| Summary: | Islamic banking and finance, is a concept of finance that existed in theory embedded in the
classical text of Muslim jurist, has eventually become a practical reality and an accepted
financial medium in recent times and has been practiced worldwide. Islamic banking and finance,
is a system that derives its basis from the glorious shari‟ah, a divine wisdom that aims to
preserving the human social order and promote the Nation (Ummah) prowess and glory, therefore attaching a high importance and regards to the economic well being of the Muslims and the Islamic state. Therefore, this paper intended to study Musharakah Mutanaqisah historical development, its modern practices and differences with other concept and few issues related to MM and the Steps that applied in the practice of the Islamic banks.
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