Surd Dare’s (Blocking the means) Ruff (custom) 4 In general, the framework of Islamic finance is the same framework used by the conventional finance practices. These frameworks are, inter alai legal and regulatory framework, taxation framework, accounting and auditing standards, etc. Might have different or additional framework, such as accounting and auditing standard, etc, due to its peculiarity. In certain jurisdiction, Islamic banking and finance might be regulated by different sets of regulations, either separate or additional, e. G.
BIB 1983 5 However, Islamic Finance, as the name suggests, has another framework, which is considered the major element that differentiates BIB from the conventional banking and finance. Any violation of this framework will definitely effect the validity of Islamic finance itself. Shari Compliance Framework 6 Three main interrelated terminologies: Shari, Fish & Mulatto Shari, when viewed from legal perspective is the fixed elements of Islamic law, i. E. What has been clearly stipulated and mentioned in the text. E. G. Five time prayers, prohibition of rib’, etc.
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As such, it is revealed in nature 7 Shari, in this sense, is wide and encompassing various branches of Islam Normally, it comes in its generality and it emphasizes only on the principles and not the detailed rules (not all the time) It is the duty of the judge (quad), mufti and jurisdictions (llama’) to exert their intellectual efforts in deriving and applying these principles on certain given scenarios. The result of human reasoning and understanding to the Shari is known as fish Fixed v. Flexible Agreements v. Differences 8 However, in its general usage, it is called al-Assyria al-elastically (Islamic law).
Islamic commercial law is one of the components of Islamic law Other components of Islamic law include: Islamic law of purification and worship family law criminal law away of evidence and procedure law of inheritance, etc The main subjects of Islamic commercial law are commercial contracts and the rules governing them 9 Original rule of permissibility: – Initial legal ruling in commercial contract is permissibility – Contrary to acts Of devotion (EBITDA)