What are the sources of Islamic Shariáh?
Islamic Shariáh or the divine law of Islam is derived mainly from the following two primary sources:
And in the absence of absolute proofs from the above primary sources, Shariáh ruling is derived from the following secondary sources as well:
Ijma' (consensus of the scholars)
Istihsan (juristic preference)
Maslahah Mursalah (unrestricted public interest)
‘Urf (recurring practices acceptable to people of sound nature)
Istishab (presumption of existence or non- existence of facts
Sadd Al-Dhara’i’ (blocking the means lead to evil)
Fatwa of Sahabah (opinion of the Companions of The Prophet, Peace be upon Him)
What is Islamic Banking?
Islamic banking is a system of conducting trade and banking activities in line with the principles of Islamic Shariáh while avoiding all the prohibited activities such as interest or Riba, Gharar (uncertainty), financing of haram trade and ...
What is the difference between Shariáh compliant banking and conventional banking?
The main difference between Shariáh compliant banking and conventional banking is that Islamic teachings says that money in itself has no intrinsic (fundamental) value and forbids people from profiting by lending it, without accepting a level of risk ...