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Islamic Banking And Finance

Islamic Banking And Finance

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Brunei Darussalam has supported the development in Islamic Finance with the introduction of respective legislation and law such as the Shariah Financial Supervisory board Order 2006, theIslamic banking Order 2008, and the 2008 Takaful Order.Brunie has a big potential to be an Islamic Financial hub due to itsstrong economic and political stability,good infrastructure and support of the Government.Maatallah and Haji Amiruddin noted that Islamic banks have mushroomed under an Islamization agenda,but the system has not developed a comprehensive vision of an interest-free system, nor has it mobilized ?nancial resources for enhancing social wellbeing by promoting economic development along Islamic lines.These omissions,they argue,are shared more generally by Islamic economic thinking and social thought which has produced no truly Qur’anic worldview and has failed to understand the dynamics of Islamic transformation within an equitable and participatory framework.Maatallah and Haji Amiruddin envisage a social wellbeing function for Islamic banks in terms of social security, protection of individual rights and resource mobilization in keeping with the Islamic faith.
Islamic banking