Prohibited elements in Islamic financial transactions: a comprehensive review

This paper analyzes prohibited elements in transactions from a shari’ah perspective, since it is obligatory on the individual (fardhu ‘ayn) to understand the Islamic law of transactions (fiqh mu’amalat). Islam is not only a religion, but also a complete way of life. Islam has clearly forbidden all b...

Full description

Bibliographic Details
Main Authors:	Saiti, Buerhan, Abdullah, Adam
Format:	Article
Language:	English English English
Published:	IIUM 2016
Subjects:	KBP173.25 Islamic law and other disciplines or subjects
Online Access:	http://irep.iium.edu.my/54314/ http://irep.iium.edu.my/54314/ http://irep.iium.edu.my/54314/1/54314-Prohibited%20elements%20in%20Islamic%20financial%20transactions.pdf http://irep.iium.edu.my/54314/7/54314.wos.pdf http://irep.iium.edu.my/54314/13/54314_Prohibited%20elements%20in%20islamic%20financial%20transactions_scopus.pdf

id	iium-54314
recordtype	eprints
spelling	iium-543142017-10-10T05:03:06Z http://irep.iium.edu.my/54314/ Prohibited elements in Islamic financial transactions: a comprehensive review Saiti, Buerhan Abdullah, Adam KBP173.25 Islamic law and other disciplines or subjects This paper analyzes prohibited elements in transactions from a shari’ah perspective, since it is obligatory on the individual (fardhu ‘ayn) to understand the Islamic law of transactions (fiqh mu’amalat). Islam is not only a religion, but also a complete way of life. Islam has clearly forbidden all business transactions that lead to exploitation and injustice in any form to any of the parties of a contract. Islam requires that all financial and business transactions be based on transparency, accuracy, and disclosure of all material information so that no one party takes advantage of other parties. There is wisdom (hikmah) behind every prohibited transaction and in order to practice business and banking activities that are genuinely shari’ahcompliant, it is important to understand the prohibited elements in Islamic law. Accordingly, prohibited elements such as riba, gharar, qimar, maysir, fraud and coercion are discussed, as well as, the importance of the legality of the subject matter. Sahih, fasid, batil contracts and extrinsic conditions are covered in respect to different schools of thought IIUM 2016 Article PeerReviewed application/pdf en http://irep.iium.edu.my/54314/1/54314-Prohibited%20elements%20in%20Islamic%20financial%20transactions.pdf application/pdf en http://irep.iium.edu.my/54314/7/54314.wos.pdf application/pdf en http://irep.iium.edu.my/54314/13/54314_Prohibited%20elements%20in%20islamic%20financial%20transactions_scopus.pdf Saiti, Buerhan and Abdullah, Adam (2016) Prohibited elements in Islamic financial transactions: a comprehensive review. Al-Shajarah (SI). pp. 139-159. ISSN 1394-6870 http://journals.iium.edu.my/shajarah
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English English
topic	KBP173.25 Islamic law and other disciplines or subjects
spellingShingle	KBP173.25 Islamic law and other disciplines or subjects Saiti, Buerhan Abdullah, Adam Prohibited elements in Islamic financial transactions: a comprehensive review
description	This paper analyzes prohibited elements in transactions from a shari’ah perspective, since it is obligatory on the individual (fardhu ‘ayn) to understand the Islamic law of transactions (fiqh mu’amalat). Islam is not only a religion, but also a complete way of life. Islam has clearly forbidden all business transactions that lead to exploitation and injustice in any form to any of the parties of a contract. Islam requires that all financial and business transactions be based on transparency, accuracy, and disclosure of all material information so that no one party takes advantage of other parties. There is wisdom (hikmah) behind every prohibited transaction and in order to practice business and banking activities that are genuinely shari’ahcompliant, it is important to understand the prohibited elements in Islamic law. Accordingly, prohibited elements such as riba, gharar, qimar, maysir, fraud and coercion are discussed, as well as, the importance of the legality of the subject matter. Sahih, fasid, batil contracts and extrinsic conditions are covered in respect to different schools of thought
format	Article
author	Saiti, Buerhan Abdullah, Adam
author_facet	Saiti, Buerhan Abdullah, Adam
author_sort	Saiti, Buerhan
title	Prohibited elements in Islamic financial transactions: a comprehensive review
title_short	Prohibited elements in Islamic financial transactions: a comprehensive review
title_full	Prohibited elements in Islamic financial transactions: a comprehensive review
title_fullStr	Prohibited elements in Islamic financial transactions: a comprehensive review
title_full_unstemmed	Prohibited elements in Islamic financial transactions: a comprehensive review
title_sort	prohibited elements in islamic financial transactions: a comprehensive review
publisher	IIUM
publishDate	2016
url	http://irep.iium.edu.my/54314/ http://irep.iium.edu.my/54314/ http://irep.iium.edu.my/54314/1/54314-Prohibited%20elements%20in%20Islamic%20financial%20transactions.pdf http://irep.iium.edu.my/54314/7/54314.wos.pdf http://irep.iium.edu.my/54314/13/54314_Prohibited%20elements%20in%20islamic%20financial%20transactions_scopus.pdf
first_indexed	2023-09-18T21:16:52Z
last_indexed	2023-09-18T21:16:52Z
_version_	1777411620764385280

Prohibited elements in Islamic financial transactions: a comprehensive review

Similar Items