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Philosophy and Fundamentals of Sharī’ah for Islamic Finance
SHA0011

This includes the right to acquire wealth, to discharge all the duties
related to such wealth and to find the wisest ways to spend or to invest
the wealth. Justice is the general principle of Sharī’ah that needs to
be observed in all Islamic transactions and contracts. Contracts that
have the elements of fraud, deception or uncertainty are prohibited
in Islām. There are a number of Quranic verses on justice such as:

Allāh SWT says:
We sent aforetime our messengers with Clear Signs and sent down with
them the Book and the Balance (of Right and Wrong), that men may stand
forth in justice; and We sent down Iron, in which is (material for) mighty
war, as well as many benefits for mankind, that Allāh SWT may test who it
is that will help, Unseen, Him and His messengers: For Allāh SWT is Full of
Strength, Exalted in Might (and able to enforce His Will)”
(al-Hadīd 57:25)

Allāh SWT says:
“Allāh SWT commands justice, the doing of good, and liberality to kith and
kin, and He forbids all shameful deeds, and injustice and rebellion: He instructs
you, that ye may receive admonition”.
(al-Mā’idah 5: 8)

UNIT 2: IMPORTANCE OF MU‘ĀMALĀT

The followings are among the importance of mu‘āmalāt in relation to mankind
as a whole:

1. To establish the spirit of brotherhood as the primary objective of
transacting parties. The mu‘āmalāt by contracting parties is expected
to be for their mutual benefits and this will ultimately develop the
notion of brotherhood especially among them.

2. To ascertain and enforce the rights and duties of the parties involved
in the mu‘āmalāt. A valid and enforceable contract would bind the
parties to the contract and both parties are under obligation to act
according to such contract. In fact, the parties have the rights to take
legal action against the other party who has not performed his obligation
as prescribed in the contract.

3. To avoid any misunderstandings among the parties in the transactions.
The principles of mu‘āmalāt provide some fundamental guidelines
and if it is observed by the contracting parties, it would certainly
protect them from any violence, fraud, dishonesty and misappropriation.

4. To upgrade the status of mankind to a respectable position (ashraf
al-makhlūqāt) through faith and discipline as the mu‘āmalāt contributes
to the role of human personality building. For example, it regulates all
parties to a transaction with the spirit of honesty, justice and brotherhood.