ before ‘finance’ is to mean anything at all,…
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