Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain

This article aims to focus on legal maxims related to financial transactions to explore whether they offer any solutions for Muslims concerned with this dilemma, and to investigate how such legal maxims can be used to shape the way in which Muslims in the West perceive today’s mortgage issues. Some...

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Main Author:	Zakariyah, Luqman
Format:	Article
Language:	English English
Published:	Brill Academic Publisher 2012
Subjects:	HJ Public Finance KD England and Wales
Online Access:	http://irep.iium.edu.my/33647/ http://irep.iium.edu.my/33647/ http://irep.iium.edu.my/33647/1/Legal_Maxims_and_Islamic_Financial_Transaction_a_case_study_of_mortgage_contracts_and_the_dilemma_for_Muslims_in_the_UK.pdf http://irep.iium.edu.my/33647/2/Legal_Maxims_and_Islamic_Financial_Transaction_a_case_study_of_mortgage_contracts_and_the_dilemma_for_Muslims_in_the_UK.pdf

id	iium-33647
recordtype	eprints
spelling	iium-336472013-12-23T08:19:17Z http://irep.iium.edu.my/33647/ Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain Zakariyah, Luqman HJ Public Finance KD England and Wales This article aims to focus on legal maxims related to financial transactions to explore whether they offer any solutions for Muslims concerned with this dilemma, and to investigate how such legal maxims can be used to shape the way in which Muslims in the West perceive today’s mortgage issues. Some questions raised are the following. When entering a mortgage contract, does a Muslim’s intention change the ruling of the transaction under the pretext of the two maxims al-ʿumūr bi maqāṣidihā (“matters considered according to intention”) and hal al-ʿibrah fī l-ʿuqūd bi l-maqāṣid wa l-maʿanī aw bi l-alfāẓ wa l-mabānī (“in contracts, is effect given to intention and the meaning or expression and form”)? Can one be certain that mortgages are completely ḥarām (unlawful) when considering the maxim al-yaqīn lā yazūl bi l-shakk (“certainty cannot be repelled by doubt”)? What aspects of ḥarām are found in mortgages and can they be marginalized by the maxim al-ḍarūrāt tubīh al-maḥẓūrāt (“necessity makes the unlawful thing lawful”)? If Islam allows bayʿ al-istiṣnāʿ (contract for manufacture) on the basis of ʿurf (custom), can mortgages also be permitted under the maxim al-ʿādah muḥakkamah (“custom is authoritative”)? Brill Academic Publisher 2012 Article PeerReviewed application/pdf en http://irep.iium.edu.my/33647/1/Legal_Maxims_and_Islamic_Financial_Transaction_a_case_study_of_mortgage_contracts_and_the_dilemma_for_Muslims_in_the_UK.pdf application/pdf en http://irep.iium.edu.my/33647/2/Legal_Maxims_and_Islamic_Financial_Transaction_a_case_study_of_mortgage_contracts_and_the_dilemma_for_Muslims_in_the_UK.pdf Zakariyah, Luqman (2012) Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain. Arab Law Quarterly, 26. pp. 255-285. ISSN 0268-0556(P), 1573-0255(O) http://www.brill.com/arab-law-quarterly
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HJ Public Finance KD England and Wales
spellingShingle	HJ Public Finance KD England and Wales Zakariyah, Luqman Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain
description	This article aims to focus on legal maxims related to financial transactions to explore whether they offer any solutions for Muslims concerned with this dilemma, and to investigate how such legal maxims can be used to shape the way in which Muslims in the West perceive today’s mortgage issues. Some questions raised are the following. When entering a mortgage contract, does a Muslim’s intention change the ruling of the transaction under the pretext of the two maxims al-ʿumūr bi maqāṣidihā (“matters considered according to intention”) and hal al-ʿibrah fī l-ʿuqūd bi l-maqāṣid wa l-maʿanī aw bi l-alfāẓ wa l-mabānī (“in contracts, is effect given to intention and the meaning or expression and form”)? Can one be certain that mortgages are completely ḥarām (unlawful) when considering the maxim al-yaqīn lā yazūl bi l-shakk (“certainty cannot be repelled by doubt”)? What aspects of ḥarām are found in mortgages and can they be marginalized by the maxim al-ḍarūrāt tubīh al-maḥẓūrāt (“necessity makes the unlawful thing lawful”)? If Islam allows bayʿ al-istiṣnāʿ (contract for manufacture) on the basis of ʿurf (custom), can mortgages also be permitted under the maxim al-ʿādah muḥakkamah (“custom is authoritative”)?
format	Article
author	Zakariyah, Luqman
author_facet	Zakariyah, Luqman
author_sort	Zakariyah, Luqman
title	Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain
title_short	Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain
title_full	Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain
title_fullStr	Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain
title_full_unstemmed	Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain
title_sort	legal maxims and islamic financial transactions: a case study of mortgage contracts and the dilemma for muslims in britain
publisher	Brill Academic Publisher
publishDate	2012
url	http://irep.iium.edu.my/33647/ http://irep.iium.edu.my/33647/ http://irep.iium.edu.my/33647/1/Legal_Maxims_and_Islamic_Financial_Transaction_a_case_study_of_mortgage_contracts_and_the_dilemma_for_Muslims_in_the_UK.pdf http://irep.iium.edu.my/33647/2/Legal_Maxims_and_Islamic_Financial_Transaction_a_case_study_of_mortgage_contracts_and_the_dilemma_for_Muslims_in_the_UK.pdf
first_indexed	2023-09-18T20:48:38Z
last_indexed	2023-09-18T20:48:38Z
_version_	1777409844899217408

Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain

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