By Dr. Hafiza Harun & Muhammad Fadzli Abdullah Halim
Abstract
Islamic Financial Institutions (IFIs) are developed based on a system which is manifested from Islamic teachings and Shariah. At the same time, since its emergence in 1983 (which refers to Islamic banking system), IFIs’ governance, products, services, policy as well as its internal processes keeps on facing various challenges. These two (2) dimensions move in parallel and would trigger some ethical issues which may disrepute the reputation of IFI’s. This paper analyses all the key elements related to IFI’s principles and operational matters that differentiates it from the conventional financial institutions. As a recommendation, this paper comes out with a proposed conceptual framework which is based on Bediuzzaman Said Nursi’s ethical values inspired from Risale-i Nur for IFI’s possible adoption specifically, in its financial product development.
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