• Dr. Riyaz Ahmad Sheikh

Financial system from Islamic perspective is now a well-known spectacle and has arisen as one of the most imperative industries worldwide. Islamic financial industry comprises aprogressively diverse range of institutions, including commercial and investment banks, mutual insurance and investment companies. The Islamic finance industry is based on four major principles, explicitly referred to in the Qur'an, hadith and fiqh (jurisprudence).These principles are: La-Riba (no-interest), La-Gharar (no-uncertainty), La-Maisir (no-speculation), and La-Haram (no-unlawful). Islamic banking is branded for its interest free concept and operates in many countries including Bahrain, Pakistan, Jordan, Iran, Sudan, United Kingdom, Singapore and Malaysia. Islamic banking and finance have undergone rapid transformation and growth from an industry striving to gratify the Muslim community needs. Over recent decades the Islamic financial industry has emerged as one of the fastest growing industries and has spread to all corners of the globe, receiving wide acceptance from Muslims and non-Muslims.Therefore, responding to the need, scholars of shari'ah developed an alternate system of banking and finance under the guiding principles offiqh al-ma'amalat (Commercial Jurisprudence) which, considerably, differs from the Western or conventional system. The former is strictly engrossed in the shari'ah and latter is purely a human workout Keeping in view the speedy canvas of the industry in also important to have a study of the basic principles which governors the industry. Thus, the present study is humble attempt to study the Islamic financial industry along with it’s govern principles this article consists of two sections. The first section discusses the concept or phenomenon of Islamic financial system second portion of the papers discusses the principles governors the Islamic finance.

Shariah, Riba,Mudarabah,Musharakah

"ISLAMIC FINANCIAL INDUSTRY: A STUDY OF GUIDING PRINCIPLES", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.5, Issue 9, page no.316-319, September-2018, Available :http://www.jetir.org/papers/JETIRA006316.pdf

"ISLAMIC FINANCIAL INDUSTRY: A STUDY OF GUIDING PRINCIPLES", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.5, Issue 9, page no. pp316-319, September-2018, Available at : http://www.jetir.org/papers/JETIRA006316.pdf