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25min chapter
Managing Your Money and the Halal Economy with Harris Irfan
The Thinking Muslim
Rethinking Islamic Finance
This chapter explores the relevance of economics and finance in everyday life from an Islamic perspective, discussing the implications of fractional reserve banking and alternative Islamic fintech solutions. It emphasizes participatory finance, highlighting the importance of profit-sharing relationships between lenders and borrowers, and critiques the current Islamic banking system for not fully adhering to ideal Islamic economic principles. The chapter also addresses the intersection of spirituality and finance, advocating for ethical practices and risk-sharing in business as integral to a sustainable Islamic economic model.
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