DISCOVER NEW PERSPECTIVES
DISCOVER NEW PERSPECTIVES
Excess, additional, surplus, as in Takaful.
The bounties bestowed by the AlmightyAllah.
Success, to thrive. Technically, it implies success both in this world and in the Hereafter ( Akhirah).
Jurist who gives rulings on various juristic issues in the light of the Qur’an and thesunnah.
The section of Islamic law that deals with the distribution of the estate of a deceased persons among his/her heirs accordance with Allah’s decree in the Qur’an and theHadith.
Voidable. A forbidden term in a contract, which consequently renders the contract invalid. A voidable or defective contract due to non-fulfillment of any condition required for valid contracts.
A religious decree. A ruling made by a competent Shari’ah scholar on a particular issue, where fiqh (Islamic jurisprudence) is unclear. It is an opinion, and is not legally binding. It may address either a specific problem of interest to a particular person or a matter of public concern.
See Fatwa.
Surplus, as in Takaful.
An asset having no tangible existence and realisable value but is shown to exist often with the intention to derive some financial benefit when otherwise it would not be possible. For example, an asset provided as security to obtain a loan is fictitious (does not exist) if there is no source of repayment. Financial crises are caused by creating more and debt against fictitious assets saddling individuals, businesses and countries with debts that they are unable to repay. See Asset.
Refers to the whole corpus of Islamic jurisprudence. In contrast to conventional law, fiqh covers all aspects of life – religious, political, social, commercial, and economic. Fiqh is based primarily on interpretations of the Qur’an and the Sunnah and secondary sources that are supported by the Qur’an and the Sunnah. Fiqh may also be understood as the jurists’ understanding of the Shari’ah. There are four major schools of Islamic thought, the Hanafi, Shafi’i, Hanbali and Maliki.
Islamic commercial jurisprudence, jurisprudence of financial transactions or the rules of transacting in a Shari’ah-compliant manner.
See Faqih.
Law of nature.
Knowledge