The Eternality of Islamic Teachings: The Adaptability of Islamic Finance Principles

Abstract

To fully comprehend the significance of Islam in Islamic Finance, it is imperative to delve deeper into the ontology, epistemology and axiology of Islamic principles. Ontology is concerned with the foundation of reality, whilst epistemology covers the learning process. Then, axiology talks about the subject's values, norms and principles. This chapter covers the ontology of the Knowledge from an Islamic perspective, which, epistemologically speaking, is believed to be eternal, unchanging and universal by the believer. Therefore, having a profound understanding of the ontology and epistemology of the source and the Knowledge, the discussion continues the axiology of Islamic finance principles, which is paramount to understanding the role of Islam in modern financial systems.

Ontology is concerned with the foundational building blocks that become the governing rules, i.e. the relationships between the Almighty and His creations. It is crucial to acknowledge the eternality of the Creator, as He is not in comparison to His creation. The epistemology of Islam placed Al-Qur'an as the Book and Muhammad (Peace Be Upon Him – PBUH) and the Messenger of Allah (swt) as the Archetypal model. The Book is the Meta framework that serves as the ultimate authority. Muhammad (PBUH) led and taught his generation how to run a state, organize public affairs and restore justice in law and rulings. It is his sayings and behaviours that Muslims refer to ethics and good behaviour (akhlaqul karimah) as the axiology of Islam. These are fundamentals before embarking to the adaptability of Islamic finance principles into policy.

Citation

Swastika, P. (2024), "The Eternality of Islamic Teachings: The Adaptability of Islamic Finance Principles", Smolo, E. and Raheem, M.M. (Ed.) The Future of Islamic Finance, Emerald Publishing Limited, Leeds, pp. 29-47. https://doi.org/10.1108/978-1-83549-906-120241003