CHP 5 Shariah Principles in Islamic Finance

1. Shariah is the sum of the Islamic teachings and system, which was revealed to Prophet Muhammad (SAW), recorded in the Quran and deducible from the Prophet's divinely guided actions, sayings, and whatever he tacitly approved.

• True

• False

How many components of Shariah?

• 2

• 3

• 5

• 4

_ is the term used to denote the 'the science of Islamic jurisprudence'.

• ijtihad

• usul al-Fiqh

• Nass

• Fiqh

What is Ijma'?

• Analogy

• benefit or interest

• Consensus of jurists

• custom

_ can be defined in technical terms as what people collectively recognise and practise regarding words and actions to either be done or avoided.

• Sadd al-Dhara-i

• Ijma'

• Qiyas

• Urf

  It explains the indications and methods by which rules of fiqh are deduced from sources.

• Qiyas

• Usul al-Fiqh

• Ijtihad

• Maqasid Al-Shariah

  Secondary Sources- based on juristic reasoning.

• True

• False

How many legal maxims pertinent to Islamic finance are there?

• 4

• 6

• 5

• 7

How many fundamental prohibitions in Islamic finance?

• 3

• 4

• 2

• 1

Ijma' is an Arabic word that means "effort" and refers to the process of independent reasoning used by Islamic jurists to make legal decisions. It is a core concept in Islamic law and jurisprudence.

• True

• False