Islamic banking, Islamic finance, or Sharia-compliant finance is banking or financing activity that complies with Sharia and its practical application through the development of Islamic economics. Some of the modes of Islamic banking/finance include Mudarabah, Wadiah (safekeeping), Musharaka, Murabahah (cost-plus), and Ijara (leasing).
Islamic economics refers to the knowledge of economics or economic activities and processes in terms of Islamic principles and teachings. Islam has a set of special moral norms and values about individual and social economic behavior. Therefore, it has its own economic system, which is based on its philosophical views and is compatible with the Islamic organization of other aspects of human behavior: social and political systems.
Mohd. Kamal bin Hassan, PSM was a Malaysian academic and Islamic scholar, specializing in contemporary Islamic thought, particularly pertaining to the Southeast Asia region. He was the Rector of the International Islamic University Malaysia (IIUM) from 1998 to 2006.
Islamic banking in Malaysia began in September 1963 when Perbadanan Wang Simpanan Bakal-Bakal Haji (PWSBH) was established. PWSBH was set up as an institution for Muslims to save for their Hajj expenses. In 1969, PWSBH merged with Pejabat Urusan Haji to form Lembaga Urusan dan Tabung Haji.
The International Islamic University Malaysia, also known as IIUM, is a public university in Malaysia. Headquartered in Gombak, Selangor, IIUM has six other campuses all over Malaysia: two medical-centric campuses and a Centre for Foundation Studies in Gambang, Pahang, two city campuses in Kuala Lumpur, and a language and tourism campus in Pagoh, Johor.
Muhammad Taqi Usmani SI, OI, is a Pakistani jurist and a leading scholar in the fields of Qur'an, Hadith, Islamic law, Islamic economics, and comparative religion. He was a member of the Council of Islamic Ideology from 1977 to 1981, a judge of the Federal Shariat Court from 1981 to 1982, and a judge in the Shariat Appellate Bench of the Supreme Court of Pakistan from 1982 to 2002. In 2020, he was selected as the most influential Muslim personality in the world. He has been conferred the title of Shaykh al-Islām for his knowledge in Islamic studies. He is considered a leading intellectual of the contemporary Deobandi movement, and his opinions and fatwas are widely accepted by Deobandi scholars and institutions worldwide, including the Darul Uloom Deoband in India. Since 2021, he has been serving as the Chairman of Wifaq ul Madaris Al-Arabia. His father, Shafi Usmani, was the Grand Mufti of Darul Uloom Deoband and migrated to Pakistan with his family after the partition of India in 1948.
Syed Nawab Haider Naqvi is a Pakistani economist and scholar.
Abbas Mirakhor joined INCEIF in 2010 as Distinguished Scholar and the First Holder of INCEIF's Chair in Islamic Finance. His research interests include conventional and Islamic economics and finance.
INCEIF UNIVERSITY was set up by Bank Negara Malaysia in 2005 to develop human capital for the global Islamic finance industry. Commonly known as INCEIF – The Global University of Islamic Finance, it is the only university in the world dedicated to Islamic finance. INCEIF is part of Malaysia's initiative to promote education in Islamic finance for the domestic and international finance community.
Mohammad Nejatullah Siddiqi was an Indian economist and the winner of the King Faisal International Prize for Islamic Studies.
Mohammad A. Quayum is an academic, writer, editor, critic and translator.
Jamil bin Osman is a Malaysian scholar, professor of Islamic Economics, pioneer of Islamic banking and finance in Malaysia, Rector and CEO of Insaniah University College. Prior to working at Insaniah, he served as Dean of Admissions and Records Division (1989-1999) and Deputy Rector Academic Affairs (1999-2003) at International Islamic University Malaysia. He were awarded the honorific title of Dato' three times.
Rusni Hassan currently is a Professor and Dean at IIUM Institute of Islamic Banking and Finance, International Islamic University Malaysia. Previously, she was a Deputy Dean at the Institute, a Coordinator for Research and Publication and Course Coordinator for Islamic Law of Transactions and Islamic Banking and Takaful. She was a Research Committee for Review of Islamic Banking Laws, Central Bank of Malaysia and an examiner for Financial Planner Association of Malaysia. Presently she is the examiner for the Chartered Institute of Management Accountants. She was a member of Shariah Advisory Council Bank Negara Malaysia and Shariah Advisor for Association of Islamic Banking Institutions Malaysia. She also served as Secretary for the Association of Shariah Advisors in Islamic Finance Malaysia for 8 years starting from 2012 until 2020.
Asyraf Wajdi bin Dusuki is a Malaysian politician who has served as Chairman of the Majlis Amanah Rakyat (MARA) since March 2023. He served as Deputy Minister in the Prime Minister's Department in charge of Islamic affairs in the Barisan Nasional (BN) administration under former Prime Minister Najib Razak and former Minister Jamil Khir Baharom from July 2015 to the collapse of the BN administration in May 2018 as well as Senator from May 2014 to his resignation in April 2018. He is a member of the United Malays National Organisation (UMNO), a component party of the BN coalition. He has also served as the Secretary-General of UMNO since March 2023 and also served as the 14th Youth Chief of UMNO from June 2018 to March 2023.
Abdul Rashid Moten is a Bangladeshi political scientist, academic, and author on issues ranging from political science and its various aspects, Islamic methodology in political science, political movements in the Muslim world, and good governance from the Islamic perspective. According to Worldcat, he is the author of 42 works in 81 publications in 3 languages. His book Political Science: An Islamic Perspective is held by nearly 300 libraries.
Dr. Shariq Nisar is an Indian finance professional, academic and activist. He received PhD in economics from Aligarh Muslim University, one of the oldest universities in India. He co-founded TASIS, a shariah advisory institution, related to finance, based in Mumbai, that screens stocks for Shariah compliance. His first major work was the launch of India's first Shariah Index in association with the Bombay Stock Exchange. Later on he worked with the National Stock Exchange to launch Shariah index for them. He is advisor to Kerala Government's Islamic Finance venture Cheraman Financial Services Ltd. He also helped Government of India owned General Insurance Corporation of India establish its Retakaful division in 2009. During 2013 and 2014, he served as a senior visiting fellow at Harvard Law School. He was invited to share his views before the Select Committee of Indian Parliament on the Insurance Laws (Amendment) Bill (2015). He served as a non-executive independent director at Octaware Technologies from November, 2015 to December 2018, India's first shariah compliant publicly listed company. Dr. Nisar has also authored various books in the area of Islamic Finance with International as well as Indian perspectives. He has been awarded Bharat Inclusion Research Fellowship 2020.
Syed Arabi bin Syed Abdullah Idid is a Malaysian scholar who serves as a Professor of Communication at the International Islamic University Malaysia (IIUM). He was the Rector of IIUM from 1 June 2006 to 1 August 2011.
Malachi Edwin Vethamani is a Malaysian-born Indian poet, writer, editor, bibliographer, academic and critic.
Masudul Alam Choudhury is a Bangladeshi-Canadian economist and International Chair in Islamic Economics and Finance at the Faculty of Economics, Trisakti University in Jakarta, Indonesia.
