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By Raj Mohamad, Founder, Five Pillars Pte Ltd, Singapore
The Muslim world has produced numerous multi-disciplinary scholars and polymaths. Just one example would be Musa Al-Khwarizmi, the renowned astronomer, mathematician and geographer - heralded beyond the Islamic community as father of algebra and algorithmic studies. In modern First World societies, success in such disciplines almost demands some numeric wealth to accompany them. If Al-Khwarizmi were alive now, he would be expected to part of the quant hedge fund with many successful patents and also significant contribution to development of Islamic Finance.
Indeed, along with growing spiritually and intellectually, "Achilles heel" for many Muslims is how they can acquire more wealth beyond their profession through Shari'ah compliant investments. How to benefit from the vast financial markets opportunities that media is "selling" every single day?
Islam is still the only faith which has prescribed methods for banking and finance (namely, Islamic Banking and Finance) and wealth management through religious endowments (Aqwf), drawing of succession will (Fara'id) and financial gifts (Nuzriah). With such strong foundations in the world of science, math and finance, proponents of Islamic finance are presumptuously expected to have comprehensive solutions or equivalent to the conventional financial products.
Altho...................... To view our full article Click here
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