Islamic Finance

The sources of Islamic law are the Quran, Sunnah/hadith, Ijma (Consensus of Islamic Scholars), and Qiyas (analogical reasoning).

The Quran is considered the primary and most authoritative source of Islamic law.

Concepts such as prohibition of interest (riba), promotion of fairness and justice, and the importance of ethical conduct are derived from the Quran.

<p>In the context of the Quran, 'divine revelation' means that it is considered as the word of God.</p> Signup and view all the answers

<p>In the context of the Quran, 'infallible' means that it is considered to be free from error or mistake.</p> Signup and view all the answers

<p>Islam insists on its adherents to seek their living through legitimate (halal) means.</p> Signup and view all the answers

<p>Islam recognizes private property acquired through lawful means and upholds and protects such property rights.</p> Signup and view all the answers

<p>The default position of Fiqh mu'amalat is that all transactions are permissible (halal) if free of Riba, deception, speculation, undue profits, and engaging in prohibited items.</p> Signup and view all the answers

<p>Prophet Muhammad (PBUH) was a veteran transterritorial trader.</p> Signup and view all the answers

<p>Some examples of prohibited items in business transactions according to Islam are Riba, deception, speculation, undue profits.</p> Signup and view all the answers