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THEORETICAL AND CONCEPTUAL FRAMEWORK OF ISLAMIC BANKING (Shariah Framework…
THEORETICAL AND CONCEPTUAL FRAMEWORK OF ISLAMIC BANKING
FUNDAMENTAL PROHIBITED ELEMENTS IN ISLAMIC BANKS
RIBA : EXCESS / EXTRA
RIBA DUYUN (LOAN)
RIBA QARD (interest)
RIBA JAHILIYAH (late repayment)
RIBA BUYU'
RIBA AL-FADHL (unequal amount)
RIBA AN-NASI'AH (extension of time delivery)
GHARAR : UNCERTAINTY
GHARAR YASIR (minor)
GHARAR FAHISH (major)
MAYSIR : GAMBLING
betting or charging something
MAQASID AL-SYARIAH
ELEMENT
RELIGION
Preservation and Protection of Deen
eg: defending the Islamic Faith if attacked by by the enemies
LINEAGE
Preservation and Protection of descendants
eg: Prohibit in committing in moral behaviours.
INTELLECT
Preservation and Protection of mind
eg: prohibit consumption of liquor and drugs
PROPERTY
Preservation and Protection of property
eg: safeguard ones property against disaster
LIFE
Preservation and Protection of Life
eg: Enacting a severe punishment for those who kill another
LEVEL
DARURIYAT
eg: proper education, comfortable home
HAJIYYAT
eg: food, clothing
TAHSEENIYYAT
eg: luxury car, jewellery
Shariah Framework
Shariah :
Law relating to all aspects of human life
Deeds
Ethics
Belief
Fiqh : Laws governing human deeds
Jinayat (offences, crimes and punishments)
Muamalat (commercial transactions)
Munakahat (marriage or family laws)
Ibadat (regious worship and rituals)
Muamalat :
Interaction or transaction
Basic principle
Conclusion of Contract by Mutual Consent
Conformity of Contract with the Maqasid al- Shariah
Permissibility as a General Rule
The principle of Wide Circulation of Wealth
The Principle of Transparency in Commercial Dealing
Justice and Fair Dealing
objective of islamic law
Hajiyyat (removing hardship)
Tahsinyyat (beautifying)
Darruriyat (life and deadth)
school of islamic law
Imam Malik
Imam Shafi'
Imam Hanafi
Imam Hanbali
sources of shariah
Secondary
Masalih al-Mursalah (Consideration of public interest)
'Urf (customs)
Istishab (presumption of Continuity)
Istihsan (equity of islamic law)
Fatwa of The Companion
Sadd al-Dhara'l (Blocking of means)
Primary
Al-Sunnah
Al-Ijma
Al-Quran
Al-Qiyas
