Welcome to our course on Islamic Financial Law (Principles)! We are delighted to have you embark on this educational journey with us.
In this course, we will delve into the rich and intricate landscape of Islamic financial principles and legal frameworks. Islamic finance is not just a financial system but a comprehensive ethical and legal framework deeply rooted in Islamic values. We will explore the fundamental principles of this framework and gain a thorough understanding of its ethical underpinnings.
Our journey begins with an exploration of the ethical and legal foundations of Islamic finance, examining the interplay between Islamic ethics and the legal tradition. We will delve into the primary sources of Islamic law, the Quran and Sunnah, as well as explore the derived sources such as consensus (Ijma) and analogical reasoning (Qiyas).
Moving forward, we will uncover the significance of equity (Istihsan) and public interest (Maslahah Mursalah) as derived sources of Islamic law. We will also delve into the role of custom (Urf and Ada) and reasoning (Ijtihad) in shaping the Islamic legal landscape.
As we progress through the course, we will explore the concept of a Maqasid-based economy, where we will elucidate the objectives of Al-Shariah (Maqasid) and their application within the financial system.
Furthermore, we will discuss the critical topics of efficiency, ethics, and regulation in Islamic finance, understanding the rationale behind the financial system and the ethical norms that guide it. We will specifically focus on the prohibition of Riba (usury) and excessive Gharar (uncertainty) as essential norms of financial ethics.
We are excited to embark on this intellectual journey with you and look forward to exploring the principles and intricacies of Islamic Financial Law together. Prepare to delve into a world where ethics and finance coexist harmoniously. Let’s begin!