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Islamic Banking: Criticisms and Responses
Islamic Banking: Criticisms and Responses
Unpacking the Debate Around Islamic Banking—With Balanced Insights
Last updated 6/2025
English
What you'll learn
- Learn about common criticisms of Islamic Banking and Response to those
- Understanding whether Islamic banking is just conventional banking with a different label
- Analyze justifications for Islamic financial instruments from a Sharia perspective
- Critically evaluate arguments for and against Islamic banking.
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Course content
4 sections • 37 lectures • 1h 20m total length
Requirements
- Some basic ideas of banking and rules of Islamic financial transactions
Description
This course delves into the core criticisms leveled against modern Islamic banking practices and provides a comprehensive understanding of the scholarly and practical responses developed to address these concerns. While Islamic banking has emerged as a significant and rapidly growing sector of the global financial system, it has also faced scrutiny regarding its adherence to Sharia principles and its practical implementation.
Designed based on the lectures and books of renowned IsDB award winning Islamic Economist Professor Dr. Monzer Kahf, this course aims to equip students with a balanced perspective, enabling them to critically analyze these debates.
By the end of this course, you will be able to:
•Understand aspects of Islamic banking and common contracts used
•Learn about common criticisms of Islamic Banking and Response to those criticisms
•Critically evaluate arguments for and against Islamic banking.
This course is suitable for students and professionals in finance, economics, Islamic studies, law, and anyone interested in gaining a deeper understanding of the complexities and controversies within the field of Islamic banking. No prior knowledge of Islamic finance is strictly required, although a basic understanding of financial and banking principles would be beneficial.
Join us to explore the dynamic discourse surrounding Islamic banking.
Who this course is for:
- People interested in Islamic Banking: This could include Muslims seeking Sharia-compliant financial products, or those curious about alternative banking systems. Understanding criticisms can help them make informed decisions.
- Critics of Islamic Banking: The course can offer a platform to understand the criticisms more deeply and explore the responses from Islamic finance proponents.
- Finance Professionals: Bankers, investment advisors, and financial analysts who want to expand their knowledge of Islamic finance and better serve Muslim clientele.
- Sharia Scholars and Regulators: Those involved in developing and overseeing Sharia-compliant financial instruments can benefit from understanding and addressing criticisms.
- Policymakers and Academics: Those interested in the role of Islamic finance in the global economy and potential areas for improvement.