The Regulation of Islamic Financial Institutions (IFIs) and Ethical Oversight in South Asia

This book offers a comprehensive examination of Islamic finance as a legal-ethical system rooted in Shari'ah, highlighting its regulatory, ethical, and institutional dimensions. It critiques prevailing models of Islamic banking for prioritizing technical compliance over justice, accountability, and public welfare, and advances a maqasid-driven vision of regulation. Drawing on comparative case studies from Pakistan, Bangladesh, India, Afghanistan, Sri Lanka, and the Maldives, the book identifies regional challenges while showcasing innovative practices. It introduces the concept of hisbah-based oversight and proposes a South Asian Ethical Finance Council as a framework for aligning financial institutions with Islamic legal and ethical standards. Bridging theory and practice, the study integrates insights from Islamic law, finance, and governance to address pressing regulatory and ethical questions. It is an essential resource for scholars, policymakers, and practitioners of Islamic finance, financial regulation, and comparative law.