Defining Islamic Law
Islamic law is the collection of rulings and legally binding rules related to the regulation of individual behavior in society. It is a legal system with a broad range of directives, covering the specifics of various affairs, yet broad enough to be flexible and non–rigid due to its capacity for renewability and adaptability.
The History of Islamic Law
Role #1: This was the role of education and dealing with legal life issues in Arab society during the mission of the Prophet; meaning the role of legislation in the time of the Prophet (PBUH) which ended with his death in the year 11 H. Role # 2: This role dealt with legislation during the rule of the Rightly Guided Caliphs and their successors. This role continued until the fall of the Umayyad dynasty in 132 H. Role # 3: This was the role of legislative maturation and completion which ended in the middle of the fourth century H. Role # 4: The role of copying (from previous legislation) and closing the doors of Ijtihad (independent reasoning). This era ended in 1268 H (1869 A.D.) Role # 5: The role of Jurisprudential awakening which started within the jurisprudence movement under the Ottoman state based in Turkey in the year 1286 H (1869 A.D.) and the appearance of the legislative journal, which continues to the present day. In present times, Islamic law is considered the source of legislation in Islamic states. These states differ in whether they have taken is as the main source of legislation or not. Many Shari’a rulings have been passed as laws on many issues. Some countries consider Islamic law the primary law, above even the constitution itself, and that it is not allowed to go against Islamic law in any way.
The Sources of Islamic Law
The sources of Islamic law are those from which Shari’a Law is derived. There are sources generally agreed upon and others on which opinions differ. Sources agreed upon within the Islamic nation are:
Islamic banking is banking based on Islamiclaw (Shariah). It follows the Shariah, called ﬁqh muamalat (Islamic rules on transactions). The rules and practices of ﬁqh muamalat came from the Quran and the Sunnah, and other secondary sources of Islamiclaw such as opinions collectively agreed among Shariah scholars (ijma’), analogy (qiyas) and personal reasoning (ijtihad).
The credibility of the Islamic banking activities is highly dependent on the credibility of the Shariah advisers and the credibility of Shariah advisers may also depend on the perceptions and confidence of the bank managers in their role. In a conventional Bank they might have their legal adviser or business adviser; however these advisers are dissimilar from Islamic Banks' Shariah Advisers.
It is because, the management of the conventional bank is not bound whether to take any advice given by their legal and business adviser or not; whereas Islamic Banks' management are obligated to adhere with the decision made by their Shariah Advisers when the product proposed or any operational issues defined contradicts with the Shariah principle. In order to ensure the modern application of banking system is in line with Shariah requirements, it is strongly stresses that the objectives of the establishment of Islamic Bank are to achieve the success in the world...
Usul al-fiqh or Islamic jurisprudence generally explains the origin and nature of Islamiclaw as well as the structure of its legal system. In Islamic legal system, a rule of law in order to be valid has to be derived from the sources of Islamiclaw. This is accomplished by acceptable system of interpretation. Usul al-fiqh imparts instruction about the available systems of interpretation and their proper use.
Definition of Usul al-Fiqh (Islamic Jurisprudence)
The term usul al-fiqh composed of two terms, usul and al-fiqh.
1)Usul : Basis, origin, root, foundation and sources. Something from which another thing originates, or something upon which another thing is constructed.
2)Fiqh: Literally means understanding and knowledge of the law. Terminologically, fiqh means the knowledge of the legal rules (hukm or ahkam al-Shari`ah), pertaining to conduct, which have been derived from their specific sources for example; the five daily prayers are obligatory (wajib), usury (riba’) is prohibited (haram), and marriage is permissible (mubah). Wajib, haram and mubah here are the legal rules. These rules are derived from specific provisions in the sources or through ijtihad which is regulated by usul al-fiqh.
Definition and objective of usul al-fiqh
Usul al-fiqh has been defined as principles or methodology used by...
Islamic finance – financial institutions and products designed to comply with the central tenets of Sharia (or Islamiclaw) – is one of the most rapidly growing segments of the global finance industry. Starting with the Dubai Islamic Bank in 1975 (and operations in the United Arab Emirates, Egypt, the Cayman Islands, Sudan, Lebanon, the Bahamas, Bosnia, Bahrain and Pakistan), the number of Islamic financial institutions worldwide now exceeds over three hundred, with operations in seventy-five countries and assets in excess of US$400 billion (El-Qorchi 2005).
Though initially concentrated in the Middle East (especially Bahrain) and South-East Asia (particularly Malaysia), Islamic finance principles are now increasingly found elsewhere. This includes developing economies where the financial sector is almost entirely Islamic (such as Iran and Sudan) or where Islamic and ‘conventional’ financial systems coexist (including Indonesia, Malaysia, Pakistan and the United Arab Emirates) (El-Qorchi 2005). It also includes developed economies where a small number of Islamic financial institutions have been established and where large conventional banks have opened Islamic financing windows (such as in Europe and the United States) (Archer and Rifaat 2002).
The global proliferation of...
...death of Muhammad would begin the time when Muslim armies would conquer lands throughout the Middle East, North Africa, and Spain to establish Islamic ruled empires called caliphates that would last until 1258. The major Islamic ruled empires during this time that lasts about six centuries would be the Umayyad Caliphate (661-750) and the Abbasid Caliphate (750-1258), and these early Islamic empires would undergo many continuities and changes throughout their long existence. While Islamic culture and interaction with other empires and people endured for the Islamic Empires between the years 632 and 1258, the politics of the Islamic Empires during this time would instead adjust.
First, the Islamic empires that lasted between 632 and 1258 would have many cultural continuities. During this long reign of the Umayyad and Abbasid Caliphates, Shari’a (the law of Islam) would continue to remain an important foundation of Islamic culture. Throughout time, Shari’a continued to embody a vision of moral values that all Muslims subscribed to, and it also expected every Muslim ruler to abide by and enforce the religious law. Without Shari’a, the Islamic empires would have no law, which means that Shari’a had to exist for the Islamic empires to survive. The Quran would also endure as an important symbol of...
In teaching Sharia or IslamicLaw, Arabic Language should be highly encouraged as the fundamental medium used in the classroom. However, in the case of King Faisal Center most of the students taking up Sharia courses have only miniature background in Arabic field particularly Arabic language. As a result the teachers preferred to use Local language just to make the student understand the discussions of Sharia.
Sharia Law orIslamicLaw derives its legal rules to Quran and Hadith. The primary sources of Islamiclaw are the Quran and Hadith which is written in Arabic language. In order to understand the Quran and Hadith you should be knowledgeable in Arabic language.
For Muslims, the Qur’an is the literal word of God received verbatim by the Prophet Muhammad in his native Arabic tongue, who passed it on his followers. Qur’an is the foundation of Islam and the primary source of guidance for Muslims in all aspect of life, whether spiritual, legal, moral, political, economic or social (Saeed 2006). Qur’an is the primary source of IslamicLaw and it originally written in Arabic text. Sharia derives its law based on the Qur’an. That is why the students and teachers should give an importance in teaching and learning Arabic Language in order to help the students specially Sharia students in order for them to understand the...
Islamic finance system has its basis in great Islamic value. It is Riba-free system ( Riba means interest) which ensures the abolition of profit-sharing from the whole financial system.
Islamic Finance System (IFS) can be categorized with absence of,
Interest based transactions
Interest based financial institution
Unethical and doubtful transactions
Companies’ stocks involved in unlawful activities
And so on and so forth.
Islamic Financial System is opposite of Conventional financial System i.e system which is based on interest/Riba. The Riba based financial system has been proven as inefficient for the economic balance which is needed in any society. The conventional banking is also of 2 types ; Socialistic and Capitalistic. In Socialistic system, government gets to enjoys freedom whereas in capitalistic system, individuals get to enjoy freedom. But in the light of Shariah in Islamic finance system, restrictive freedom is allowed for both government and individuals. In Islamic finance system, solutions of economic problems are derived from Al-Qur’an and from A hadith of Prophet (S.A.W).It focuses on providing economic opportunities in the society by keeping in consideration political, social and other cultural factors.
ISLAMIC FINANCE SYSTEM
Islamic finance is defined as ;
“ A Financial service principally implemented to...
Islamic Mode of Financing in other Countries
(Malaysia, Iran, Sudan, Saudi Arabia)
Islamic banking and finance may not be a totally new concept, the widespread expansion of this form of banking is certainly a fairly recent phenomena. There are more than 600 Islamic banking institutions and these institutions not only operate in Muslim countries, but have also gained footing in non-Muslim countries. Consensus forecasts expect the asset size of global IFSI to hit US$2 trillion in the next 3 to 5 years while they were varying between US$1.2 trillion and US$1.6 trillion for 2012.We will discuss Islamic Mode of Financing in
* Saudi Arabia
Market Share of Islamic Banking
As at June 2009, the country having highest market share in Islamic Banking was of Malaysia by 16%, the 2nd highest was of Bahrain by 14%. Iran, Pakistan and Saudi Arabia had an equal market share in Islamic banking of 4%.
Sharia Compliant Assets
On the top is Iran having largest Sharia Complaint assets. Then Saudi Arabia is on No. 2nd, then Malaysia is on No 3rd and Sudan is on No. 11.
Malaysia has dual banking system. It means that it has conventional banks as well as Islamic banks. Some conventional banks have an Islam window where they carry out Islamic operation. While some conventional...
...Muslim attitudes towards honour killing and the shairah law
Sharia law is Islam's legal system. It is derived from both the Quran, as the word of God, the example of the life of the prophet Muhammad, and fatwas also known as the rulings of Islamic scholars.
Brigadier Ali Alush, a senior official in the interior ministry, told the conference that honour crimes have accounted for seven per cent of homicides so far in 2008. But he acknowledged that the figure was probably an understatement because such crimes often go unreported.
“The problem with these crimes is not the numbers, but rather the deed itself,” said Raghda al-Ahmed, vice-president of the women’s general union. “Even if there is only one murder, it remains a source of shame in our history.” Women and human rights advocates have fought for many years for the honour crimes law to be changed.
But not all politicians support improvement and law reform. Ghalib Inaiz, a member of the parliament’s legislative committee, told the conference that the honour crime law “is derived from Islamic sharia, and we cannot change it”.
Another member of parliament, speaking on condition of anonymity, said he would not support changes to the law, “because a person cannot give up his honour, and he should receive a commuted sentence if he kills one of his relatives if he catches them in the act”....