ECONOMIC TEACHINGS OF PROPHET MOHAMMAD (SAW) AND ITS CONTEMPORARY APPLICATIONS

Shariah is all about Islamic laws, Muslims throughout the world follow Islamic rules. Islamic laws are based on the Quran (the book revealed by Allah towards its last messenger Prophet Mohammed (SAW) (peace be upon
him) and Hadith i.e., the teachings by its last messenger. Muslims follow shariah principles which covers every aspect of a person’s life, business, economic, dealings, culture, character building, etc. The ambit of shariah
laws covers from birth to death. The major portion of teaching by the Quran and Hadith is based on dealings (Muamalaat) culture (Muashirat) and character building (Akhlakiyaat). More than 40 years have passed since Islamic banking and finance started. In these four decades, almost all major countries of the world have experienced this system. Islamic Finance in general has developed beyond the boundaries. It is incredibly increasing by leaps and bounds. It can be justified with the help of data. Globally the share of Islamic Finance assets in 2019 with respect to Islamic Banking was about US $ 1993. Interestingly it has spread its wings to 74
countries. The market size of Islamic Banking assets rose to US $ 2 trillion in 2019. The annual growth rate of Islamic Banking assets is 14%. There is a share of 6% of Islamic Banking Assets in total Global Banking Assets in 2019. FinTech is the outcome of 2 terms one is financing and other is technology. With the advent of Islamic
Banking and Finance, it is necessary to adopt innovative tools which help the Islamic Banking and finance spread its wings in customized manner. It is a need of the hour that Islamic Finance should incorporate Fintech
in its operation. Jarmo Kotilaine, the chief economist at the Bahrain Economic Development Board (EDB)
famously summarized: “When it comes to technology, what applies in conventional banking also applies in Islamic banking.