Conclusion: Beyond the Horizon

Abstract

This chapter delves into the complex yet fascinating arena of Islamic finance, looking at its historical foundations and dealing with today’s complexities. There is a huge struggle in Islamic economics in meeting the contemporary needs while practising moderate framework, observing the difference between strictly abiding by the rules and achieving the ethical goals beyond the profit. It urges for a value-driven approach within institutions and the implementation of the zakat, sadaqah and waqf systems to fill the Sustainable Development Goal (SDG) financing gap. Seizing the opportunities, the chapter promotes the necessity of Islamic fiqh experts with current Shari’ah body of knowledge in considering the ethical and legal aspects alongside fintech. This is essentially to ensure that the implementation of Islamic finance enables the sustainable economic development. Looking toward the Industry 5.0, it expects a combination of artificial intelligence (AI) with Islamic finance and identifies Islamic social finance as a powerful socially-driven tool. In the end, the chapter lays out Islamic finance as the powerful tool to work together to achieve an ethical, equitable, and sustainable financial system.

Citation

Raheem, M.M. and Smolo, E. (2024), "Conclusion: Beyond the Horizon", Smolo, E. and Raheem, M.M. (Ed.) The Future of Islamic Finance, Emerald Publishing Limited, Leeds, pp. 243-249. https://doi.org/10.1108/978-1-83549-906-120241015