The Muslim scholars have unanimously agreed that when examining any new subject or incident that has

no legal value, the provisions of the primary basis of Islamic law must be referred. (1970) view of operating a business. A socially responsible business according to Friedman is for it to use its resources and engage in activities designed to increase profit. So long it stays within the rules of the game and engages in open and free competition without fraud (Friedman, 1970:126).The financial priorities, while undertaken within the limit of free competition and legal responsibility should thus rank as the prime concern of the business. The social benefit of the business would be its contribution in the creation of wealth and employment. Conversely, Friedman would argue that those put in charge of the business have no right to distribution of shareholders money in the form of overt charitable activities as their role is to increase wealth for shareholders rather than giving it way (cited in bodely, 2002). (Baker, 2004; Worthington. et al, 2003).Mudarabah:This is a kind of partnership where one partner gives money to another for investing in a commercial enterprise. The investment comes from the first partner who is called Rabb-ul-Maal (Investor) while the management and work is an exclusive responsibility of the other, who is called Mudarib (Working Partner) and the profits generated are shared in a predetermined ratio.Profit sharing through Mudarabah In a globalize world, Islamic financial instruments will have to compete with other financial instruments. The customer is the final judge who will determine our share of global market. To increase market share, Islamic investment and financial institutions must struggle to introduce products and provide a quality of services that is competitive in relation to other products and services. From another angle,Islamic finance is an alternative source of financing, which complements conventional finance to meet the needs of Muslims and Non-Muslims throughout the world. Any of the products and services produced in the conventional finance could be made possible for the usage of Muslims provided adjustments are made to comply with shariah principles. Sukuk (plural of Sakk, "legal instrument, deed, check") is the Arabic name for financial certificates, but commonly refers to the Islamic equivalent of bonds. Since fixed income, interest bearing bonds are not permissible in Islam, Sukuk securities are structured to comply with the Islamic law and its investment principles, which prohibits the charging, or paying of interest. Financial assets that comply with the Islamic law can be classified in accordance with their tradability and non-tradability in the secondary markets.Foe non-Muslims, they find that some of the risk return features of Islamic products are attractive while for others they are just interested in subscribing perhaps to more ethical investment. Besides providing a comprehensive range of products and services, the worldwide demand for Islamic financing is also driven by the commonality that exists with commercial bonds and financial institutions as well though through separate windows.Islmic banking products have generated interest among both Muslims an Non-Muslims.