...1. DIFFERENCES BETWEEN QF AND USULFIQH QAWAIDFIQHIYYYAH USUL FIQH QAWAID FIQHIYYAH Is concerned with the methodology of legal reasoning | Maxims are based on the fiqh itself | Method which been applied in deducing law | Principle of the law | External part of fiqh | Internal part of fiqh | 2. Financial system 3. Bay al inah, A seller an assets to a buyer on the cash basis, A seller latter buy back the same asset on a deferred payment basis where a price is higher than a cash price In legal ways sale and buy back with some time interval, sales and buy back without any intention to do so coincidence the illegal two contact are tied, (condition one another, And two sales in one 4. What is tawaruq and which type of tawaruk that is consider non shariah compla Tawarruq is a financial instrument in which a buyer purchases a commodity from a seller on a deferred payment basis, and the buyer sells the same commodity to a third party on a spot payment basis (meaning that payment is made on the spot). 5. MUDHARABAH VS MUSHARAKAH parties | * Parties provide capitals and work with the capital * There can be a silent partners | * Some partners provide capital and some work with the capital * Capital providers cannot interfere in the management, no control over it | Profits | Can be shared according to: * Ratio of capital contribution * Mutually agreed ratio * It cannot be fixed amount, must be as a percentage of profits | In accordance...
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...Introduction:-From the viewpoint of the application of the particular branch of law upon the person, laws may be either territorial or personal. A personal law is that branch of civil law which applies upon the person of the particular religious community. Thus the Mohammedan Law applies upon the Muslims. Muslim Law in India means “that portion of Islamic Civil Law which is applied to Muslims as a personal Law”. It consist of the injunctions of Quran, of the traditional introduced by the ‘practice’ of the Prophet ,of the common opinion of the jurist ,of the analogical deduction of these three,and of the pre –Islamic custom not abrogated by the Prophet Mohammed. Further, it has been supplemented by the juristic preference, precedents Quran the foundation of Mohummedan Law:- Muslim Law is the founded upon ‘Al-Quran (The word “Quran”, derived from the verb “Qara”(together to read) signified properly reading) which is believed by the musalmans to have existed from eternity, subsisting in the very essence of God. The Prophet Mohammad himself that it was revealed to him by the angel “Gabriel” in various portions and at different times.Its texts are held by Muslims to be decisive as being the word of God (Kalam allah),transmitted to man through the Prophet. Besides inculcating religious and theology, the ‘Quran’ contain also passage which applicable to jurisprudence, which form the principal basis of the ‘sharia’. The Quran is, Al-furqan, i.e., one showing truth from...
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...explain, to processors and the public, the halal and haram aspects as stipulated in Islamic laws.It covers foods, drinks, slaughtering and utensils used by muslims. These guidelines contain the following particulars: * Important definitions as provided for in the Trade Description Act ( Usage of Statement 'HALAL') 1975 * Sources of foods and drinks * Slaughtering * Presentation and Storage * Processing and cooking of food * Hygiene * Utilized Goods * The Label Halal(Permissible) * Conclusion 1.IMPORTANT DEFINITIONS AS PROVIDED FOR IN THE TRADE DESCRIPTION ACT [ USAGE OF STATEMENT HALAL (PERMISSIBLE) 1975] 1.1 ISLAMIC LAWS(SYARIAH LAWS) Islamic laws as stipulated in 'Fiqh Shafie' or laws as contained in any one of the fiqh of Maliki, Hambali or hanafi which are approved by the King and enforced in the Federal Territory, Malacca, Pulau Pinang , or approved by any other ruler to be enforced in any other state. The sources of these Islamic laws are the Al-Quran, hadis, Ijma' and Qiyas.Whichever food substance mentioned in any one of these sources mentioned above, whether be it Halal(Permissible) or Haram(Forbidden), is interpreted as being Islamic Law. 1.2 DEFINITION OF HALAL (PERMISSIBLE) 'FOOD FOR MUSLIMS' or 'FOOD CERTIFIED HALAL' or 'HALAL' or having similar meanings can be defined as follows: a) Not made of, or containing any part or substance from animals which are forbidden to be consumed by...
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...History banks Part 1 changes in executive mgt and shariah advisory board Qualification of top mgt and mgt team Part 2 changes in banking philosophy or principles Mision vision obj corporate strategy Part 3 changes in banking practices and practical application of islamic bank Implement islamic or not Trading activities Product Annual reports Donation Sponsorship Part 4 problem Effect Solution Financial statement PART ONE Board of Directors | | Mr. Salah Mohd I Al Jaidah Chairman | | Dr. Saleh Jameel Malaikah Deputy Chairman | | | | Dr. Fouad Hayel Saeed Director | | Mr. Shahzad Shahbaz Director | | | | Mr. Subrata Kumar Mitra Director | | Mr. Syed Maqbul Quader Director | | | | | | | | | Dato’ Dr Md Khir Bin Abdul Rahman Independent Non Executive Director | | Dato’ Noorazman Bin Abd Aziz Independent Non Executive Director | | | | Dato' Sri Dr. Muhammad Shafee Bin Muhammad Abdullah Independent Non Executive Director | | | | Management Team | | | Datuk Mohamed Azahari Kamil Chief Executive Officer | | | | | | Roslan Hj Shafiei Chief Operating Officer | | | Abdul Latif Bujang Masli Chief Financial Officer | | | | | | Sharifah Normah Acting Head, Risk Management | | | Azidy Bin Daud Treasurer | | | | | | Faris Yahya Head, Investment Banking | | | Zamri Shariff Head, Asset...
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...from an Arabic word meaning "to go" or "to take as a way", and refers to a mujtahid's choice in regard to a number of interpretive possibilities in deriving the rule of Allah from the primary texts of the Qur'an and hadith on a particular question. In a larger sense, a madhhab represents the entire school of thought of a particular mujtahid Imam, such as Abu Hanifa, Malik, Shafi'i, or Ahmad--together with many first-rank scholars that came after each of these in their respective schools, who checked their evidences and refined and upgraded their work. The mujtahid Imams were thus explainers, who operationalized the Qur'an and sunna in the specific shari'a rulings in our lives that are collectively known as fiqh or "jurisprudence". In relation to our din or "religion", this fiqh is only part of it, for the religious knowledge each of us possesses is of three types. The first type is the general knowledge of tenets of Islamic belief in the oneness of Allah, in His angels, Books, messengers, the prophethood of Muhammad (Allah bless him and give him peace), and so on. All of us may derive this knowledge directly from the Qur'an and hadith, as is also the case with a second type of knowledge, that of general Islamic ethical principles to do good, avoid evil, cooperate with others in good works, and so forth. Every Muslim can take these general principles, which form the largest and most important part of his religion, from the Qur'an and...
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...Section1. INTRODUCTION In Islamic Law of Succession, the matter of inheritance by grandchildren from predeceased child of deceased stands on a critical position. By the rule of traditional succession law any son of the deceased excludes such grandchildren generally. But now this time many states brought some changes as to such traditional rule for the benefit of such grandchildren which works as shields from total exclusion. Pakistan brought a major change in 1961 by section-4 of the Muslim Family Laws Ordinance (MFLO). In Bangladesh the same law has become accepted through the promulgation of the ‘Laws Continuance Enforcement Order, 1971’. Section-4 the MFLO’1961 affects the fundamental principles of Muslim Law of Succession. Bangladesh is the only country which has adopted such change. Although this law has faced many challenges in Pakistan but in Bangladesh no academic discussion or judicial interpretation is made till now. Since 1961, from the date of adoption of MFLO there are differences of opinion among the persons. Some of them supported such enactment and some of them denied. The persons who opposed the law are known as traditionalists and the others are modernists. Both groups have logics behind their beliefs. Professor Serajuddin has rightly pointed it out that ‘It will however, be wrong to assume that only the traditionalists are opposed to orphaned grandchild’s inheritance. Again an internationally acclaimed scholar on Islamic Law thinks that section-4 of the...
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..."Sharia Law." SHARIA LAW. January 1, 2014. Accessed September 24, 2014. http://www.billionbibles.org/sharia/sharia-law.html. Although I was unable to locate the author of this webpage, it was a very useful source. There are many various subcategories relating to Sharia Law within the webpage that explore the different aspects of Sharia such as the acceptance and implementation of Sharia Law in various countries worldwide such as the United States, the United Kingdom, Saudi Arabia, and more. It is not clear where the author obtained their information from but by comparing information from other websites to the information found on this website the information appears to be accurate. It appears that the authors purpose in creating this website is to educate people about islam and its effects internationally, but most specifically I feel this page is intended to inform people about what exactly Sharia Law so they have a better understanding about the mindset of radical Muslims. This webpage has an abundance of useful information, much of which has helped me acquire a better understanding about where Sharia Law is most prominent and the ideals of radical Muslims in different areas of the world. Coulson, Noel. "Shari'ah (Islamic Law)." Encyclopedia Britannica Online. July 8, 2014. Accessed September 24, 2014. http://www.britannica.com/EBchecked/topic/538793/Shariah. Noel Coulson the author of this Encyclopedia Brittanica entry about Sharia Law was a Professor of Oriental...
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...WADIAH: CONCEPT, APPLICATION AND ISSUES PROF. DR. ZAI NAL AZAM ABD. RAHMAN Applied Shariah- Lecture 5 INTRODUCTION Meaning of the term: when a person is entrusted to keep an asset for the benefit of an owner o Related terms: amanah, deposit, trust, bailment o Authorities from the Quran and Sunnah on wadiah o Acceptance of wadiah as benevolent act and not for profit: the need for actual delivery Applied Shariah- Lecture 5 DUTY OF CARE EXPECTED OF A TRUSTEEIKEEPER Basically possession is as yadd amanah The reason why it is yadd amanah When fees are collected for safekeeping, issue of liability/daman will arise Ajir mushtarak/hiring and public policy consideration The relevance of negligence/taqsir and liability for loss in cases where fees are charged The articulation by Hanafi jurists Applied $hariah- Lecture 5 WADIAH AND IJARAH o Wadiah proper is tabarru' o lf fees are charged, ijarah contract is created thus contract become binding on both parties- Hanafi and Maliki o Only if word ijarah is used according to Shafi and Hanbali o The nature of ijarah and duty of care expected of the hired keeper Applied Shariah- Lecture 5 2 PERMISSION TO USE BY OWNER t Nature of the property is relevant to be ascertained o Property still intact after use or diminished by the use a Whether permission given results in qard/lending t Or the relationship remains as wadiah I Legal implications depend on which possibility a The real intentions of parties: wadiah...
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...Assignment on: Islamic Banking Submitted to: Md. Alamgir Hossen Assistant Professor IBA – JU Submitted by: Tanjim Mahmud 21st Batch ClassID – 1564 Institute of Business Administration Date of submission: 14/05/2014 Islamic banking is banking based on Islamic law (Shariah). It follows the Shariah, called fiqh muamalat (Islamic rules on transactions). The rules and practices of fiqh muamalat came from the Quran and the Sunnah, and other secondary sources of Islamic law such as opinions collectively agreed among Shariah scholars (ijma’), analogy (qiyas) and personal reasoning (ijtihad). Shariah concepts in Islamic banking: The common Shariah concepts are as follows: Wadiah (Safekeeping) : Wadiah means custody or safekeeping. In a Wadiah arrangement, customer will deposit cash or other assets in a bank for safekeeping. The bank guarantees the safety of the items kept by it. Here is how it works: 1) Customer places money in a bank and the bank guarantees to return the money to customer. 2) Customers are allowed to withdraw the money anytime. 3) Bank may charge customer a fee for looking after customers money and may pay hibah (gift) to customer if it deems fit. 4) This concept is normally used in deposit-taking activities, custodial services and safe deposit boxes. Mudharabah (Profit sharing) Mudharabah is a profit sharing arrangement between two parties, that is, an investor and the entrepreneur. The investor will supply the entrepreneur with funds for his business...
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...from an Arabic word meaning "to go" or "to take as a way", and refers to a mujtahids choice in regard to a number of interpretive possibilities in deriving the rule of Allah from the primary texts of the Qur'an and hadith on a particular question. In a larger sense, a madhhab represents the entire school of thought of a particular mujtahid Imam, such as Abu Hanifa, Malik, Shafi'i, or Ahmad--together with many first-rank scholars that came after each of these in their respective schools, who checked their evidences and refined and upgraded their work. The mujtahid Imams were thus explainers, who operationalized the Qur'an and sunna in the specific shari'a rulings in our lives that are collectively known as fiqh or "jurisprudence". In relation to our din or "religion", this fiqh is only part of it, for the religious knowledge each of us possesses is of three types. The first type is the general knowledge of tenets of Islamic belief in the oneness of Allah, in His angels, Books, messengers, the prophethood of Muhammad (Allah bless him and give him peace), and so on. All of us may derive this knowledge directly from the Qur'an and hadith, as is also the case with a second type of knowledge, that of general Islamic ethical principles to do good, avoid evil, cooperate with others in good works, and so forth. Every Muslim can take these general principles, which form the largest and most important part of his religion, from the Qur'an and hadith. The third type of knowledge is that...
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...THE PROPERTY VIEW OF MUSLIM JURISTS There are two views; according to the 1. Hanafis. 2. Malikis, Shafii’s, and Hanbalis Malikis, Shafii’s, and Hanbalis According to Malikis, Shafii’s, and Hanbalis who constitute majority of the Fiqh schools, mal includes all permissible things which have financial value. Definition of the Maliki school According to the Maliki jurist, Al-Shatibi, mal is the thing on which ownership is conferred and the owner when he assumes it excludes others from interference. This definition affirms the mal is the subject matter of ownership. I t also explains that the basis of property rights is the relationship standing between the thing and the person. Definition of the Shafi'i school Al-Zarkshi states that, "mal is what gives benefit, i.e. prepared to give benefit", and he continues to say at mal can be material objects or usufructs. The material objects are of two kinds: inorganic solid materials; and animals. The solid materials are regarded as mal in all situations. Amongst the animals one group is such that it has no proper physical scructure to be used for beneficial purposes and therefore not regarded as mal; others are created with submissive natures and are amenable to humarl beings such as domestic animals, and other tamable animals, which can be categorised as mal. Allama Suyuti refers to ImarnA l-Shafi'i as saying that, “the terminology mal should not be construed except as to what has value with which it is exchangeable;...
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...‘A spoonful of sugar’ you may call it but the first ever female directed movie entirely shot in Saudi Arabia Wadjda posed a great question to the conservative society of Saudi Arabia, whether women should be secluded inside their houses or not. Wadjda a 10 year old girl living in Riyadh, Saudi Arabia signs on for her school's Quran recitation competition as a way to raise the remaining funds she needs in order to buy the green bicycle that has captured her interest so that she can race with her school friend Abdullah. This simple context becomes extraordinarily complex when you will find that the country is run by Sharia Law, women cannot drive their own car, women have to sit in a different section of a restaurant, and women are escorted to the shopping malls, houses or any events by their father, brother or husbands! Director Haifaa Al Mansour was forced to shot the film often hiding from a covered van, empty road, shouting through a walkie talkie from 50-60 feet away from the shooting spot so that she did not get caught by the Saudi Sharia Police. As Saudi Arabia has no cinema theatre and ban on cinemas, it is quite a challenge for the director to fight the Saudi censorship and release the movie inside the country to break the age old religious shackles, tradition for the women as well as the male attitude towards them. Being an Oscar nominated film, Wadjda represents such an unfamiliar society where no woman has ever made it to the family tree diagram but yet the film gives...
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...1) What forces shaped modern Saudi culture? How similar or different are these forces form those that shaped the culture of western? Saudi Arabia has super modern cities like that at other development countries, but it strict Islamic religious connection and ancient social customers. On which it laws and customs depends, often clash with modern economic and technical realities. Saudi Arabia authorities sometimes latitude in legal formation and enforcement of ease these classes. 2) What kinds of misunderstanding are likely to arise between an American company and a Saudi enterprise, neither of which has experience dealing with the other? Today, the strict Wahhab sect of Islam still has a profound influence on Saudi culture, something that is very visible to foreign travelers. For example, stores and restaurants McDonald’s, have separate dining areas for men and women. Women in Saudi Arabia are not allowed to drive a car, sail a boat, or fly a plane or to appear outdoors with hair, wrists, or ankle exposed-something that western companies need to keep in mind when doing business in the country or with Saudis elsewhere. Indeed, women traveling on their own have generally needed government minders or permission slips. 3) If you were in a position to advise a western company that was considering doing business in Saudi Arabia for the first time, what would you advise be? There are nothing to scare or afraid to expands business to Saudi Arabia, because the law...
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...ExpressO Preprint Series Year Paper Change and Authority in Islamic Law: The Islamic Law of Inheritance in Modern Muslim States Yasir Billoo This working paper is hosted by The Berkeley Electronic Press (bepress) and may not be commercially reproduced without the permission of the copyright holder. http://law.bepress.com/expresso/eps/12 Copyright c 2003 by the author. Change and Authority in Islamic Law: The Islamic Law of Inheritance in Modern Muslim States Abstract In traditional Islamic law, the sole repositories of law were the individual muslim scholars and their schools of law, not the Muslim state. This tradition has continued until today, even in the most modern Muslim states. In light of a fast-paced, modern world and heightened international scrutiny of Islamic law, reforms must be made in the traditional system. This paper suggests that the best reform would be to treat the traditional Islamic law as a common law for all Muslim states. With that foundation, the legislatures of those nations can bring about change in their respective countries, while keeping intact the authenticity and authority of the law. The scholars would be repositories of only this common law, further developing undeveloped principles and issuing opinions with which the legislature can work, and the states would be the repositories of modern state law. It is through this readjustment of the Islamic legal structure that the law will retain any relevance in the lives of its...
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...From Africa to East Asia, a new Islamic movement is attracting millions of followers and a lot of money. Even though Gulen movements do not call themselves an Islamic movements they Inspired by a little-known Turkish imam his name is Fethullah Gülen.The. Gulen movement is linked to more than 1,000 schools in 130 countries, newspapers, TV and radio stations, universities and even a bank. They describe themselves as civil society movement. It started out as a local service group of students, teachers, parents, and small business owners around the Turkish scholar and preacher Fethullah Gulen in the city of Izmir, Turkey. The movement gives a lot of attention to education and science. These schools have attracted Muslim and non-Muslim. The chief characteristic of Gulen’s followers is that they do not seek to disrupt modern secular states; rather, they encourage Muslims to use the opportunities offered. Gulen sees science and faith as not only harmonious but also complementary. He encourages scientific research and technological advancement for the good of all humanity .In this paper we will write about the founder his ethnic origin, his Islamic education, his teachings and the history of the movement. Also, the demographic characteristics of the movement, and the historical transformations to modern times. Also, the relationship with the other parties and movements. We will be looking into how the movement begin and what made this movement grew so popular. One of the areas we...
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