“If anyone is looking for a religion other than Islam, then let it be known that it will not be accepted from him; and in the Hereafter he will be among the losers.” (Sura Al’i-Imran Aya No. 85)." Dīn (دين, also anglicized as Deen) is an Arabic word usually translated as "religion" but also as "way of life", especially referring to Islam, known as ad-dīn "the deen", or dīn al-haqq "the true deen" (e.g. ayat 48:27, 9:33 = 61:9). It is, however, not exclusive to Islam, as Arab Christians also use it to refer to their religion and religion in general. The word “Deen” appears in as many as 79 Qur'anic verses and it is often translated as religion for convenience since there is no equivalent single satisfactory English word. In the Qur'an, Islam is always referred to as Dīn. It is the sum total of a Muslim's faith and the code and conduct necessary to submit to Allah's laws.
Hence, it can be said that Islamic Finance is conducting financial and business matters according to the commandments of Allah(SWT) expressed or implied.
Aya 65 of Sura Al-Baqara "And well ye knew those amongst you who transgressed in the matter of the Sabbath; We said to them: "Be ye apes despised and rejected."
This Ayah means, O Jews! Remember that Allah sent His torment on the village that disobeyed Him and broke their pledge and their covenant to observe the sanctity of the Sabbath. They began using deceit full means to avoid honoring the Sabbath by placing nets, ropes and artificial pools of water for the purpose of fishing before the Sabbath. When the fish came in abundance on Saturday as usual , they were caught in the ropes and nets for the rest of Saturday. During the night , the Jews collected the fish after the Sabbath ended. When they did that , Allah changed them from humans into monkeys, the animals having the form closest to humans. Their evil deeds and deceit appeared lawful on the surface, but they were in reality wicked. This is why their punishment was compatible with their crime.(Tafsir Ibn-e-Kathir)
Dr. Mahmoud El-Gamal said best "When developing an Islamic financial model, the temptation is very strong to try to mimic what bankers already know. Indeed, that has been the history of Islamic banking and finance: start with the conventional practice that you forbid but want to mimic (e.g. an interest-bearing loan), break it down into its pieces (e.g. money now from A to B, more money later from B to A), and then reconstruct the pieces with some degrees of separation (e.g. goods sold for money now from C to A, goods sold on credit for more money later from A to B, and goods sold for money now from B to C -- this is tawarruq if the bank conducts all three transactions, or commodity murabaha if the bank only does the first two pieces and leaves it up to B to make the spot sale to C or another party D). This is the silly model marketed variously as commodity murabaha or tawarruq."
Dr. Muhammad Nejatullah Siddiqi said "We consider Murabaha to be superior to debt financing on a number of grounds. We also consider that its inclusion in the toolbox of Islamic financial instruments makes that box really capable of handling all financial situations. We claim that it serves to keep the financial market in sync with the market for real goods and services, thus making it less vulnerable to gambling like speculation. Demonstrating these and possibly other virtues require Murabaha to be practiced in real earnest, i.e. as a means of financing the acquisition of means of production and needed goods by people who are expected to be able to pay for them, but after sometime. It would be a caricature of Islamic finance if, instead, Murabaha is used as a trick to do what conventional finance is doing, i.e. lending on the basis of interest. It is only the practitioner who can ensure that Murabaha does not degenerate to that level."
Dr. Mahmood Ahmed is of the view that "Finance", whether Islamic or conventional,is dependend on financial intermediation which has three essential features-1.Principal amount,2.Rate and 3.Time. All these three must be pre- determined. Hence an intermediary accepts signature of the client in a set of charge documents as per law of the land then makes him agent to buy goods which is not an essence for it but is done as an eye wash for lebeling it "Islamic" which is a religius cheating in the name of Islam."
Brother Mahmood Shafqat is of the opinion that "in my view, we need to distinguish between recommended or liked and disliked practices."
Sahih Al-Bukhari 1:1 Narrated Umar bin Al-Khattab (RAA)
I heard Allah's Apostle saying, "The reward of deeds depends upon the intentions and every person will get the reward according to what he has intended. So whoever emigrated for worldly benefits or for a woman to marry, his emigration was for what he emigrated for."
The result that emerges from the above discussion, it is the intention that matters.
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