The object of Islamic banks is to pool the Muslims’ savings and direct them to the investment by Sharia’a methods with a view to contributing in the comprehensive development plans for their communities. The Islamic Sharia’a is a miracle in its provisions relating to work, profit, expenditure, saving, investment and development. These provisions overall demonstrate that work for making a living is a worship and the expenditure is permitted in lawful acts (Halal) - not in prohibited acts (Haram). Expenditure in Halal is tied by moderation without extravagance or lavishness and this, undoubtedly, results in saving the remaining part of income after expenditure.
In as much as that Islam has prohibited hoarding money and preventing its circulation since the use thereof shall produce more commodities and services, a person or group should invest such savings in such a way excluding unlawful acts (Haram), and those in charge of Muslims should prepare development plans and make available the potentials to such plans as well as directing the available resources thereto, most importantly, the human resources spearheading the execution of such plans with experience and sincerity.
The Islamic Sharia’a is a complete system for the life of people in all aspects of life and it is governing their actions by way of permission or prohibition, and it is capable of achieving their interests, meeting their needs and administering justice among them, while the other systems, which are contrary to it, render the people lose their interests and make blights and evils befall thereon and destabilize the scales of justice among them, hence the nation, the jurisprudents and the experts should regulate the whole life, particularly the economic aspect thereof in accordance with the program (for action) of God and to derive provisions which keep pace with the new developments of this life according to this program.
And since Islam is a comprehensive mission organizes all walks, aspects and activities of our life; it does not omit one of the essential activities in our life which is the Transactions Fiqh or the Islamic jurisprudence which manages and supervises trade and deals in community. As Islamic banks apply Sharia’a rules and provisions and follow this jurisprudence, hence, the Islamic banking objective is applying the transactions Fiqh appropriately to satisfy the customer who desires to deal with Islamic bank, thus, the bank’s image and reputation are reflected by the extent of compliance with Sharia’a rules and the obligations towards Fatwa and Sharia’a Supervisory Board’s decisions.