جدید اسلامی فنانس میں شریعت کے اصول اور عملی چیلنجز: تجزیاتی مطالعہ

"Shariah Principles and Practical Challenges in Modern Islamic Finance: An Analytical Study"

Abstract

This research presents an analytical study of the principles of Shariah and their practical challenges in the context of modern Islamic finance. The study highlights that Islamic finance, in essence, is not merely an alternative to conventional banking, but a comprehensive system rooted in justice, equity, and ethical responsibility. It derives its legitimacy from the Qur’an, Sunnah, and the objectives of Shariah (Maqasid al-Shari‘ah), which aim to ensure socio-economic balance, transparency, and moral accountability in financial dealings.

The research finds that despite the rapid global growth of Islamic financial institutions, the system faces significant challenges in implementation. These include structural dependence on conventional benchmarks like LIBOR, inconsistency among Shariah boards across jurisdictions, inadequate research on emerging financial technologies, and limited collaboration between Shariah scholars and financial experts. Moreover, the commercialization of Islamic products often undermines the moral and ethical essence of Shariah compliance.

Through an analytical and comparative approach, the study concludes that the success of Islamic finance depends on restoring its spiritual and ethical foundation rather than focusing solely on legal conformity. It recommends the development of a unified global Shariah governance framework, the integration of Islamic ethics in financial innovation, and the establishment of Maqasid-based performance indicators to assess the social impact of Islamic finance. The study emphasizes that true progress in Islamic finance will be achieved only when economic efficiency is harmonized with Shariah authenticity and moral integrity, making it a viable and ethical alternative to the global financial system.