The aim of the membership scheme is to create a global
fraternity of people interested  in the Islamic economic system                     and the workings of Islamic banking and Islamic insurance, to foster co-operation and exchange of ideas, and to promote  and advance the knowledge and practices of the industry world wide. 

 

In order to achieve the goal of eliminating unethical business practices people and organisations need to be ready to take responsibility for an alternative financial system that can promote ethical principles of their profession and the principles of socio-economic justice that offers the possibility of contributing to a better world.

Code of Ethics

The moral code embedded in Islam emphasies the relationship of human beings with their Creator. Islamic belief is that human beings are guided by motivations that are governed by the higher instincts which God has created within them; when motivations are properly controlled, regulated and disciplined, the result is an ideal system of production, exchange and distribution, which in turn becomes the basis of welfare in society. On the contrary, if no proper checks and balances are maintained, these instinctive motivations lead to injustice, exploitation, selfishness, intolerance and a mad race to accumulate wealth. Islamic ethical values are neither time-bound nor biased by the whims of human beings; they prescribe compassion, leniency and benevolence over and above the basic universal values and are intended to secure the welfare of the community as a whole.

Professionals within the Islamic finance industry must have a deep commitment to upholding the principles of business ethics emphasised in Islamic economics, such as:

• Observing equity and fairness in giving and taking and in general conduct in dealing with others.
• Acting with honesty and trust in transactions in which the parties are unambiguous and frank and have goodwill for each other.
• Respecting the property of others
• Ensuring all investment in business is linked to productive economic activity that is also permitted according to the Shari'ah.
• Committing all contracts for debt in writing and properly witnessed.
• Fulfilling all debt obligations and repaying the debts promptly.
• Showing leniency to debtors in distress.
  

The four fundamental principles of Corporate Governance as derived from Islamic principles and beliefs are: