Exploring the Foundations of Islamic Financial Products: A Comprehensive Review of Riba’, Shariah Compliance, and Customer Perceptions

Abstract

In recent years, the Islamic financial sector has experienced substantial expansion, mostly due to the increasing demand for goods that strictly comply with Shariah rules. This work presents an extensive literature analysis on the fundamental principles of Islamic financial products, with a specific emphasis on important elements including the prohibition of Riba’, adherence to Shariah principles, and the perceptions of customers towards these products. This review consolidates current research on the impact of these determinants on the growth and adoption of Islamic financial products, emphasising the significance of religious principles in moulding customer expectations and contentment. By analysing the convergence of Islamic law and financial practice, this research enhances our comprehension of the essential elements that support the effectiveness of Islamic finance. These results emphasise the significance of ensuring that financial products and services adhere to Islamic ethical principles in order to cater to the changing requirements of Muslim clients.