THE CONCURRING HOLY WRITS ON ISLAMIC BANKING AND FINANCE (IBF): A COMPARATIVE LEGAL STUDY TOWARDS INTER-FAITH HARMONY ON COMMERCE

Abstract

The Holy Qur’an, as the first primary source of the Sharia, determine the compatibility, or otherwise, of every product and transaction in the operations of the Islamic Banking and Finance (IBF) system. The same goes to all commercial transactions based on the laws of Christianity and Judaism; they must comply with the Bible and the Torah respectively. Hence, the objective of this article is to demonstrate the basic dos and don’ts of the system as enshrined in the said Holy Writs to enhance smooth operations of Islamic banking and interfaith harmony. The library, also called doctrinal, research was used in this article. The article advances the frontiers of comparative law research having found that the Holy Writs, being the Quran, the Bible and the Old Testament, have the same objective of assuring justice in all commercial dealings thus enhancing harmonious banking and other financial transactions nationally and internationally.