ABSTRACT
For many people, the recourse to God and the remembrance of God are occurrences during intense times of need. When the abyss of hopelessness reaches extreme depth, the light of God seems the only obvious path. Interestingly, the promise of Islamic finance—its ultimate fulfillment—is manifested during a time when the financial world is hit by a tumultuous event. The markets experiencing despair and misery. The plummeting prices turning the cries of the investors into the howling of fearful animals waiting to be slaughtered. Hope is avenged by regret. It is during these times that Islamic finance has appeared as a match lit in utter darkness, repairing the broken spirit of the rider who, experiencing the worst pains of the fall, is determined never to ride again. The fear of the fall has destroyed the resolve, like the fear of death might cause some to stop living. During such times of depravity, Islamic finance offers a reward that would stop the pain and heal the mind, the body, and the soul. Like all remedies, it is enshrouded in pain; the patient has to take the risk of not healing while bearing the immediate displeasure. The risk sharing contracts of Islamic finance offer a similar promise—at least in theory.
