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Diversity of Islamic ruling in the Practice of Islamic Finance Industry - Essay Example

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The Islamic law is the main body of the legal rules of the Muslims, which is in Quran and Sunna. The Islamic finance involves the transactions that follow the set Islamic laws and principles. The Islamic finance is also termed as the sharia finance. …
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Diversity of Islamic ruling in the Practice of Islamic Finance Industry
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Download file to see previous pages Comparative Analysis on the Sources of Islamic Sharia
The Islamic law governs the religious sector, the social aspects, and also the financial as well as economic aspects of the Muslim society. The Sharia is wide and was made on the basis of the life of Prophet Mohammed by the Muslim scholars. The Islamic law influences the legal code in the Muslim communities. This is a set of laws and also regulations that are put to rule the Islamic countries. The sharia law applies in the areas like custody, the personal status including marriages and divorces, inheritances, and the economy of the Islamic society (Letha 2011). The word sharia further means ‘path’ in the Islamic community. It means the set guidelines that rule all the areas of a Muslim individual. This includes the daily routine of an individual, the religious sector, and also the financial aspects of the Muslim society. The laws are from the life experiences and lessons, teachings, and practices of the prophet Mohammed. The past and the current Muslim community apply these precedents and the analogy from the book to address issues that affect the Islamic society (Johnson & Vriens 2011). The law developed from the prophet who acted as a role model for the Muslim community. The Muslim scholars developed also the ‘hadith.’ This sharia law is currently used by the population in the north and west parts of Africa and also on the eastern parts of china (Johnson & Vriens 2011)....
The sharia law applies in the areas like custody, the personal status including marriages and divorces, inheritances, and the economy of the Islamic society (Letha 2011). The word sharia further means ‘path’ in the Islamic community. It means the set guidelines that rule all the areas of a Muslim individual. This includes the daily routine of an individual, the religious sector, and also the financial aspects of the Muslim society. The laws are from the life experiences and lessons, teachings, and practices of the prophet Mohammed. The past and the current Muslim community apply these precedents and the analogy from the book to address issues that affect the Islamic society (Johnson & Vriens 2011). The law developed from the prophet who acted as a role model for the Muslim community. The Muslim scholars developed also the ‘hadith.’ This sharia law is currently used by the population in the north and west parts of Africa and also on the eastern parts of china (Johnson & Vriens 2011). The Quran contains a compilation of the life and the practices of prophet Mohammed. Islamic law is also referred to as the Sharia in the Arabic and in the Muslim community. It is regarded as a deep and also a rich form of intellectual tradition. The Islamic law is replete with well-developing schools of thought. The tradition encompasses scholarly tomes and detail analysis with principles, texts, and other proofs. The Islamic jurisprudence in Arabic is fiqh, from understanding. It signifies the efforts of legal specialists to interpret the Sharia and apply it to particular human circumstances. A train expiry in jurisprudence is referred to as a faqih and is often when addressing the faqih it goes with the honorific ...Download file to see next pagesRead More
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