Developments in Islamic legal maxims and their application to financial transactions
The practices of contemporary Islamic finance have been mounted with criticisms that are assumingly based on lack of incorporating the maqasid (goals and objectives) of Shari`ah and failure to extrapolate all sources available for ‘dynamising’ the Islamic legal theory and practice. Islamic legal max...
| Main Authors: | , , , |
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| Format: | Proceeding Paper |
| Language: | English English |
| Published: |
2009
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/4400/1/Shariah_Maxims_and_its_Financial_application.pdf http://irep.iium.edu.my/4400/4/Conference_Program_on_Harmonisation_of_Shariah_and_Civil_laws_Dec_09_support_doc.pdf |
| _version_ | 1825644539602272256 |
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| author | Faruq, Abu Umar Osmani, Noor Mohammad Shahed, A.K.M. Karim, Fazlul |
| author_facet | Faruq, Abu Umar Osmani, Noor Mohammad Shahed, A.K.M. Karim, Fazlul |
| author_sort | Faruq, Abu Umar |
| collection | IIUM |
| description | The practices of contemporary Islamic finance have been mounted with criticisms that are assumingly based on lack of incorporating the maqasid (goals and objectives) of Shari`ah and failure to extrapolate all sources available for ‘dynamising’ the Islamic legal theory and practice. Islamic legal maxims is one of the sciences which aphoristically subsume all the spectrums in which the purpose of Shari`ah is promoted. There are five basic Islamic legal maxims on which the tenet of Shari`ah is based. Some are of general application, while others apply to a particular area of Islamic Jurisprudence including fiqh al-mu`amalaat (the jurisprudence of financial transactions). One such maxim which is reflected in this notion is a particular activity is permissible unless there is a clear prohibition against it. The study is aimed inter-alia to address how the application of the legal maxims to financial transactions can be explored to respond to criticisms mounted about Islamic finance practices. |
| first_indexed | 2024-03-05T22:34:18Z |
| format | Proceeding Paper |
| id | oai:generic.eprints.org:4400 |
| institution | International Islamic University Malaysia |
| language | English English |
| last_indexed | 2024-03-05T22:34:18Z |
| publishDate | 2009 |
| record_format | dspace |
| spelling | oai:generic.eprints.org:44002020-10-28T01:42:26Z http://irep.iium.edu.my/4400/ Developments in Islamic legal maxims and their application to financial transactions Faruq, Abu Umar Osmani, Noor Mohammad Shahed, A.K.M. Karim, Fazlul KBP469 Influence of other legal systems on Islamic law The practices of contemporary Islamic finance have been mounted with criticisms that are assumingly based on lack of incorporating the maqasid (goals and objectives) of Shari`ah and failure to extrapolate all sources available for ‘dynamising’ the Islamic legal theory and practice. Islamic legal maxims is one of the sciences which aphoristically subsume all the spectrums in which the purpose of Shari`ah is promoted. There are five basic Islamic legal maxims on which the tenet of Shari`ah is based. Some are of general application, while others apply to a particular area of Islamic Jurisprudence including fiqh al-mu`amalaat (the jurisprudence of financial transactions). One such maxim which is reflected in this notion is a particular activity is permissible unless there is a clear prohibition against it. The study is aimed inter-alia to address how the application of the legal maxims to financial transactions can be explored to respond to criticisms mounted about Islamic finance practices. 2009-12-08 Proceeding Paper PeerReviewed application/pdf en http://irep.iium.edu.my/4400/1/Shariah_Maxims_and_its_Financial_application.pdf application/pdf en http://irep.iium.edu.my/4400/4/Conference_Program_on_Harmonisation_of_Shariah_and_Civil_laws_Dec_09_support_doc.pdf Faruq, Abu Umar and Osmani, Noor Mohammad and Shahed, A.K.M. and Karim, Fazlul (2009) Developments in Islamic legal maxims and their application to financial transactions. In: 4th International Conference on Harmonisation of Civil law and Shari`ah, 8-9 December 2009, Putrajaya, Malaysia. |
| spellingShingle | KBP469 Influence of other legal systems on Islamic law Faruq, Abu Umar Osmani, Noor Mohammad Shahed, A.K.M. Karim, Fazlul Developments in Islamic legal maxims and their application to financial transactions |
| title | Developments in Islamic legal maxims and their application to financial transactions |
| title_full | Developments in Islamic legal maxims and their application to financial transactions |
| title_fullStr | Developments in Islamic legal maxims and their application to financial transactions |
| title_full_unstemmed | Developments in Islamic legal maxims and their application to financial transactions |
| title_short | Developments in Islamic legal maxims and their application to financial transactions |
| title_sort | developments in islamic legal maxims and their application to financial transactions |
| topic | KBP469 Influence of other legal systems on Islamic law |
| url | http://irep.iium.edu.my/4400/1/Shariah_Maxims_and_its_Financial_application.pdf http://irep.iium.edu.my/4400/4/Conference_Program_on_Harmonisation_of_Shariah_and_Civil_laws_Dec_09_support_doc.pdf |
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