An Introduction to Islamic Finance: Theory and Practice

30 AN INTRODUCTION TO ISLAMIC FINANCE in the Qur’an, operationalized by the sunnah of the Prophet (pbuh) and extended to new sit ...

The Economic System 31 through persuasion if possible, coercion if necessary. The suffi cient condi- tion requires that the rule ...

32 AN INTRODUCTION TO ISLAMIC FINANCE If these rules are not generally known or understood because both indi- viduals and their ...

The Economic System 33 The word “property” is defi ned as a bundle of rights, duties, powers, and liabilities with respect to an ...

34 AN INTRODUCTION TO ISLAMIC FINANCE obligation to apply their creative labor to natural resources to produce goods and service ...

The Economic System 35 religion and its God. Private ownership and individual rights are gifts from God, and creative labor, inh ...

36 AN INTRODUCTION TO ISLAMIC FINANCE of property. This body of rules established the principle that, in matters of civil and ec ...

The Economic System 37 with others in society. Islam places a strong emphasis on trust and con- siders being trustworthy as an o ...

38 AN INTRODUCTION TO ISLAMIC FINANCE various circumstances; the rule of non-interference with market supplies; the rule against ...

The Economic System 39 Market Conduct Rules governing market conduct relate to appropriate behavior on the part of all participa ...

40 AN INTRODUCTION TO ISLAMIC FINANCE Work, therefore, is regarded not only as a right, but also as a duty and an obligation. He ...

The Economic System 41 professions, trade and economic activity, which may lead to unlawfully acquired wealth. Even within each ...

42 AN INTRODUCTION TO ISLAMIC FINANCE purpose of providing support for the lives of all. The Islamic view holds that it is not p ...

The Economic System 43 on Allah (swt) and can only receive what is given to him by the Source of his being. Human rights are a c ...

44 AN INTRODUCTION TO ISLAMIC FINANCE economic needs, as man’s essence as the supreme creature of Allah (swt) is allowed to be m ...

The Economic System 45 Governance In addition to the above, there are other individual and collective behav- ioral rules and nor ...

46 AN INTRODUCTION TO ISLAMIC FINANCE contractual obligations by recognizing and protecting the property rights of stakeholders, ...

The Economic System 47 operation. To assure justice in exchange, the Shari’ah has provided a net- work of ethical and moral rule ...

48 AN INTRODUCTION TO ISLAMIC FINANCE heavy odds in the path of honesty and virtue; and like the truthful because both are stead ...

The Economic System 49 producer; and (iii) property acquired through inheritance from the pro- ducer. Rules regarding distributi ...