Supporting and opting for Islamic financial products should not be perceived merely as “alternative markets” to conventional financial products but as a religious commitment. Muslims have a fundamental obligation to abstain from riba (usury) and other Shariah-prohibited elements such as gharar (excessive uncertainty) and maysir (gambling).
In addition, we have a mutual responsibility to cooperate in helping and promoting good things. Allas says in Surah al-Maidah verse 2:”… cooperate with one another in goodness and righteousness, and do not cooperate in sin and transgression….”
People’s support, particularly Muslims, is critical for the Islamic finance industry’s long-term viability and growth. Without the inception of the Islamic finance industry, people would have practically no viable alternative except to opt for conventional financial products tainted with prohibited elements in Islam.
All in all, as Muslims, we should uphold our religious duties and strive to abstain from riba, gharar and maysir as much as possible. One of the best ways is by making a conscious effort to support the Islamic finance industry and Halal economy through our daily personal finance choices and decisions.
