Necessity as a pretext for violation of Islamic commercial Law: a scenario of mortgage contract in the UK

This article attempts to examine some Islamic legal maxims in relation to the practice of mortgage in the UK. It looks at various products offered by either conventional banks or Islamic banks to determine whether necessity can be used as a pretext to breach the prohibition of riba. It answers, in...

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Main Author:	Zakariyah, Luqman
Format:	Article
Language:	English
Published:	Islami Bank Training and Research Academy 2012
Subjects:	KBP1 Islamic law.Shariah.Fiqh
Online Access:	http://irep.iium.edu.my/32048/ http://irep.iium.edu.my/32048/ http://irep.iium.edu.my/32048/1/Necessity_as_a_pretext_for_violation_of_Islamic_Commercial.pdf

id	iium-32048
recordtype	eprints
spelling	iium-320482013-09-30T03:05:27Z http://irep.iium.edu.my/32048/ Necessity as a pretext for violation of Islamic commercial Law: a scenario of mortgage contract in the UK Zakariyah, Luqman KBP1 Islamic law.Shariah.Fiqh This article attempts to examine some Islamic legal maxims in relation to the practice of mortgage in the UK. It looks at various products offered by either conventional banks or Islamic banks to determine whether necessity can be used as a pretext to breach the prohibition of riba. It answers, in light of maqasid al-shari‘ah (the spirits of Islamic law) through these legal maxims, the argument of those who condemn outright the “halality” of the current products of Islamic mortgage and suggest an amenable solution. The paper traces the development of Islamic mortgage in Britain and the involvement of Muslims in this development. It further exposes the principle of necessity in Islamic law and its role in relieving its adherent from hardship. The paper then argues that if provision is a settled rule in Islamic law, application of it to the present situation of Muslims in Britain is inevitable.The effect of refrainment of Muslims from participation in the current global economy, especially, property investment particularly in the West at large, will put Muslims in the desecration of wealth. Islami Bank Training and Research Academy 2012-01 Article PeerReviewed application/pdf en http://irep.iium.edu.my/32048/1/Necessity_as_a_pretext_for_violation_of_Islamic_Commercial.pdf Zakariyah, Luqman (2012) Necessity as a pretext for violation of Islamic commercial Law: a scenario of mortgage contract in the UK. Journal of Islamic Economics, Banking and Finance, 8 (1). pp. 35-52. ISSN 2070-4658 http://ibtra.com/pdf/journal/v8_n1_article2.pdf
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	KBP1 Islamic law.Shariah.Fiqh
spellingShingle	KBP1 Islamic law.Shariah.Fiqh Zakariyah, Luqman Necessity as a pretext for violation of Islamic commercial Law: a scenario of mortgage contract in the UK
description	This article attempts to examine some Islamic legal maxims in relation to the practice of mortgage in the UK. It looks at various products offered by either conventional banks or Islamic banks to determine whether necessity can be used as a pretext to breach the prohibition of riba. It answers, in light of maqasid al-shari‘ah (the spirits of Islamic law) through these legal maxims, the argument of those who condemn outright the “halality” of the current products of Islamic mortgage and suggest an amenable solution. The paper traces the development of Islamic mortgage in Britain and the involvement of Muslims in this development. It further exposes the principle of necessity in Islamic law and its role in relieving its adherent from hardship. The paper then argues that if provision is a settled rule in Islamic law, application of it to the present situation of Muslims in Britain is inevitable.The effect of refrainment of Muslims from participation in the current global economy, especially, property investment particularly in the West at large, will put Muslims in the desecration of wealth.
format	Article
author	Zakariyah, Luqman
author_facet	Zakariyah, Luqman
author_sort	Zakariyah, Luqman
title	Necessity as a pretext for violation of Islamic commercial Law: a scenario of mortgage contract in the UK
title_short	Necessity as a pretext for violation of Islamic commercial Law: a scenario of mortgage contract in the UK
title_full	Necessity as a pretext for violation of Islamic commercial Law: a scenario of mortgage contract in the UK
title_fullStr	Necessity as a pretext for violation of Islamic commercial Law: a scenario of mortgage contract in the UK
title_full_unstemmed	Necessity as a pretext for violation of Islamic commercial Law: a scenario of mortgage contract in the UK
title_sort	necessity as a pretext for violation of islamic commercial law: a scenario of mortgage contract in the uk
publisher	Islami Bank Training and Research Academy
publishDate	2012
url	http://irep.iium.edu.my/32048/ http://irep.iium.edu.my/32048/ http://irep.iium.edu.my/32048/1/Necessity_as_a_pretext_for_violation_of_Islamic_Commercial.pdf
first_indexed	2023-09-18T20:46:14Z
last_indexed	2023-09-18T20:46:14Z
_version_	1777409693791027200

Necessity as a pretext for violation of Islamic commercial Law: a scenario of mortgage contract in the UK

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