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Philosophy and Fundamentals of Sharī’ah for Islamic Finance
SHA0011

5. To encourage human beings to participate actively in commercial
transactions. The Prophet SAW said: “The trustworthy, honest Muslim
merchant will be with the martyrs on the Day of Resurrection”. (Sunan
Ibn Mājah)

UNIT 3: RELATIONSHIP BETWEEN MU‘ĀMALĀT AND ISLAMIC ECONOMY
Islamic economy are driven by Fiqh mu‘āmalāt, Islamic regulations
which relate to trading ‘ḥukm’ for a social relationship which consists of
various economic and non-economic activities. Having that in mind, the
relationship between mu‘āmalāt and Islamic economy would be as follows:

Diagram 17 : Relationship between Mu‘āmalāt and Islamic Economy

UNIT 4: GENERAL PROHIBITIONS IN MU‘ĀMALĀT CONTRACTS
Trade and commerce in Islām must conform to the requirements of the
Sharī’ah, which broadly speaking refer to:

• Abstaining from prohibitions, (ḥarām matters); and

• Observing that every contract possesses all its essential elements
and that every essential element meets the necessary conditions.