Rida Al-Shakandali on Islamic Finance

In response to his statement describing "Islamic finance" as a "parasitic entity," Omer Rida Al-Shikhandali clarified that his intention was a methodological critique of the state of Islamic finance's development, not an attack on the experience itself. He pointed out that this sector has evolved in an uncoordinated manner, directly moving into Islamic financial industry to meet market needs without building an integrated Islamic economic system. This has led to reliance on mechanisms of the capitalist system and a departure from its original roots. He emphasized that excessive dependence on tools such as Murabaha, and pricing products based on interest rates, deviates from the fundamental principles of Islamic finance, which should rely on risk sharing and fostering development. He reaffirmed that his goal is to correct and elevate the Islamic financial experience, not to attack it. He also apologized if the term "parasitic" was misunderstood, stressing the importance of self-criticism to build a genuine Islamic economy based on assets and production, serving the real economy.

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