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The Islamic Financial System

In: Islamic Financial Products

Author

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  • Mohd Ma’Sum Billah

    (King Abdulaziz University)

Abstract

The objective of Islamic law is to define and regulate an individual’s duties according to God’s will, historically there has been no distinction between legal rules and rules of religion. Shari’ah, or “the Way,” is the term used to describe Islamic law. There are two primary, independent sources of Shari’ah law: the Qur’an, the Holy book of Islam, and the Sunnah, the pronouncements and practices of the Prophet Muhammad (SAW). There are also three secondary sources, ijma’, consensus, qiyas and ijtihad, reasoning by analogy, which are not sources in the strict sense of term, but are means of discovering the law.

Suggested Citation

  • Mohd Ma’Sum Billah, 2019. "The Islamic Financial System," Springer Books, in: Islamic Financial Products, chapter 0, pages 3-11, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-17624-2_1
    DOI: 10.1007/978-3-030-17624-2_1
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