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Introduction: Islamic Finance and Contemporary Challenges

Islamic finance is a concept that, irrespective of one’s religious convictions, has gained momentum and been accepted around the world today. Its development and resilience, in light of the recent financial crises and on-going unprecedented pandemic, has not only confirmed its practical benefits but also untapped its potential. However, it is also clear that the numerous challenges which it still faces are reasons why Islamic finance has yet to enjoy the benefit of its full potential. Understanding the nature of such challenges must be the first step towards their resolve, as it would be impossible to prescribe an appropriate medication without first diagnosing the disease. In this regard, we are strongly confident that the ongoing development of Islamic finance can be facilitated via further academic research and the publication of such findings.1 Understanding its historical context is important to resolve Islamic finance challenges. The classical notion that Islamic finance is limited to Islamic commercial finance only needs to be both broadened and institutionalised by accepting that Islamic finance indeed has two branches: namely, Islamic commercial finance as well as Islamic social finance. In this way, it will be possible to achieve financial inclusion without marginalising any segment of the population on the grounds that they are ‘unbankable’. The word ‘unbankable’ would have no significance if both Islamic commercial finance and Islamic social finance could be housed under one roof. The ways in which to achieve this goal need to be researched and implemented. Moreover, in this modern era, Islamic finance cannot operate without technology. Investment in technology is not only important in itself, but we also need to understand the ways in which technology and Islamic finance can be integrated to use the available resources in the best possible manner. Furthermore, there is also a need to redefine Islamic finance in light of maqāṣid al-sharīʿah, or the objectives of