The need for an alternative to the current mainstream financial architecture is not in doubt.
As exigent as this call might be through the Islamic finance conduit, it has to be done properly. This is
particularly important if we must avoid associated shari’ah risks, avoid rubbing the face of the religion,
Islam in the mud and of course if we must reap the benefits that accrues from following Allah’s dictates
in all our affairs including “econo-financial” matters. This study aims at marshalling a path towards
scripting a pristine and practicable Islamic finance by identifying two salient preconditions for it. It utilizes
a diachronic approach whilst resorting to scriptural reasoning, historical evidence and were analyzed
using inductive rationale. The study finds some unique issues cum scenarios that cannot be shoved or
brushed aside as far as Islamic financing is concerned. viz; Scenario one: The impracticability of Islamic
financing without an enabling Islamic Law; Scenario two: The non-implementability of Islamic financing
without the Islamic man; Scenario three: Islamic finance orchestrated without an Islamic law but with an
Islamic man; Scenario four: A “globalized” Islamic finance that can at best fit into a practicable legal micro
framework in today’s world; and Scenario five: A non-global Islamic finance within a practicable legal
micro framework.