Page 61 - AQIF M1

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Philosophy and Fundamentals of Sharī’ah for Islamic Finance
SHA0011
TOPIC 4: OVERVIEW OF FIQH AL- MU‘ĀMALĀT AL-MĀLIYYAH

Learning Objectives

At the end of the topic, you will be able to:
• Describe the salient features and principles of mu‘āmalāt
• Describe the importance of mu‘āmalāt
• Describe the relationship between mu‘āmalāt and Islamic economy
• Describe the general prohibitions in mu‘āmalāt contracts

UNIT 1: SALIENT FEATURES AND BASIC PRINCIPLES OF MU‘ĀMALĀT

Basic principles of Sharī’ah rulings in mu‘āmalāt:

1. Freedom of Contracts
The meaning of one of the Ḥadīth of the Prophet SAW says that Muslims
are free to put conditions in their agreements except that prohibits
something is permissible or permits something is prohibited.

Prophet SAW said:
“Muslims are bound by the conditions they made; except a condition that
legalises impermissible act or invalidates permissible act”.
(Sunan al-Tirmizī: 1352)

2. Permissibility as Original Status of Matters

According to an Islamic legal maxim ‘permissibility is the basic norm
with regards to things’. According to the Sharī’ah, the status of all
matters other than rituals is permissible until evidence is given that a
certain matter is prohibited. This rule has been emphasised in a number
of Quranic verses and Ḥadīth such as:

Qur’ān Verses:

Allāh SWT says:
“And He has subjected to you, as from Him, all that is in the heavens and on
earth: Behold, in that are Signs indeed for those who reflect”
(al-Jāthiyah 45:13)

Allāh SWT says:
“Say, I do not find within that which was revealed to me [anything]
forbidden to one who would eat it unless it be a dead animal or blood
spilled out or the flesh of swine - for indeed, it is impure - or it be [that
slaughtered in] disobedience, dedicated to other than Allāh. But whoever is
forced [by necessity], neither desiring [it] nor transgressing [its limit], then
indeed, your Lord is Forgiving and Merciful”
(al-An‘ām 6:145)