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Philosophy and Fundamentals of Sharī’ah for Islamic Finance
SHA0011

‘Aqīdah

‘Aqīdah literally means a knot. As far as Islamic tradition is concerned,
‘Aqīdah generally refers to a firm belief in the fundamental of Islām
which primarily centered at the pillars of Imān. It is a belief system that
requires the highest degree of faith and accepts no doubt whatsoever. This
faith ('Aqīdah) is founded on the belief of the Oneness of Allāh SWT,
His Angels, His Messengers, His Books, Hereafter and His Divine decree.
From this key foundation, stems the entire concepts of Islām, rules and
regulations as expounded in the Qur’ān and Prophetic traditions.

Sharī’ah

Notwithstanding the foregoing, Sharī’ah is also used interchangeably
by scholars to mean a branch of Islām which relates to the practical
aspects (al-aḥkām al-‘amaliyyah), as opposed to rules of belief
(al-aḥkām al-‘iqtiqādiyyah) and rules relating to moral and ethics (al-aḥkām
al-akhlāqiyyah). The definition of Sharī’ah in this manner is more
specific. It deals only with section of Islām that interacts with human’s
action. Al-Qarḍāwi suggests that the term Sharī’ah in this instance
relates closely to fiqh. Sharī’ah within this understanding is everything
attributable to human conduct whether between himself, his fellow
creatures and the Creator.

Akhlāq

Akhlāq is derived from the root word khulq which means to create,
to shape and to give form. The term khulq is used in the Qur’ān and
Prophetic tradition that denotes good behaviour or a standard of
conduct to be observed, or the set of moral principles. Simply put,
Akhlāq subsumes all actions that are characterised as virtuous deed The main components of
(‘amal ṣālih). Imām al-Ghazāli defines Akhlāq as an established state Islām, namely :
of the soul from which actions proceed spontaneously without any • ‘Aqīdah
need for reflection and deliberation. • Sharī’ah
• Akhlāq
(Imām al-Ghazali: Ihya’ Ulūm ad-Dīn)

UNIT 3: DEFINITION AND CLASSIFICATION OF FIQH

At the outset, the word ‘fiqh’ literally means comprehension or to perceive
deeply, and understanding of the core of something. In this regards, Allāh SWT
says in the Qur’ān:

“They said: O Shu‘aib! Much of what you say we do not understand”
(Hūd 11: 91)