Today, despite the global scientific and technological advancement with developed and even a few developing countries including Muslim countries making significant strides in shaping contemporary civilisation and the state of the world, yet they have failed to achieve true development and progress on how to sustain human and other creatures in a wholesome manner. This is because while these countries are struggling for scientific and technological development in order for humans to live a decent and comfortable life, they have not fully comprehended the underlying indexes that formed the basis of sustainable development. This paper therefore examines the teachings of Islam on the underlying indexes that formed the basis of sustainable development. It used the maqasid approach to show that in Islam development and progress are useful and desirable only when they improve upon and sustain not only human comfort and standards of living but also the essentials to achieving higher and enhanced quality of life for not only humans but also the environment and all the creatures cohabiting in it. It finally reveals how the maqasid approach in Islam sets out to achieve this real development.
Far from being a curiosity, Islamic banking and finance products have come of age as a force to be reckoned with in the international financial market, breaking new ground and making giant strides by the day. This growth and geographical expansion has given rise to several challenges which can no longer be ignored but must be addressed by academics and scholars, professionals and practitioners in the industry, technocrats in government circles, standards boards and allied organisations, and Shariah experts and other jurist consultants. Some of these challenges pose a significant threat to the further growth and development of the industry, if left unaddressed. This paper attempts to look into such issues and to proffer solutions to them in order to ensure the even and healthy growth and development of the industry.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.