Islamic Banking/Islamic Finance (IB/IF): What is and what is not?

The title of this paper is directly related to the thematic of the Colloquium on IB/IF: What is and what is not. I have a sequence of points that follow the Principle of continuity. These points are mixture of both facts and foundations of a simple model of IB/IF. Such a topic requires concentrating on four (4) interrelated parts: A- State of the art: Is there such a thing as Islamic Economics? What are the foundations of an Economic System? Where does IB/IF stand in Islamic Economics? B- What are the goals of Islamic Economics (IE)? What are the analysis in Islamic Economics? Are there any rules and guidelines that lead us to achieve goal? C- Do we see any ‘disease’ syndrome which require sanitization of the existing literature? Why and how this can be done? D- Do we have any tools for alignment? Where Qur’an and Sunnah stand here? Do they provide us with sufficient criteria to enable us to correctly make diagnosis? Do Qur’an and Hadith always agree on every economic aspect? Where do they diverge? If they do is there any test we can use to choose one? F- After all the controversies over having a “bona fide and genuine” IB/IF, is it possible to construct an IB/IF model with least controversy arising from it? Yes, of course every qualified scholar can. Below is a humble exercise to find solution to this question.