Is there a Need for Going Back to Basics to Reform Islamic Banking and Finance as an Industry Driven by Maqasid Alshari’a in the Wake of COVID-19?

In the midst of the ongoing crisis emanating from the Global COVID-19 pandemic, we asked some of the leading
experts of Islamic banking and finance to share their views on the need for reforming Islamic banking and finance.
These experts come from different backgrounds, i.e., academia, practice and research; but there is a loud and
clear message. There is a definite need for the industry to take the COVID-19 pause as an opportunity to
redefine its value proposition. While the practitioners like Asfand Zubair Malik take a sympathetic view on the practice of
Islamic banking and finance, others like Faizan Ahmed are not optimistic about the change in direction of Islamic banking
without a deliberate intervention by the stakeholders to do so. There are others who take a philosophical view of the whole
matter. Pauline Vaz shares her perspective based on the experience she accumulated working in one of the most reputed
product development teams.


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