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The Moral Possibility of Islamic Banking System as Institution: Contrasting Cases

The Moral Possibility of Islamic Banking System as Institution: Contrasting Cases

Copyright: © 2014 |Pages: 30
ISBN13: 9781466646438|ISBN10: 1466646438|EISBN13: 9781466646445
DOI: 10.4018/978-1-4666-4643-8.ch005
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MLA

Masudul Alam Choudhury. "The Moral Possibility of Islamic Banking System as Institution: Contrasting Cases." Socio-Cybernetic Study of God and the World-System, IGI Global, 2014, pp.143-172. https://doi.org/10.4018/978-1-4666-4643-8.ch005

APA

M. Choudhury (2014). The Moral Possibility of Islamic Banking System as Institution: Contrasting Cases. IGI Global. https://doi.org/10.4018/978-1-4666-4643-8.ch005

Chicago

Masudul Alam Choudhury. "The Moral Possibility of Islamic Banking System as Institution: Contrasting Cases." In Socio-Cybernetic Study of God and the World-System. Hershey, PA: IGI Global, 2014. https://doi.org/10.4018/978-1-4666-4643-8.ch005

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Abstract

This is an applied chapter on the application of the phenomenological model of unity of knowledge to a critical understanding of the Islamic law, economics, finance, and banking philosophy of the Islamic banks in Indonesia. The chapter explains how the Indonesian Islamic banks are trying to introduce the moral and ethical factors in the mundane business of finance and banking as a sign of integrating God (i.e. the monotheistic law) with this world-system. The chapter goes on with its critical examination of the Indonesian case in the light of its theorem of universality and uniqueness of the monotheistic law as functional ontology. An extensive review of the literature is undertaken to establish its critical worldview of the predicament prevailing in the moral premise with Islamic economics, finance, and banking. The alternative prescription is provided in light of the phenomenological model of epistemic unity.

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