Shariah Law in Commercial Banking and Stock Market: Recent Development, Challenges and Practices

Abstract

In current years, there has been much dialogue about putting Shariah law into commercial banking and stock market practices. Because Islamic finance keeps getting more crucial and critical to the world economy, this research paper scrutinizes how Shariah law has changed, what problems it has triggered, and how it is used in commercial banking and the stock market. The study lures on a comprehensive review of the literature and an analysis of the practices and regulations related to Shariah law in commercial banking and the stock market. The verdicts designate that there has been significant progress in Shariah-compliant financial products and services, with an aggregate number of financial institutions seeking to knock on the door of the rising Islamic finance market. Generally, the study contributes to the thoughtful understanding of Shariah law in commercial banking and stock market practices, highlighting the developments, challenges, and practices associated with this mounting and growing sector of the global economy. The study proposes that policymakers and regulators keep supporting the growth of Shariah-based financial products and services while also addressing the complications and guaranteeing they align with Shariah law.