Adl or al-adl is Arabic (العدل) for justice or fairness. In general, the term “al-adl” relates to the concepts of balance and just measure. It is also used as adjective denoting just and well-balanced acts/ attitudes, etc. In the realm of Islamic banking and finance, Islamic financial institutions are required by shari’a to do good by operating profitably for all of its stockholders and stakeholders, including the society and economy at large. Islamic financial institutions can also do this with full disclosure, fair measures, and giving voice to all depositors, investors and participants.
Ihsan or al-ihsan is Arabic (الإحسان) for benevolence/ doing good and also doing one’s work (ibdah and mundane endeavors) with excellence and perfection. In the realm of Islamic banking and finance, Islamic financial institutions (including their employees) are required by shari’a to observe ihsan in all what it does/ they do to the extent possible. An example of ihsan is qard al-hasan, which is a contract (aqd) of irfaq or ihsan.
Adl is mandatory (fardh) (it must be established like a law: an eye for an eye), while ihsan is commendable and superior to adl (though it is left for consents of those involved- or more specifically to the party with the upper hand).
However, in a religious domain, ihsan is referred to as performance of religious duties (in comparison with al-adl, which means, in this context, monotheism- believing in one god, Allah, the Almighty).
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