Wednesday Academic Dialogue (4-1439)

Do We Need to Review our Starting ?

Knowledge and Applications Failure of

Islamic Financial Theory

Dr. AbdulRahim Al-Saati

Researcher, Islamic Economics Institute

King Abdulaziz University, Jeddah, Saudi Arabia

Wednesday 04-10-2017 (14-01-1439H)

Abstract

The financial theory, which is based on materialistic paradigms, is failed to represents financial behaviors of Islamic agents, though Islamic economists set Islamic financial theory, which is based on Islamic paradigms. This can be considered scientific revolution, but it failed to realize in applications, as Islamic financial system witness counter revolution of Shriah compatible financial theory. This paper will, discuss the rational of the counter revolution and methodological, economic, and political causes of knowledge and application failures of Islamic financial theory.