Islamic economics is based on a paradigm which is not secularist and value-neutral. It treats all human beings as vicegerents of God and brothers unto each other. All resources at the disposal of human beings are trust and must be used for the well-being of all in conformity with the values provided by the Shari'ah. However, well-being in Islam is not a function of just material possessions and unlimited consumption. It is rather a function of the balanced satisfaction of both the material and the spiritual needs of the human personality. This can be done by actualising the maqasid al-shari'ah (goals of Shari'ah). For further details see: ISRA, Islamic Financial System; Principles and Operations.
Technically: jurists use it for the means that can contribute to the maintenance and development of wealth and prevent it from total loss or decrease. Preservation of wealth is one of the major objectives of the Shari'ah, and all economic transactions are directed toward this purpose. It is of two types: 1) preservation of public wealth by maintaining the treasury; 2) preservation of personal wealth, like that of orphans or other individuals or of private partnerships, or that of a mentally incompetent person by stopping him from free disposition. The objective of preserving wealth plays an important role in contemporary ijtihad. For further details see ISRA Compendium.
|RESOLUTION No. 89/6/9: 'CURRENCY ISSUES'|
Literally: moderation in matters. Technically: chivalrous and above suspicion; one whose merits exceed his demerits; with regard to mortgages, a person whom both a mortgagor and mortgagee trust to keep possession of the mortgage in order to preserve and safeguard it. For further details see ISRA Compendium.
|Is It Permissible to Give a Discount to the Client on the Whole Quantity from the Beginning of the Signing of Contracts When the Commodity and the Payment for It Are Delivered in Stages?|
|How Does the Bank Record the Profits of a Delayed-Payment Murabahah Sale?|
|قرار رقم 132 (6/14) بشأن عقود الإذعان|
|Can a Customs Clearing Agent Charge Different Fees Based on the Value of the Goods?|
|Is There Any Shari‘ah Limit to a Seller’s Profits?|
|Can an Islamic Bank Impose Fees on Some Accounts and Not Others?|
|How to Treat a Customer Who Withdraws his Deposit from an Unrestricted Investment Account before the Agreed Time?|
Wealth circulation comprises all processes related to its creation, consumption and distribution. This objective is derived from the Qur’an, which provides, as a rationale for instructions to distribute one source of wealth among a number of different groups, “...so that wealth is not circulated among the rich in the society only” (Qur’an, 59: 7). For further details see ISRA Compendium.
|قرار رقم 140 (6/15) بشأن الاستثمار في الوقف وفي غلاته وريعه|
|إيداع المسلم أمواله في البنوك التي تتعامل بالفائدة|
|تمويل شراء أجهزة ألعاب إلكترونية تستعمل نقودًا معدنية|
|How Can a Conventional Bank Be Converted into an Islamic Bank?|
|Is It Allowed to Buy the Shares of Companies Whose Activities Are Lawful but Have Usurious Loans?|
Transparency is of utmost importance for IFIs so as to comply with Shari'ah as the Qur'an specifically forbids concealing evidence. Allah (s.w.t) says "And if you are on a journey and cannot find a scribe, then a security deposit [should be] taken. And if one of you entrusts another, then let him who is entrusted discharge his trust [faithfully] and let him fear Allah, his Lord. And do not conceal testimony, for whoever conceals it - his heart is indeed sinful, and Allah is Knowing of what you do." (Al-Qur'an, 2:283).
|How to Calculate the Selling Price in Murabahah|
|How to Calculate the Time-Value of Funds in Determining a Murabahah Price?|
|If Damage to the Ordered Goods Causes a Reduction in the Price, Does It Affect the Profit Asked?|
|Informing the Customer of LC Expenses after the Sale Contract Has Been Signed|
|Must the Intermediate Seller in Murabahah Pass a Discount on to the Purchase Undertaker?|
|Rounding up the Profit Rate if a Murabahah Deal is Paid off Earlier than Agreed|
|The Purchase Undertaker Wants to Pay the Difference in Price between What the First Seller is Charging and What the Intermediate Seller is Willing to Pay|
|قرار رقم 171 (9/18) بشأن حقوق الارتفاق وتطبيقاته المعاصرة في الأملاك المشتركة|