Bernardo Vizcaino wonders what drove Ibn Battuta's passion for travel! He compares the 14th century Moroccan Judge and legal scholar journey to that of Islamic Banking & Finance in the 20th century! Ibn Battuta sets out at age 21 on his first Hajj pilgrimage. Instead of completing his pilgrimage and returning back to his hometown, he ends up traveling all over the world. A three decades worth of travels takes him through North Africa into Egypt, Syria, Saudi Arabia, Persia, Turkey, Maldives, India, China, and Spain before he finally goes back home.
So, what is common between Ibn Battuta and Islamic Banking & Finance! According to Bernardo, the span of their journey covering the farthest corners of the world; passion for new discoveries and unending wonder of what might lie ahead; a world of uncertainty and foreign world's culture shocks; basking in obscurity and living on the sidelines of history for a long time until accidentally discovered by chance!
These are interesting commonalities. However, I would like to add another common factor Bernardo forgot to add or he may have missed. Both Ibn Battuta and Islamic Banking & finance face doubts about the authenticity of their accounts. Is Islamic Banking & Finance authentic or is it another form of conventional banking with a hefty Shari'ah markup! Is it really Islamic or is it a new form of finance masquerading under the guise of ancient Islamic contract names to confer legitimacy in the eyes of the faithful! The question of Islamic Banking & Finance authenticity is hotly debated as is the accounts of Ibn Battuta travels.
And yet despite the debate regarding value, origin, and authenticity, Islamic Banking & Finance shares yet another common factor with Ibn Battuta! It is one of the most popular form of finance and the fastest growing in the world! It is also being approached by many with ever increasing curiosity, expanding desire to better learn and understand its nature and its past, current, and future journey. It is also approached with a rising desire by many to gain the riches of its oppertunities through improved understanding of its nature. We can join the crowed and wonder too ... but really, at the end of the day Islamic Banking and Finance is just another form of financial business that will merit its legitimacy in the world of business by virtue of providing standardized product offering, progressive risk management, consistent interpretation of Shari'ah, and competitive market adoption.
