The paper discusses the assumption that there is a direct impact on the sukuk in the context of macro economy, and the consolidation of economic growth. This paper confirms that Islamic sukuk is a useful tool to finance infrastructure projects and major development projects, as well as social development projects and combating poverty, and the diversity. Multiplicity of forms and formats of sukuk issuance opens many doors for investment for companies and governments. Sukuk has a major role in addressing the deficit in the general budget and solving the debt problem. This is because it gives the opportunity to all members of society to meet the financing needs necessary to support the general budget, so the state can issue various kinds of sukuk to invest its proceeds in income and profit-generating projects and thus reduce the burden on its budget. The sukuk also contribute to eliminating unemployment and idle funds, as it works to increase the level of operating idle funds to fulfill the desires of investors and savers.

This research examines the applications of the Prophetic tradition (Sunnah) in financial transactions and aims to analyze and evaluate the implementation of the Prophetic tradition in financial transactions by studying the Prophetic evidence and its legal interpretations, elucidating how Muslims should conduct themselves responsibly and correctly in the field of financial and economic matters in accordance with the Prophetic tradition. The significance of this research lies in providing a legal guideline for Islamic financial institutions and individuals to execute their transactions in a manner that aligns with the Prophetic tradition. Utilizing a descriptive and analytical approach grounded in Prophetic Hadiths, recognized Islamic texts, and jurisprudential sources, a diverse range of financial transactions were studied. The results indicate that financial exchange between banks can be permissible if conducted without interest and adhering to Shariah regulations. The Mudarabah contract is also considered permissible and feasible in financial transactions, provided it complies with Shariah regulations. However, trading in commercial papers involving interest is considered impermissible. In addition, bank deposits and current accounts are considered Shariah-compliant when adhering to Shariah regulations. Covered documentary credits are considered permissible, contingent on adherence to appropriate Shariah conditions. Furthermore, the Salam contract is emphasized as a legitimate means of financing seasonal agricultural production. Lastly, it is stressed that penalty clauses in non-debt financial contracts are permissible for compensating damages, provided they are not tied to usurious interest. These findings provide valuable insights into how financial and banking transactions can be organized in accordance with the Prophetic tradition and Islamic values, contributing to enhancing compliance with Shariah regulations in the financial and banking sector and promoting trust and transparency in this context.

Maqasid al-Sharia are the main goals that set Islamic law to achieve the goodness of all human being in this world and the hereafter. These goals include its basic principles of securing, promoting, preserving, and protecting human interests by bringing benefits and warding off harm in all areas of human life. These basic principles of the objectives of Islamic law have a major role in developing Islamic finance in order to meet the social and economic needs of the nation in line with these specific goals, and to what extent the objectives of Islamic law have contributed to the development of Islamic finance is what this paper seeks to explore, with a focus on the market of Ras Al Khaimah. Islamic Money (ICM).