APPLICATION OF SUFTAJAH IN MODERN ISLAMIC FINANCIAL INSTITUTIONS

The current practices of Islamic finance have evolved over time, just as the practices of its conventional counterpart have. However, some mechanisms used during the times of early Muslims, such as suftajah (bill of exchange), are still applied in modern business practices. In some Muslim countries, the ancient form of this financial transaction is still in use, although it is not necessarily popular among merchants and businessmen.