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Developments in Islamic legal maxims and their application to financial transactions

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, Attorney General’s chambers, Putrajaya, Malaysia.

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Abstract

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.

Item Type: Conference or Workshop Item (Full Paper)
Additional Information: 4471/4400
Subjects: K Law > KBP Islamic Law > KBP1 Islamic law.Shariah.Fiqh > KBP469 Influence of other legal systems on Islamic law
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Kulliyyah of Islamic Revealed Knowledge and Human Sciences > Department of Qur’an and Sunnah
Depositing User: Dr. Noor Mohammad Osmani
Date Deposited: 15 Sep 2011 15:12
Last Modified: 17 Feb 2012 15:35
URI: http://irep.iium.edu.my/id/eprint/4400

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