Islamic law

years ago, the Islamic banking industry was created, on a modest scale, to fill a gap in a banking system that was not listening to the fervent Muslim believers. Morocco has been following the same development in offering Islamic finance services to its citizens through Islamic windows in conventional banks. In parallel to this development of the Islamic financial industry in Morocco, it seems very crucial to evaluate critically based on Maliki law school the previous experience of Islamic windows in

rule of law. Iran is considered to be an Islamic country, a country that practices a sacred legal tradition and more specifically Islamic law. In this type of legal tradition there is no separations between religious and legal entities. Islamic law is proclaimed as the basis for all law, including harsh Islamic criminal law, punishment that is based on retribution (Dammer, Albanese p. 57,58). In Iran, there is a great influence to have Shari’a law further integrated in to the national law, the Quran

The role of Islamic law in the modern secular state is central to any discussion of Islam and politics and is as crucial today as ever. In his article “Islamic Constitutionalism,” Said Amir Arjomand describes three models Muslim societies have taken in attempting to address Islam to secular forms. One approach, taken by Saudi Arabia and Iran, seeks to implement “[t]he vision of the Islamic ideological state whose primary function was the execution of Divine Law.” (Arjomand: 123). The second approach

Sharia, also called “Sharia Law” or “Islamic Law,” is a religious law forming part of the Islamic tradition, and it is derived from the religious precepts of Islam. Despite of the fact that Sharia oppresses women and restrict their human rights, a lot of Muslims still think of Sharia very positively. In order to know why, one needs to know and understand the basic law concepts and go specifically into the characteristics and factors or the Sharia Law. Before going onto the Sharia, one needs to

3.0 Islamic Banking Now that, Islamic law has been defined and explained in detail, Islamic Banking can be observed further. There are four rules that govern investment behaviour in Islamic banking (Suleiman 2001): 1. Interest (Riba) 2. Deception/Uncertainty (Garar) and Change/Speculation (Maiser) 3. Trade (Haram) 4. Support Islamic tax system (Zakat) Alongside these four rules, unethical behaviour needs also needs to be considered. Followed, on I will discuss each of these four/five compliances

Introduction Islamic finance within compliance of Sharia law form the core of Islamic banking and have become one of the fastest growing segments of the financial industry, operating in over 75 countries (Cihak,Hesse2008). Islamic finance initially was concentrated in the Middle East and South East Asia, but is now found globally. The roots of Islamic finance stemmed from the efforts of Islamic scholars to identify alternatives to the interest based system that is prohibited and condemned by Allah

Islamic law, or Shariah, is legal system governing the members of the Islamic faith. The formation of Islamic and Western law has similar types of foundation structures that have supported what it is today. There are also many different ways people can interpret Shariah and apply it to modern society. Although there are strong influences that hinder the practice of Islamic law, abandoning the law is not the best solution to countries in turmoil. Islamic Law The formation of Islamic law is thought

THE PLACE OF ISLAMIC LAW IN TANZANIA MAINLAND. BY YUSUF SHIKANDA ABDALLAH ZANZIBAR UNIVERSITY. Introduction: Islam is one of the Universal religions of the world. As a religion, Islam is governed by an assortment of divine laws known as shariah of which its sources are mainly attributed to the divine revelations in the Holy Qur'an and traditions of the Prophet (P.B.U.H). This package is what forms the basis of the spiritual, economic, political and social guidance of Muslims. Thus, all

culture becomes limited. Islamic law poses significance to the lack of democratic culture as it constitutes instruction that hinders the development and liberty of Islamic based countries. It is evident that religious regulations and democracy form a barrier known as the democracy gap. Other impediments factor in, such as the lack of political participation, and voicing opinion among women in third world countries due to societal norms that are formulated through religious laws. In this

legal environment will be referred to as one concept in this paper. The political and legal aspects will be discussed in relation to the domestic and international environment. In order to have a grasp of the factors at play, this paper will use the Islamic law’s enforcement of halal regulations as an example. This paper will highlight the issues in the domestic environment such as social and environmental concerns,