THE HISTORY OF THE ORIGIN OF ISLAMIC FINANCE AND ITS ROLE IN THE COUNTRY'S ECONOMY
Keywords:
Islamic finance, economy, economic growth, financial infrastructure, financial banks, interest-free loansAbstract
The evolution of Islamic finance is deeply rooted in the principles of Sharia law, which governs not only personal conduct but also economic transactions. This research explores the historical origins of Islamic finance, tracing its development from early Islamic trade practices to contemporary financial institutions that adhere to Islamic principles. The inception of Islamic finance can be linked to the time of the Prophet Muhammad, where ethical trading and prohibition of usury (riba) were emphasized. Over centuries, these foundational concepts evolved into a structured financial system that gained momentum in the 20th century with the establishment of dedicated Islamic banks and financial institutions.
This study further examines the role of Islamic finance in enhancing economic stability and growth within countries that adopt these principles. By promoting risk-sharing and ethical investment, Islamic finance contributes to sustainable economic development while addressing social justice concerns. The research highlights case studies from various countries where Islamic finance has played a pivotal role in diversifying economies, particularly in regions like the Middle East and Southeast Asia. Furthermore, it discusses challenges faced by this sector, including regulatory frameworks and market acceptance. Ultimately, this paper aims to provide a comprehensive understanding of how Islamic finance not only reflects cultural values but also serves as a catalyst for economic progress.
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