7 islamic banking sources of shariah quran ahadith

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7 Islamic Banking
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Sources of Shariah Quran, Ahadith, Sunnah, Ijtehad, Fatwa Quran is the ultimate unimpeachable reference when establishing Islamic law Shariah. Ahadith (singular ‘ Hadith ’) are the sayings of Prophet Muhammad s.a.w Sunnah (literally 'way' or 'path'), is the practice and traditions of the Prophet Muhammad s.a.w., The six most authentic ahadith collections are: Bukhari, Muslim, Tirmidhi, Abu Daud, Nasa'i and ibn Majah. For an area of human activity or which there is no mention in Quran, Sunnah or Ahadith, the theologians indulge in Ijtehad ’. 8 Islamic Banking
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Sources of Shariah Quran, Ahadith, Sunnah, Ijtehad, Fatwa For an area of human activity or which there is no mention in Quran, Sunnah or Ahadith, the theologians indulge in Ijtehad ’. The resulting jurisprudence is termed fiqh (literally comprehension) and the passing of a judgement is termed a ‘fatwa’. Fiqh is derived in two ways. Firstly, through achieving a consensus among ulema, termed Ijma ’, and secondly through deduction by analogy with existing principles, termed Qiyas ’. Shari`ah is thus composed of laws derived from the Qur'an, Sunnah, Ijma and Qiyas. Four schools of thought: Hanifi, Maliki, Shafi'I and Hanbali 9 Islamic Banking
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Sources of Shariah Hijri Calendar ‘AH’ Current year is 1429 AH The Islamic calendar or Muslim calendar is called the Hijri calendar. It is a lunar calendar having 12 lunar months in a year of about 354 days so this lunar year is about 11 days shorter than the solar year. Islamic years are also called Hijra years because the first year was the year during which the Hijra occurred Islamic prophet Muhammad's emigration from Mecca to Medina. Each numbered year is designated either H or AH, the latter being the initials of the Latin anno Hegirae (in the year of the Hijra). 10 Islamic Banking
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Sources of Shariah Quranic Verses on Riba Surah Ar-Rum (30:39) Surah An-Nisaa (4:161) Surah Al-i- Imran (3:130) Surah Baqarah (2:275-281) 11 Islamic Banking
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Sources of Shariah: Quranic Verses on Riba Surah Ar-Rum: (30:39) A Makkan Surah wherein the term Riba finds mention in the following words: "And whatever riba you give so that it may increase in the wealth of the people, it does not increase with Allah." [Ar ‐Rum 30:39+ This verse is not of prohibitive nature. It simply says that riba does not increase with Allah i.e. it carries no reward in the Hereafter. However, it may be taken as a subtle indication to the fact that the practice is not favored by Allah. 12 Islamic Banking
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