Ethics in Islamic Finance
In
enforcing ethics in Islamic finance, ethical education, regulatory regimes
and constant supervision need to work together in realizing its objective.
One of the goals of regulations is to ensure high ethical standards and
fairness in the markets. The code of conducts introduced by the authorities
serves as the enforcement mechanism to guide the professional to act ethically.
Standard setting organisations have provided some guidance to ensure that
Shari’ah rules and principles are complied at all times, transparency and
market discipline through disclosures and appropriate moral conduct
expected from the employees of the institutions. In conclusion, holding up
ethical values in Islam is the utmost important thing in addressing the
various issues that we are facing today, including finance.