The current modern day practice of Islamic banking is a successful revival of the original Shariah approved financial transactions that were dormant for a long time. In today’s global economy it is an ever-growing presence gaining strength and popularity in this industry.The concept of Riba has indisputably forbidden interest in its totality. The vast application of interest over the past couple of centuries, with the contagion usurious banking system, has had a rippling effect in the way global consumer finance is shaped today. It is almost impermissible to imagine a world without this interest “addiction”, despite the prohibition of riba by major religions and scholars throughout human civilization.
There is an impending exigency to distinguish the current Islamic ways of finance by either modifying existing practices or by designing and engineering a new Islamic model from the ground up. Although it may take some more decades to treat this addiction, it is our individual responsibility to design a functional consumer financial system that can replace the usuries within the current system.
The advancement of Islamic finance depends upon bringing new innovative mechanisms to the current designs of the global financial system. Although Islamic finance has gained momentum, there are still remaining challenges faced today that need to be addressed in order for it to be accepted as a viable financial system within the global market. Islamic finance won’t culminate to its full potential without illustrating a competitive and innovative financial edge which brings greater justice to human society and distances itself farther from conventional finance rather than practicing tendencies of conventional finance, or in other words “socially recycling Riba”.