In search of financial identity: financing our future

Islamic banking is a piece of a larger whole – Islamic morality. Islamic banking is commonly treated as traditional banking with the exclusion of riba. This misconception can lead to non Shari‘a compliant investments and activities. Riba is often incorrectly translated to mean interest. Its correct translation is the attribution of an intrinsic value to money; therefore, the passage of time does not merit an increase in money. Focusing too narrowly on riba causes many scholars to overlook important issues such as ‘adl (justice) and gharar (deception). Banking in the Western world, where interest is omniscient, presents many challenges. Accepting interest can mean oppressing others. Forgoing interest means leaving it at the disposal of banks, many of which donate to organizations that oppress Muslims. Currently, new co-ops and credit unions are forming to meet the needs of Muslim investors in the West. In order to expand and improve the Islamic finance sec