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In Bai' muajjal (literally "credit sale", i.e. the sale of goods on a deferred payment basis), the financier buys the equipment or goods requested by the client, then sells the goods to the client for an agreed price, which includes a mark-up (profit) for the bank and is paid either in installments over a pre-agreed period or in a lump sum at a ...
[1] [2] Sharia is expanded and developed by interpretation of the Quran and sunnah by Islamic jurists [2] and implemented by the rulings of jurists on questions presented to them. Fiqh deals with the observance of rituals, morals and social legislation in Islam.
Fiqh (/ f iː k /; [1] Arabic: فقه) is Islamic jurisprudence. [2] Fiqh is often described as the style of human understanding and practices of the sharia; [3] that is, human understanding of the divine Islamic law as revealed in the Quran and the sunnah (the teachings and practices of the Islamic prophet Muhammad and his companions).
Uṣūl al-fiqh is a genitive construction with two Arabic terms, uṣūl and fiqh. Uṣūl means roots r basis. Some says, Uṣūl, the plural form of Aṣl, means Rājih (preponderant). It also signifies Qā’idah (rules), which is the real-world application of the word. For example: "every sentence must contain a verb" is a rule of Grammar.
Sharia means Islamic law based on Islamic concepts based from Quran and Hadith. Since the early Islamic states of the eighth and ninth centuries, Sharia always existed alongside other normative systems. [1] Historically, Sharia was interpreted by independent jurists , based on Islamic scriptural sources and various legal methodologies. [2]
[3] [4] While there are differences between the two, Islamic economics still tends to be closer to labor theory rather than subjective theory. Islamic commercial jurisprudence entails the rules of transacting finance or other economic activity in a Shari'a compliant manner, [5] i.e., a manner conforming to Islamic scripture (Quran and sunnah).
In addition, there are several differences within Sunnī and Shīʿa Islam: Sunnī Islam is separated into four main schools of jurisprudence, namely Mālikī, Ḥanafī, Shāfiʿī, and Ḥanbalī; these schools are named after their founders Mālik ibn Anas, Abū Ḥanīfa al-Nuʿmān, Muḥammad ibn Idrīs al-Shāfiʿī, and Aḥmad ibn ...
Muamalat (also muʿāmalāt, Arabic: معاملات, literally "transactions" [1] or "dealings") [2] is a part of Islamic jurisprudence, or fiqh.Sources agree that muamalat includes Islamic "rulings governing commercial transactions" [3] and Majallah al-Ahkam al-Adliyyah). [4]
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