Islamic Finance

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What are the sources of Islamic law?

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

What is the primary and most authoritative source of Islamic law?

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

What concepts are derived from the Quran that lay the foundation for Islamic banking and finance?

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

What does the term 'divine revelation' mean in the context of the Quran?

In the context of the Quran, 'divine revelation' means that it is considered as the word of God.

What does the term 'infallible' mean in the context of the Quran?

In the context of the Quran, 'infallible' means that it is considered to be free from error or mistake.

What does Islam insist on its adherents to seek?

Islam insists on its adherents to seek their living through legitimate (halal) means.

What does Islam recognize in terms of private property?

Islam recognizes private property acquired through lawful means and upholds and protects such property rights.

What is the default position of Fiqh mu'amalat?

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.

What was the occupation of Prophet Muhammad (PBUH)?

Prophet Muhammad (PBUH) was a veteran transterritorial trader.

What are some examples of prohibited items in business transactions according to Islam?

Some examples of prohibited items in business transactions according to Islam are Riba, deception, speculation, undue profits.

Test your knowledge on the sources of Islamic finance with this true or false, multiple-choice, and short answer quiz. Explore the primary sources of Shariah, including the Qur'an, Sunnah/hadith, and Ijma. Prepare for your midterm exam with this comprehensive revision tool.

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