Revitalization of the Traditional Islamic Economic Institutions (Waqf and Zakat) in the Twenty-first Century: Resuscitation of the Antique Economic System or Novel Sustainable System?
The rapid growth of Islamic finance after 2000 has led to a new question of its practice. Critics of the current situation of Islamic finance contend that the newly developed Islamic financial products are not compatible with the ideal of Islamic economics, because these products are approved at patchwork screenings by a Sharia advisory board. After the middle of the first decade of the twenty-first century, in order to overcome this situation, several new ideas were proposed by those who aspire to the ideal of Islamic economics.