Islamic finance in modern times emerged in the form of commercial banking in the mid-1970s as a response to the endogenisation of religious norms in shaping the norm and substance of financing to produce a moral economy-oriented proposition for developing economies and societies since Islam, as a religion, also provides the norms, values, principles and injunctions related to everyday aspects of economic and financial activity. While Islamic banking is a modern phenomenon, Islamic financing itself has been in practice within the periphery of the Muslim world ever since the Prophet Muhammad revealed such principles about fourteen centuries ago.
