[PDF] The Legal Maxims Of Islamic Law Excluding Five Leading Legal Maxims And Their Applications In Islamic Finance eBook

Author : Buerhan Saiti
Publisher :
Page : 13 pages
File Size : 20,16 MB
Release : 2017
Category :
ISBN :

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Al-qawāʻid al-fiqhīyah or legal maxims of Islamic Law are the general rules of fiqh that portray the goals and objectives of the Sharīʻah. They are applied in various cases that come under the common rulings and play a very important role in deducing many rules of fiqh since they provide a guideline to come up with particular ḥukm. There are five leading maxims, as reflected in the Majallah, such as, al-umūr bi maqāṣidihā (matters are determined according to intentions), al-yaqīn la yazūl bi alshakk (certainty is not overruled by doubt), al-mashaqqah tajlib al-taysīr (hardship begets facility), al- ḍarar yuzāl (harm must be eliminated) and al-ʻādah muḥakkamah (custom is a basis for judgment). Other than these five leading maxims, which are applicable to a number of legal principles, there are other maxims, which are not as extensive as the main maxims, but nonetheless, address a number of more detailed issues in fiqh. Usually, the maxims incorporated in this category are either an extension of maxims derived from the five leading maxims or might be unrelated. This paper seeks to analyze those maxims, other than the leading maxims, which are related to Islamic finance and to understand their roles and applications in the Islamic banking and finance industry.

Author : Imran Lum
Publisher : Routledge
Page : 296 pages
File Size : 20,19 MB
Release : 2021-09-28
Category : Business & Economics
ISBN : 1000450066

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This book provides valuable insights into the practical challenges faced by the nascent Islamic finance industry and compares the Australian experience to developments in the UK. It contributes to a greater understanding of how Muslims living as a minority in Australia and the UK negotiate Islamic doctrine in secular societies by focusing on one aspect of this negotiation, namely the prohibition of ribā. There is little debate in the Islamic tradition on the prohibition of ribā. The differences, however, lie in the interpretation of ribā and the question of how Muslims live in a society that is heavily reliant on interest and conventional banking, yet at the same time adhere to Islamic guidelines. Through the words of religious leaders, Muslim professionals and university students, Imran Lum provides real accounts of how Muslims in Australia and the UK practically deal with conventional banking and finance products such as home loans, savings accounts and credit cards. He also explores Muslim attitudes towards Islamic finance and queries whether religion is the sole determining factor when it comes to its uptake. Drawing on his own unique experience as a practitioner responsible for growing an Islamic business in a conventional bank, Lum provides a firsthand account of the complexities associated with structuring Islamic finance products that are not only sharia compliant but also competitive in a non-Muslim jurisdiction. Using ṣukūk bonds as a case study, he highlights the tangible and non-tangible barriers to product development, such as tax and regulatory requirements and the rise of Islamophobia. Combining academic and industry experience, Lum unpacks the relationship of Islamic finance with Muslim identity construction in the West and how certain modalities of religiosity can lead to an uptake of Islamic finance, while others can lead to its rejection.

Author : Romi Adetio Setiawan
Publisher : Taylor & Francis
Page : 193 pages
File Size : 34,18 MB
Release : 2023-07-20
Category : Business & Economics
ISBN : 1000910539

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Sharia-compliance is the raison d’etre of Islamic banks. All of their instruments and activities should be based on sharia principles, which unfortunately exposes them to greater risks than their conventional counterparts, regulated under the dual banking system in Indonesia. These include inconsistencies between fatwas, unique reputational risks, and inefficiencies in the regulatory framework governing Islamic banks. This book critically examines the less-studied issue of developing an Islamic banking regulatory and supervisory framework that considers the risk pressures faced by Islamic banks’ operations in an Indonesian financial sector dominated by conventional banks. The book assesses the extent to which the global financial standards of the Basel Accords have been followed by Islamic Banks in Indonesia, with respect to their regulation, supervision, and risk management, to highlight the unresolved tensions in the multiple regulatory and supervisory institutions. The book proposes a middle-ground approach that accommodates modification of the existing financial regulatory and supervisory system in line with international best practice. The reforms proposed in this book offer a way for financial regulatory and supervisory agencies to further develop modern Islamic law and finance. The book will be a valuable resource for scholars and policymakers interested in the dual banking system in Indonesia.

Author : Justice Munir Ahmad Mughal
Publisher : Dar UL Thaqafah
Page : 0 pages
File Size : 49,37 MB
Release : 2023-08-16
Category :
ISBN : 9788119005796

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The oldest collection of Legal Maxims that has reached us is the Risalah 'usul, al-Karkhi (260AH-340AH) By deep study of these 'usul it reveals that they are inclusive of qawa`id, dawabit, 'usul, and kulliyat. Some of them have the status of such general kulliyat that can be declared as the collective asset of Islamic Fiqh and some 'usul are such which may be useful in knowing the effective cause of Fiqhi values and to know the solution of Fiqhi problems according to the Hanafi way of proving a thing (istidlal) and the Hanafi style of logical deduction on a legal question (ijtihad) by a learned and enlightened doctor (Mujtahid). Imam al-Karkhi is the author of the first existing book on legal maxims. "...The style of Imam Karkhi is that he states the legal maxim in a small sentence while Imam Nasafi gives brief example. The principle and the example are so concise that a person who is not well-versed in Fiqh is not in a position to easily get the benefit of it. Here it should be remembered that the legal maxims of Imam Karkhi have undergone the process of refinement in the later centuries, and almost all the maxims at present are not in their original shape that was given to them by Imam Karkhi. For instance, out of the ninety-nine legal maxims given in Al-Majallah, only one maxim (article no. 4 of Al-Majallah) is partially stated according to the form of the first maxim of Al-'usul of Imam Karkhi. Otherwise, all the remaining maxims are present in Al-Majallah so far as their meanings are concerned, but the words and statements are not the same which were given to them by Imam Karkhi."[1] Abul Hasan al Karkhi was a Hanafi Faqhi who wrote al Usul (d 340 H). He is among those who is known as al Mujtahidin Fil Masail; He was a contemporary of Imam ibn Majah, Abu Daud, Tirmidhi and Nasai.

Author : Adnan Trakic
Publisher : Springer Nature
Page : 158 pages
File Size : 11,5 MB
Release : 2021-03-16
Category : Law
ISBN : 9813361875

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This book examines the challenges of the implementation of Islamic law in Malaysia. Malaysia is a pertinent jurisdiction to explore such challenges given its global focus, colonial history and institutions, and the intersection of the Shari’ah and secularism/multiculturalism. The resultant implementation challenges are underpinned by three factors that make Malaysia an important jurisdiction for those interested in understanding the place of Islamic law in the global context. First, Malaysia is often considered as a model Islamic country. Islamic law is a source of law in Malaysia. The Islamic law legal system in Malaysia operates in parallel with a common law legal system. The two systems of law generally are in harmony with one another. Nevertheless, occasional cross-jurisdictional issues do arise, and when they do, the Malaysian judiciary has been quite efficient in solving them. The Malaysian experience in maintaining such harmony between the two legal systems provides lessons for a number of countries facing such challenges. Second, Malaysia has a developed Shari’ah court system that interprets and applies Islamic law predominantly based on the Shafi’i school of thought. While, for the most part, the approach has been successful, there have been times when the implementation of the law has raised concerns as to the compatibility of Islamic law with modern principles of human rights and common law-based values. Third, there have been cases where Islamic law implementation in Malaysia has gained global attention due to the potential for wider international implications. To do justice to this complex area, the book calls on scholars and practitioners who have the necessary expertise in Islamic law and its implementation. As such, this book provides lessons and direction for other countries that operate a dual system of secular and Islamic laws.

Author : Luqman Zakariyah
Publisher : BRILL
Page : 247 pages
File Size : 21,85 MB
Release : 2015-10-14
Category : Law
ISBN : 9004304878

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Using contemporary illustrations, Legal Maxims in Islamic Criminal Law delves into the theoretical and practical studies of al-Qawaid al-Fiqhiyyah in Islamic legal theory. It elucidates the importance of this concept in the application of Islamic law and demonstrates how the concept relates to the objectives of Islamic law (maqāṣid al-Sharī‘ah), generally. Included in this examination are the following maxims: al-Umūr bi-Maqāṣidihā ("Matters shall be Judged by their Objectives"); al-Yaqīn lā Yazūl bi-sh-Shakk ("Certainty Cannot be Overruled by Doubt"); al-Mashaqqa Tajlib at-Taysīr ("Hardship begets Facility"); Lā Ḍarar wa-lā Ḍirār ("No Injury or Harm shall be Inflicted or Reciprocated"); and al-ʿĀda Muḥakkama ("Custom is Authoritative").

Author : Mehrdad Alipour
Publisher : BRILL
Page : 361 pages
File Size : 18,25 MB
Release : 2024-06-20
Category : Law
ISBN : 9004697063

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To enrich the existing debates on Islam and sexual diversity, in the present book, I seek the potential discursive spaces on homosexuality in modern Imāmī legal debates. I have undertaken this research on the thesis that modern Imāmī legal tradition on homosexuality is more flexible and dynamic than one might expect. To address this essential issue, I build the study around the following constructive question: what are the discursive spaces on homosexuality in contemporary reflections within modern Shiʿi legal scholarship? Responding to this central query, the study is premised on the notion that Imāmī legal sources consist of a tradition of sacred (textual) sources, intellectual reasoning, a vast stockpile of (often contrasting) interpretations of these sources, and a distinguished methodological repertoire called ijtihad. Following the same methodology, in this work, I describe, analyse, and critique such textual-exegetical and intellectual-rational discursive aspects concerning homosexuality.