Since its emergence, the phenomenal growth of the Islamic Banking and Finance industry has been experienced by most countries which have sought to develop it. its rapid global growth has generate many question about its conceptual basis and ethics in different jurisdictions. Many end-users, however, have now become critical about the foundations of Islamic Banking and finance, and by necessary extension, about its products and facilities. The number of cases and disputes brought before the court of law, questioning the legality of these products, and the diverse and at times conflicting decisions by judge thereon., is but one indicator as to how fast or how far thoughts, perceptions and understanding about Islamic banking and finance have advanced and metamorphosed.