storyboard_intro to islamic finance_ver 2.0

eLearning PolytechnicStoryboard (Phase 1)

Department DIF SEM 2Course Title Foundation in Islamic FinanceLO Title Introduction to Islamic FinanceInstructional Designer Nasrah OthmanSubject Matter Expert Khairul Jannah Binti SamsudinDocument Storyboard Version 2.0 Submission Date

Introduction to Islamic Finance

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LO Component:

Introduction

Introduction to Islamic FinanceIntroduction

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Introduction to Islamic FinanceIntroduction

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At the end of this topic, you should be able to:

Classify the fundamental of Islamic Finance. Understanding to the concept and theories

related to the Islamic Finance. Understanding the philosophy of Islamic Finance.

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LO Component:

Concept

Introduction to Islamic FinanceDefinition

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G1Definition

Click the arrow buttons to navigate.

The canon law of Islam, all the commandments

of Allah s.w.t to mankindT2

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G1Definition


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Following strictly the injunctions of Allah s.w.t or the way of Islam

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G1Definition


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The knowledge of the laws relating to human being’s

acts and behaviourT4


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G1Definition


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“a code of life which consists from ideology,

faith, behaviour and obligation in the

practical daily matters”.

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“Then We put you,

[O Muhammad], on

an ordained way

concerning the

matter [of religion]; Surah Al Jathiyah, verse 18

so follow it and do

not follow the

inclinations of those

who do not know.”

Definition


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“The deeper meanings and inner aspects of wisdom (hikam) considered by the Law giver in all or most of the areas and circumstances of legislation”.

Definition

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General

•“those overall principles that guide the enactment of Islamic law in their totality”.Spec

ific

•To achieve specific benefits to people in their daily activities, such as the importance of contracts validation.

Definition

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Alal al-Fasi“The end sought behind

each of the ruling of Shariah enactment and

the secret involved”.


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Definition

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CHECK

Try to remember what you have learn just now and answer this question. Type your answer in the space provided. Then click the Check button.

Let’s do this activity.

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Maqasid

Shariah is

defined by

two Islamic

scholars. Give

the name of

those scholars.

Answer

1.

2.

Introduction to Islamic FinanceActivity 1

CHECK

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Excellent! Your answers are all correct.

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Maqasid

Shariah is

defined by

two Islamic

scholars. Give

the name of

those scholars.

Answer

1.

2.

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Ibn Ashur

Al Fasi


CHECK

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Well done! You’ve got all right this time.

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Maqasid

Shariah is

defined by

two Islamic

scholars. Give

the name of

those scholars.

Answer

1.

2.

Ibn Ashur

Al Fasi


CHECK


Try again! Some of your answers are wrong.

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Maqasid

Shariah is

defined by

two Islamic

scholars. Give

the name of

those scholars.

Answer

1.

2.Al Fasi

Al-Qurtubi


CHECK


You still did not answer the questions correctly.

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Maqasid

Shariah is

defined by

two Islamic

scholars. Give

the name of

those scholars.

Answer

1.

2.

Al Maqasid

Ibn Ashur


Try to remember what you have learn just now and answer this question. Type your answer in the space provided. Then click the Check button..

Try again! All your answers are wrong.

CHECK

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Maqasid

Shariah is

defined by

two Islamic

scholars. Give

the name of

those scholars.

Answer

1.

2.Al-Qurtubi

Al Jathiyah


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Introduction to Islamic FinanceElements of Maqasid Shariah

Faith

Life

Intellect

Posterity

PropertyT2 T6

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Protection and

preservation of religion.

Comprehensive system of

beliefs in Islam and Shariah


Elements of Maqasid Shariah

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The second element of Life refers to life sanctity

as highlighted in the Quran and Sunnah.



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This element

acknowledged the

importance of

acquiring knowledge,

to enable us to

differentiate between

good and bad.



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Protection of posterity or a family unit relates to marriage

and the family institution.

Promotion of the marriage contract, tenets relating to family

life and the prohibition of adultery.



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Emphasis on valid (Halal) earning and equality between

wealth of the poor and the rich.

Concentration of wealth will lead to vast gap between the rich and the

poor.

A comprehensive law governing Muamalat or

transactions among members of a

society is provided in Islam.



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There are a few

secondary elements

of Shariah that have

to be considered.

The elements

consists of:-

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Secondary Elements of Shariah

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The establishment of justice and equity in society

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The promotion of social security, mutual help and solidarity, particularly to help the poor and the needy in meeting their basic needs

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The maintenance of peace and security

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The promotion of cooperation in matters of goodness and prohibition of evil deeds and actions

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The promotion of supreme universal moral values and all actions necessary for the preservation and authority of nature

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To protect the masses from harm and hardship caused by unscrupulous factors in society through strong and effective laws.



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Dharuriyyat

HajiyyatTahsiniyyat

*Click each of the level for more details.

Level of Objective in Maqasid Shariah

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Dharuriyyat

Necessities are the minimal requirements of barely sustainable human livelihood

To include protection of al-nafs that is man’s physical existence


Objective in Maqasid Shariah

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Hajiyyat

Improve on the quality of life and remove bearable hardship and difficulties

To remove hardship and extend convenience in the satisfaction of necessities.



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Tahsiniyyat

Introduces further refinements towards excellence in quality

Concentrates on adding richness without transgressing the limits of moderation



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CHECK

How many elements of maqasid shariah? List them. Type your answers in the spaces provided. Then click the Check button. Let’s do this activity.

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Answer


CHECK

How many elements of maqasid shariah? List them. Type your answers in the spaces provided. Then click the Check button.


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Answer

1. Faith2. Life3. Intellect4. Posterity5.Property


CHECK

How many elements of maqasid shariah? List them. Type your answers in the spaces provided. Then click the Check button. Well done! You’ve got all

right this time.

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Answer

1. Faith2. Life3. Intellect4. Posterity5.Property


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Answer

1. Faith2. Life3. excellent4. Posterity


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Answer

1. Faith2. Life3. excellent4. Posterity5.Property




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Answer


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Sources of philosophy

Primary Secondary

Introduction to Islamic FinanceSources of Philosophy

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Introduction to Islamic FinanceLO Element: Concept

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Primary

•Al Quran•Sunnah

Secondary•Ijma’•Qiyas•Istihsan•Istihab•maslahahmursalah•sad al dhara’l•urf.

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Introduction to Islamic FinanceSources of Philosophy


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The word Quran is derived

from the root qaraa which

means “reading or

recitation”.

The Holy Quran

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The technical meaning of the

Quran is “the book containing

the words of Allah revealed to

the Prophet (s.a.w) in Arabic

and transmitted to us by

continuous testimony or

tawatur”.

Introduction to Islamic FinanceThe Holy Quran

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Divided into 114 chapters, which is known as sura. It is divided into 30 sections or juz.


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The shortest chapter or

sura consists of 3 verses

and known as al-kauthar,

while the longest sura is al-

baqarah that consists of

286 verses.


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Revealed within a period of 22

years and 2 month and 22 days

in Makkah and Madinah. First

revelation began on the 15th

night of the month of

Ramadhan.


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last verse was revealed on 9 Zulhijjah in the 10th years

of hijrah when the

Prophet was in the 63

years of his life.


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The holy Quran is the

speech of god and

revealed in its precise

meaning and wording. The

revelation to the Prophet

Muhammad s.a.w was

through the Angel Gabriel.


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There are a few characteristics that

differentiate the holy Quran from other sources

of reference

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T3 Only five hundred

verses th

at have

legal connotation


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Mother of all legislation in Islam


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Guides to a

successful life

in the world

and hereafter


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Quran protects human fundamental rights and

gives detail about financial life of Muslims


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Introduction to Islamic FinanceSunnah

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T1 Literal meaning means “clear path”, stands for the “well known path”.


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Technical meaning refers to the practice of the

Prophet p.b.u.h.


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“what was transmitted from the Messenger of

Allah p.b.u.h of his words, acts and (tacit)

approvals”.


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Plays an important role in supporting the rulings

that already stated in the Quran.


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Acts as independent source of Islamic law.


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Saying of the Prophet

p.b.u.h. through

which he intended

the laying down of

the law or the

explanation of the

ahkam.

Sunnah al-

qawliyyah


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Acts of the Prophet

(p.b.u.h) having a legal

content, like his prayer,

fasts, or hajj1. Specific to the Prophet

p.b.u.h and the rest of the ummah is not to follow him.

2. Intended to be explanations of unelaborated rules in the texts.

3. Establish new laws obviously have the force of law.

Sunnah Al-fi’liyyah

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Commission of certain acts, by word or deed, by some companion and the maintenance of silence by the Prophet without expressing disapproval

Sunnah

Taqririyyah


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Sunnah

Al-Mutawatir Al-Mashhur Al-Ahad

Introduction to Islamic FinanceClassifications of Sunnah

Click each of the classifications for more details.

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Al-Mutawatir

Reported by a large number of narrators

whose agreement upon a lie is

consumable and not plausible.

Equivalent to the al Quran, as prescribed

by majority of ‘ulama.

This hadith denotes certainty (yaqin) which must be relied upon in

deriving rulings, as there is no doubt that it actually came from

the Prophet.


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Al-Mashhur

Originally reported by one, two or

more companions from the Prophet (p.b.u.h). or from

other companion.

Become well known and

transmitted by an indefinite number

of people.

Assumes confidence where by lesser degree of

certainty than mutawatir.


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Al-Ahad

Also known as Khabar Al-Ahad.

A hadith reported by a single person

or by an odd individual from the Prophet (p.b.u.h).

This hadith fails to fulfil the

requirements of either mutawatir or

mashhur.


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Now, lets take a look at the Secondary sources ?


Introduction to Islamic FinanceSecondary Sources

Introduction to Islamic FinanceIjma’

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What exactly is a Ijma’?

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Literally “The determination and resolution”

“Agreement upon a matter”


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Technical meaning

“The consensus of mujtahidun (independent jurists) from the ummah of Muhammad (p.b.u.h) after his death, in a determined period upon a rule of Islamic law (hukmShari’i)”.


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Ijma’ qawli • “Unanimous consent expressed in

declaration of opinion”.

Ijma’ sukuti• “Majority of the mujtahidun

signified their tacit assent to the opinion of the minority by “silence” of non-interference”.


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Conditions for

validity of ijma’

Take place among

mujtahids

Consistent with

hukmshari

Expressed opinion by mujtahidun

Happens after prophet’s

death

Implemented by the ummah of Muhammad

Shall be unanimity


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The scholars agreed on the justification of ijma’ on the authority of

Quran, Sunnah and reason.

The implementation of

ijma’ does not amount to a

conclusive and decisive proof but

rather, an indication of the utilisation


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A number of qualified scholars available at the time the issue is accountered

Locality, race, colour and school of affinity must reach a consensus on a juridical opinion

Agreement must be demonstrated by their expressed opinion on a particular issue


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Introduction to Islamic FinanceQiyas

What exactly is a Qiyas?

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Literally

• Measuring or ascertaining the length, weight or quality of something

Technical

• Extension of Shariah value from the original case, or asl, to a new case

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Original case is

regulated by a text

of the Quran or

the Sunnah.

Qiyas seeks to extend

the original ruling to the new

case.

The emphasis of Qiyas is identificati

on of a common

cause between

the original and new

case.

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The application of qiyas is based on the Quran and Sunnah


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Not change any law of the

text from Quran or Sunnah.

As A methodology

means the jurists accept

rules of Shariah.

Follow certain objectives (maqasid).


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Asl Far’

Hukm ‘Illah

Click on each pillars for more details.


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Asl

The original case - A case about which a ruling is given to the text and analogy is done to a new case.

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Far’

New case - where the new ruling is needed.

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‘Illah

The effective cause - commonly shared between the original

case and the new case.

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Hukm

The rule that is applied to the original case will be extended to

the case.

T1


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What exactly is a Istihsan?

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Introduction to Islamic FinanceIstihsan

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Definition

Literally

“To approve or to deem something preferable, to consider something good”.

Technical

“Following the requirement of a stronger general principle that requires something different from strict analogy”.

“The giving up of analogy for a stronger evidence from the book, the sunnah or ijma’”.


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Istihsan arrive at the same end, which is the mujtahid must note when continuing the cause would result in injustice,

entail an injury, or repel a benefit, or actual distress exists.


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Partial exception

Masalih mursala, it is used when there is no evidence except it. It is used in two cases.

No analogy in the subject which can be applied to a text.

There is analogy and carrying that analogy through would cause hardship or constriction, or

loss of benefit.


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LoanConsidered to be usury because a dirham is exchanged for a dirham for a period of time


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Used for fatwa in questions.

Not on the basis of it being an exception

to the rule.

Or according to the Maliki definition of

consideration.


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Accept witnesses who do not have

good character in a land.

In which no witnesses of good character can be

found.

Istihsan is a relaxation of the

general rule.


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It entails giving priority to empowered deduction over analogy.

He refers to what he knows of the intention of the Law giver in those kinds of theoretical matters.

Analogy without restriction would lead to distress and hardship in some access, and so there is an exception for the place of distress.


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What exactly is a Istishab?

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Introduction to Islamic FinanceIstishab

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Continuance of companionship.

Literally

Presumption of the continuance of an earlier rule or status

Previous rule is accepted unless a new rule is found that goes against it.

Technically


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Original rule for all things

is permissibility.

No presumption of liability against

anyone

Certainty does not give way to doubt.



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“I did not find in

the revelation I

received anything

forbidden (to be

eaten) to anyone

who wishes to

eat,

unless it is dead

meat, blood

poured forth or

the flesh of

swine.”

(Al-An’am, verse

145)



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“If any of you feel something in his

stomach such that it is unclear to him,

whether something has come out or not,

then he should certainly not leave the

mosque, unless he hears a sound or smells

an odour.”



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When a person is known to be indebted to another, he is presumed such until it is proven that he settled the debt or was acquitted of it.

Example



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What exactly is a Maslahah Mursalah?

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Introduction to Islamic FinanceMaslahah Mursalah

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Literally

“benefit or interest”.

Technical

“unregulated public interest, in which no textual authority can be found in its validity or invalidity”.



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“And We have sent you (O

Muhammad p.b.u.h.) not but as a

mercy (rahmatan) for the ‘alamin

(mankind, jinns all that exists).

(Al-Anbiya’, verse 107 )

T4

Whatever offer that would benefit mankind, prevent harm and be

harmonious with human needs.

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“the consideration which secures benefit or prevents harm but is harmonious with the aim and objectives of the Shariah.”

Al Ghazali


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Conditions that must be met in

order for maslahah to be valid

Genuine (haqiqiyyah)

General (kuliyyah)

In accordance

with the quran,

sunnah or ijma’.


*Click each of the conditions for more details.

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Opposed to

imaginary

maslahah

Probability benefits of legislating a rule in the

pursuance of maslahah outweigh the harms that might

accrue from it

Example, husband’s right of talaq by vesting it entirety

in a court of law


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The original case - A case about which a ruling is given to the text and analogy is done to a new case.Prevents harm or

secures benefit to the people as a whole.

Indicates legislating a rule on the grounds of

maslahah must consider a benefit to the largest number of

people.

The whole concept of maslahah is meant to secure the welfare of the people at large.


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The principle or value must be in accordance with the quran, sunnah or ijma’.


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Acknowledged by the Lawgiver

Not acknowledged by the law giver (maslahah rejected)

Neither acknowledged by shariah or rejected (maslahahmursalah).


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Writing down the Quran and vocalizing the written text

Abu Bakar’s appointment of ‘Umar as his successor

Demolishing a waq for other building next to a mosque in order to enlarge the mosque because of

an increase in the number of people using it

Establishing a standard coinage for the Muslims

Adding a second azan on the Day of Jumu’a

Establishing a jail as a place of detention for certain well-defined

purposes


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What exactly is a Sadd al-dhara’i?

Introduction to Islamic FinanceSadd al-dhara’i

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Sadd

al-dhara’i

Also known as blocking the means to an evil.

Sadd

al-dhara’i

Defined as “blocking the means to an expected end which is likely to materialise if such a means is not blocked”.


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An example of sadd al-dhara’i is the

usage of credit card.


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“And do not abuse

those whom they

call besides Allah,

lest exceeding the

limits they should

abuse Allah out of

ignorance.” (Al-

An’am: 108)

Allah s.w.t.

prevented the

Muslims from

cursing the object

that is

worshipped by

non believers.


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What exactly is a ‘Urf?

Introduction to Islamic Finance‘Urf

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T2

Defined literally as “to

kno

w”.

The technical meaning for ‘urf is

the behaviour of a group of people

in their sayings or doings.


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T3

Custom is a matter on which a

community of people agree in the

course of their daily life, and common

usage is an action, which is

repeatedly performed by individuals

and communities.


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T4

Al Q

urtu

bi

Al Q

urtu

bi

Al Q

urtu

bi Observed

the making use of a custom is taken from an instance.

“Take from the property of Abu Sufyan what is adequate for you and your child in a normal manner.”

The hadith custom is clearly made the basis of a legal decision.


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Adopted by all the fuqaha’.

Prohibited by an unequivocal text of

the Lawgiver.

No established prohibition nor is it

suggested or indicated by a text.


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common and recurrent

phenomenaDominant

Existence at the time the

transaction is concluded

Not contravene the clear

stipulation of an agreement

Not be in conflict with the Quran

and Sunnah


Click each of the conditions for more details.

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Common and recurrent phenomena

T1

People have

to use ‘urf in

their daily

practices.

The practice of a few individuals or a limited number of people within a large community will not be authoritative

T2


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Dominant

T1

The practice

of ‘urf has

been used to

settle most of

the cases. .

If two different customary practices on

the same matter, the one which is dominant will

be upheld.


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Existence at the time the transaction is concluded

T1

The practice must be

prevalent at the time

the transaction is

concluded and not an

extinct customary

practice.


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Not contravene the clear stipulation of an agreement

T1

Only applied if

there is no

contractual

agreement made

in a particular

transaction.

The general rule is that contractual agreements prevail over customs.

T2


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Not be in conflict with the Quran and Sunnah

T1

Conflict of

custom to

the nass may

be absolute

or partial.

In cases of absolute

conflict, the custom will have no effect because texts override

customs.

If conflict between

the custom and the

text is not absolute,

the custom is

allowed to act as a

limiting factor on

the text.


CHECK



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What is the best method to deduce a hukm for drug addiction?

CHECK

What is the best method to deduce a hukm for drug addiction?Click the correct answer. Then click the Check button.


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Qiyas

CHECK

What is the best method to deduce a hukm for drug addiction?Click the correct answer. Then click the Check button. Well done! You’ve got all

right this time.

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Qiyas

CHECK



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CHECK



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CHECK

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• Literally, ijtihad defined as “expending of maximum effort in the performance of an act”.

• Technical meaning, effort made by the mujtahid in seeking knowledge of the legal rules of Shariah through interpretation.

• Effort made by the scholars to derive rulings.• Source of law most removed from the infallible divine inspiration.

Introduction to Islamic FinanceIjtihad

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Discovering the

laws directly from

the text


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Done to new cases that might be similar to cases mentioned in the texts


T3

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extend the law to

new cases that are

not covered by the

previous two

methods..


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The knowledge of the Quran and all that is related to it.

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He must know the Quran by heart with all

traditions and explanations.


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He must have a perfect knowledge of the

Traditions, or at least of three thousand of

them. T4

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A pious and austere lifeT5

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A profound knowledge of all the sciences of the Law. Should anyone aspire to such degree another condition would added.

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A complete knowledge of the four schools of jurisprudence

T7

CHECK

Before we proceed with our lesson, let’s take a break. As usual, there is a question that you have to answer. Answer the multiple choice question below. Chose the right answer then click the Check button.


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A) Ijtihad is an analogical deduction

B) Ijtihad is a continuance of companionship.

C) Ijtihad is a process of extending a law to new cases.

D) Ijtihad is an unregulated public interest, in which no textual authority can be found in its validity or invalidity.

What do you understand with ijtihad?

CHECK



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CHECK


Well done! You’ve got all right this time.

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CHECK



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CHECK



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CHECK

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al umuru bi maqasidiha

al mashaqqahtajlib

at taysir

la dararwa la dirar

al yaqin la yuzal bi ash shaq

al ‘adahmuhakkama

h

Introduction to Islamic FinanceLegal Maxims

Five leading legal maxims

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• “Deeds are judged by intentions and every person is judged according to his intentions.”

• The intention or will differentiate between a custom or personal habit (ibadah or adah). Furthermore, intention also will differentiate from one ibadah to another.

• Obligatory ibadah (wajib) to recommended ibadah (sunat).

• If a person refrains from eating and drinking from dawn until sunset without having the intention of fasting, the person is not considered as fasting.


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Condition of hardship that leads to necessity.


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Compulsion and universal

afflictionDistress Physical

handicap

Ignorance Forgetfulness Sickness

In journey


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“we hath chosen you and hath not laid upon you in religion any hardship.”

(Surah Al Haj, verse 78)


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Darura is an indispensiblenecessity which, if not met, may cause severe hardship resulting in loss of life known or suspected.

Haja, is a need which when unsatisfied, does not cause

hardship.


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Rule that forms the basis of the laws of

option, return of defective merchandise,

compensation and indemnity, and others.

“There must be neither harm nor the

imposition of harm.”

It is necessary that an Islamic state should

legislate and manage in such a way that

would plug the sources of causing harm or

damage.

Farish buys a car and than discovers that it is substantially defective,

he has the option to revoke the contract.


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Maxim that provides

guidance in

addressing issue arises

due to the existence

of doubt.



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Practices that are established with certainty will continue to be relevant and applicable until it is concretely proven otherwise.



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“but most

of them

follow

nothing

but fancy,

truly fancy

can be of no

avail against

truth.”

(Surah Yunus,

verse 36)



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“If forgetfulness arises to

anyone of you in his or her

salah or prayers and he or

she has doubt or not certain

of whether he or she has

prayed one raka’ah or two

raka’ahs, he or she should

consider that they have

performed one raka’ah”.



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“Keep to forgiveness, enjoy ‘urf and turn away from the ignorant”

(Surah Al-A’raf: verse 199)


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‘Urf is what the shariah considers to be good, and not what human reason or the prevalent practices

consider to be good.


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Must be the consistent practice of a group of people.


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In the case of house renting, the custom is that the payment should be made at the end of a month, unless stated in the contract otherwise.

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T6 The costs of formal registration in the sale of a real property according to the custom are payable by the purchaser. But if there is a stipulation in the contract that specifically requires the vendor to bear these costs, then the custom would be of no avail and the purchaser would not be required to pay these costs.

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Discover the laws directly from the text whether explicitly or impliedly mentioned by the text.

Introduction to Islamic FinanceRoles of Ijtihad and Mujtahid

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Apply qiyas by looking at the ‘illah, or underlying rationale, of both cases and to determine whether qiyas is applicable.


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Ijtihad for new cases that

are not covered by the

previous two methods by

using the general

principles of law or

maqasid al-shariah

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Perhaps most complex

and challenging issue as

it requires understanding

of the issue and related

general principles, and

maqasid al-shari’ah


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• “comprehension or true understanding”.

Literally

• “understanding the purpose of the speaker from his speech”.

Al Razi

• “the knowledge of the legal rules (al ahkam al shariyyah), pertaining to conduct that have been derived from their specific evidences”.

Technical

• “And make loose the knot (the defect) from my tongue, that they understand my speech.”

Quranic verse 27-28, Sura At-Taha

Introduction to Islamic FinanceFiqh

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Knowledge of the Islamic

ruling pertaining to conduct of the people.

The person who is qualified to acquire the

knowledge is al faqih (the

jurist).

Derived from specific

evidence found in the Quran

and Sunnah and other sources.

Not a combination of

individual opinion and

point of views,, but it is

governed by the rules of

interpretation (usulfiqh).


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There are two fiqh rulings

namely fixed rulings and

flexible rulings.

From the decisive evidences of the Quran and Sunnah.

From the understanding and interpretations of scholars of the Quran, Sunnah and other sources of Islamic law.


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Fiqh. Fiqh al-muamalat. Usulfiqh. Qawaidfiqh.


*click on each button to learn more

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Covers the rulings that govern the relationship between man and man, and other creatures

of Allah.

Covers most areas of fiqh, as it covers the rulings and

principals which govern the action and other matters

related to all human beings.


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Rulings related to family law (al ahwal al-shakhsiyyah).

Rulings governing the commercial transactions between the parties involved in the transaction (al ahkam al-mua’malah).

Rulings concerning the management of finance of the state or the economics system of an Islamic state (fiqh al-iqtisad).


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Rulings related to the administration of justice in Islam (al-ahkam al-qada’ waturuq al-ithbat).

Rulings governing the rights of non-Muslims in an Islamic state (al-ahkam al-dhimmiwa al-musta’min).

Rulings determining the relationship between an Islamic government and a foreign government (al-ahkam al-siyar).


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Ruling, which govern the political system in Islam (al-ahkam al-siyasahor nizam al-siyasah).

The criminal law of Islam (al-ahkam al-jinayah).

Other laws governing the relationship between man and other Allah’s creatures.


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“The knowledge of principles by means of which one has an access to the

derivation of the commands of the shariah relating to the conduct of man

on the basis of its detailed proofs.”

Emphasized on the rules and principles which lead the mujtahid to derive an Islamic ruling from the details proof.


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Methodology of understanding and interpretation the text (revelation Quran

and Sunnah).

It is a discipline based on rules and principles used as methodology to derive the Islamic ruling from the details proof.


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Purpose of rules and principles

To lead the usuli to interpret the text

correctly and produce the Islamic ruling accordingly.

To establish principle, general rules, and provide it to the jurist in order to

have access to the commands of shariah.


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Helps the jurist to deal with the text in correct manner without committing errors or mistakes in producing the Islamic law.

Usulfiqh to fiqh like logic to the philosophy, or like grammar to the language.


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Qawaid is the plural of qaidah, which means principles.

Fiqh means Islamic law.

Generally qawaidfiqh means the principles of Islamic law.


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“General fiqh principles which are presented in a simple format consisting of the general rules of

Shariah in a particular field related to it.”


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General rules of fiqh. Can be applied in

various cases that come under

the common rulings.

Have a great role in the formation

of Islamic law.

Many cases can be referred to these maxims for solutions.

Can be the measurement for the validity

of certain deeds.


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The scope of the qawaid in terms of

its application towards the

issues of fiqh.

The acceptance

of a particular

maxim among the different school of

Islamic law.


CHECK

Ok, students. Let’s take a break. Meanwhile, try to answer this question.


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Ammar is own journey from Penang to

Kuala Lumpur. He chooses to perform

jamak and qasar for his zohor and asar

prayer.

Based on the above case, which legal

maxim is suitable to deduce the hukm?

Answer:

CHECK



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prayer.



Answer:

Al mashaqqahtajlib at taysir

CHECK

Ok, students. Let’s take a break. Meanwhile, try to answer this question. Well done! You’ve got all

right this time.

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prayer.



Answer:

Al mashaqqahtajlib at taysir

CHECK



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prayer.



Answer:

CHECK



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prayer.



Answer:



CHECK

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prayer.



Answer:

LO Component:

Summary

Introduction to Islamic FinanceSummary

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Shariah

Literally

“the road to the watering place or the straight path to be followed”.

Technically

Defined by Al Qurtubi as “the canon law of Islam, all the different commandments of Allah s.w.t to mankind”


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“The end sought behind the enactment of each of the ruling of Shariah and the secret involved.” -Al-Fasi-



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Elements of maqasid shariah

Faith

LifeIntellect

Posterity

Property



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Hajiyyat (convenience)

Tahsiniyyat(embellishment).

Level of objective of Maqasid Shariah



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Primary• Quran and sunnah

Secondary• Ijma’, qiyas, istihsan, istishab,

maslahahmursalah, sad al-dhara’i and ‘urf

The Sources of philosophy are divided into:-



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Ijtihad can be done with 3 methods

Discover the laws directly from the

text

Extend the law to new cases

Extend the law to new cases that are not covered by the

previous two methods



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Fiqh can be categorized

into 4 classifications

FiqhFiqh al-muamalatUsulfiqhQawaidfiqh



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Al u

mur

u bi

maq

asid

iha Matters

are determined according to intentions

Al m

asha

qqah

tajli

b at

tays

ir Hardship begets facility

La d

arar

wa

la d

irar Harm

should not be inflicted nor reciprocated

Al y

aqin

la y

uzal

bi a

sh s

haq What is

certain cannot be removed by doubt

Al ‘a

dahm

uhak

kam

ah

Customary practice as a basis of judgments

T1



T8

LO Component:

Assessment

Check your understanding and knowledge by completing the following questions.

There are 10 questions in this assessment. After you answer all the questions, the result screen will show your total score.

You will require a score of 80 % or more to pass the assessment. Your score will also be recorded on the Learning Management System (LMS).

Click on the Start button to begin.

START

Introduction to Islamic FinanceAssessment

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SUBMIT

Click the correct answer. Then click on the Submit button to proceed.

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Alal al-Fasi defined Maqasid al Shariah as “the end sought behind each of the ruling of Shariah enactment and the secret involved”.

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True

False


SUBMIT


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The implementation of the law of Qisas to punish who cause any harm to human life refers to protection of faith.

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21

True

False


SUBMIT


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There are three levels of objective in maqasid shariah; dharuriyyat, kamiliyyat and tahsiniyyat.

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True

False


SUBMIT


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The technical meaning of ijma’ is “the consensus of mujtahidun (independent jurists) from the ummah of Muhammad (p.b.u.h) after his death, in a determined period upon a rule of Islamic law (hukm Shari’i)”.

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True

False


SUBMIT


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In practicing qiyas, there are four pillars that should be taking into account; asl, far’, hukm and ‘illah.

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True

False


SUBMIT


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An example of istihsan is when a person is known to be indebted to another, he is presumed such until it is proven that he settled the debt or was acquitted of it.

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True

False


SUBMIT


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Examples of maslahah mursalah cases is writing down the Quran and vocalizing the written text.

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True

False


SUBMIT


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Sadd al-dhara’i is defined as “blocking the means to an expected end which is likely to materialise if such a means is blocked”.

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True

False


SUBMIT


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Fiqh can be classified into fiqh al-muamalat, usul fiqh and qawaid fiqh.

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True

False


SUBMIT


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The role of ijtihad for new cases is might be similar to cases mentioned in the texts by way of qiyas.

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True

False


SUBMIT


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Elements of maqasid shariah consist of faith, life, intellect, posterity, and property.

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True

False


SUBMIT


1 2 3 4 5 6 7 8 9

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The first revelation began on the 15 night of the month of Muharram.

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True

False


SUBMIT


1 2 3 4 5 6 7 8 9

1/1

Al-Ahadis a type of hadith that fails to fulfil the requirements of either mutawatiror mashhur.

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True

False


SUBMIT


1 2 3 4 5 6 7 8 9

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For the first legal maxim, al umuru bi maqasidiha, the intention or will differs between a custom ortradition.

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True

False


SUBMIT


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The purpose of usulfiqh to lead the usulito interpret the text correctly and produce the Islamic ruling accordingly.

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True

False


You have answered 8 questions correctly.

Your score is 80%.

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RETRY

Click on the question numbers to view the correct answers.

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LO Component:

Reference

Introduction to Islamic FinanceLO Element: Reference

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AsyrafWajdiDusuki (2012), Islamic Financial System,

Principles & Operations, Kuala Lumpur: International

Shari’ah Research Academy for Islamic Finance. ISBN:

9789673491278

Muhammad Ayub (2007),Understanding Islamic Finance.

West Sussex England: John Wiley. ISBN: 0470687711

SayyidAbulA'laMawdudi (2011), First Principles of Islamic

Economics, IBFIM.ISBN 9780860374923.

Zulkifli Hasan, (2011), Corporate Governance in Islamic

Financial Institutions: An Ethical Perspective, Kuala Lumpur:

Prime Journals of Business Administration and

Management (BAM).

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