The Establishment of Islamic Finance and Its Impact in the Bangsamoro as Perceived by Select Ulama and Professionals in Lanao del Sur

Anwar M. Radiamoda

2019

Abstract

The aim of this research is to examine the influence of the establishment of Islamic Finance and its impact in the Bangsamoro 1 as perceived by select Ulama and professionals in Lanao del Sur. The idea behind establishing Islamic Finance, is to remove riba and maysir and from Traditional Financing system without disturbing and dividing the society economy, and how the whole society is conducting financing business in a unified way. The mean purpose of this study is to comprehend that Islam Finance emphasizes fair and equitable distribution of resources and meeting the needs of economically weak people as part of piousness, dedication, worship and faith. It encourages its followers to relate their piety (Taqwa) with social realities. It persuades a person to share the blessings and bounties of Allah with others as a matter of obligation by declaring that Taqwa encompasses not only the love of Allah, but also the love of fellow human beings, who should be treated as part of an extended human family. This refers in a way to the need to study the economic aspects of mankind free from scamming and harming. The major finding and recommendation to the Bangsamoro: the establishment of Islamic Finance requires rulers and various regulators in the system to protect the common people from non-Shari’ah compliance, scam, harm and hardship caused by dishonest factors in society through strong and effective laws, and they should be respected in the sense of fulfillment of all socio-economic rights. The parliamentary of Bangsamoro must also control institutional and other misconducts. .

Paper Citation

in Harvard Style

Radiamoda A. (2019). The Establishment of Islamic Finance and Its Impact in the Bangsamoro as Perceived by Select Ulama and Professionals in Lanao del Sur. In Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance - Volume 1: 7th AICIF, ISBN 978-989-758-473-2, pages 28-33. DOI: 10.5220/0010113900002898

in Bibtex Style

@conference{7th aicif19,
author={Anwar Radiamoda},
title={The Establishment of Islamic Finance and Its Impact in the Bangsamoro as Perceived by Select Ulama and Professionals in Lanao del Sur},
booktitle={Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance - Volume 1: 7th AICIF,},
year={2019},
pages={28-33},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0010113900002898},
isbn={978-989-758-473-2},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance - Volume 1: 7th AICIF,
TI - The Establishment of Islamic Finance and Its Impact in the Bangsamoro as Perceived by Select Ulama and Professionals in Lanao del Sur
SN - 978-989-758-473-2
AU - Radiamoda A.
PY - 2019
SP - 28
EP - 33
DO - 10.5220/0010113900002898