http://wiki.islamicfinance.de/index.php?action=history&feed=atom&title=Islamic_law 2026-05-03T21:57:48Z Revision history for this page on the wiki MediaWiki 1.27.0 http://wiki.islamicfinance.de/index.php?title=Islamic_law&diff=106&oldid=prev 2010-03-21T19:18:29Z

<p></p> <p><b>New page</b></p><div>The functions of financial intermediaries are widely recognized but subject to legal restrictions imposed by [[Shariah]], the Islamic legal system. Economists owes much merits in reestablishing the struggle to establish an unique ethically oriented finance sector, however, the rulings behind them are driven by Islamic jurists, so-called scholars which needs to have a proper understanding of the sources. Primary sources of [[Shariah]] are the [[Quran]] and the [[Sunna]] (mostly [[Hadith]], transmitted sayings of the prophet). Secondary sources are consensus of the scholars (Ijma), analogy (Qiyas), reasoning (Ijtihad), Public Interest (Ihtisan), legal presumption (Istishab, Istislah, Masalih Al Mursalah), local customs (urf and adat).<br /> <br /> The objectives (Maqasid Al Shariah), are more general goals like wisdom and welfare, while the principles of the [[Shariah]] ([[Fiqh]]) is the detailed rulings and examples, based on a methodology (Usul Al Fiqh) in different branches, the rulings of worshipping (Fiqh Ibadat) and the ruling of relations (Fiqh Muamalat), comprising the contractual law which is groundlaying for the [[Islamic Finance]] industry.<br /> <br /> Four main schools of law interpretation exists nowadays which are the [[Hanafi]], [[Maliki]], [[Hanbali]] and [[Shafii]]. The wide majority of rulings are the same but certain differences in interpretation can lead to substantial differences in regard to Islamic financial products. There is some geographical dominance of schools like the [[Hanafi]] which is widely spread in Turkey and Pakistan, the [[Maliki]] is very dominant in the Maghreb countries, the [[Hanbali]] very important in the Arabian Peninsula and the [[Shafii]] which is governing Islamic Finance decisions in Malaysia and Indonesia.<br /> <br /> ==References==<br /> <br /> * [http://www.bankersacademy.com/pdf/Islamic_Banking.pdf Banking on Sharia Principles: Islamic Banking and the Financial Industry] Dr. Linda Eagle, 2009</div>

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