IslamicFinance.de

Prince Muhammad Al-Faisal, the pioneer of Islamic Banking, says that Islamic banking today is a baseless theory. Some think Islamic Banking represent Islamic Economy. But we must realize the difference between a) the financial services and b) the general economic theories controlling them, he adds. In our rush to provide Islamic financial tools, we concentrated on application without linking it to the main philosophy. We ended up with a system devoid of human values, he regrets. Today, the pioneer of Islamic banking, Prince Muhammad Al-Faisal, (79), stands alone in his search for an Islamic Economy theory. Muslim scholars and economists should join his pursuit. More than ever, the world needs a better economic system.