Ideological Foundations of Interest Free Finance

Islamic Economics

Abstract

Worldview reigns. Every view about the world governs every ideology that could be held on lower themes of world issues such as sociology, politics, and economics. In the endeavor to figure out the difference between Islamic and conventional finance, and actualization of the two as alternative systems, proper grasp of the underpinning values and normative principles behind the specific commercial and financial rules of the sharia is very important. Proper implementation of various sub themes of Islamic economics including interest free finance would require comprehension of the underpinning theoretical framework as developed by the scholars of the field i.e. Islamic economics. This paper provides a succinct presentation of the ideological paradigm of interest free finance as enunciated the primary sources of the sharia and expounded by jurists (Fuqha) and professional Muslim economists since mid-20th century.