Why Islamic finance is different? a short review of Islamic jurisprudential interpretation about usury, ambiguity (Gharar), gambling (Maysir) and exploitative commercial arbitrage (Talaqi al-Rukban) / Mohammad Ashraful Ferdous Chowdhury.

Chowdhury, Mohammad Ashraful Ferdous (2015) Why Islamic finance is different? a short review of Islamic jurisprudential interpretation about usury, ambiguity (Gharar), gambling (Maysir) and exploitative commercial arbitrage (Talaqi al-Rukban) / Mohammad Ashraful Ferdous Chowdhury. Journal of Emerging Economies and Islamic Research, 3 (3). pp. 1-14. ISSN 2289 – 2559

Abstract

Unlike the traditional Finance, Islamic finance must observe the teachings of Shari’ah whose basic teaching cannot be violated at any point in time. These basic teachings constitute the core element of the faiths that are best described as maqasid al-shari’ah. While prohibiting Riba, Gharar, Maysir, Islam promotes maslahah by protecting the interests and benefits of all parties involved in the market. This paper emphasizes on the main underlying causes (‘Illah) for the prohibition of these on the basis of Islamic and socio-economic point of views. This is paper is based on secondary sources such as classical books, articles etc. There is no difference of opinion among scholars that Riba, Gharar, Maysir is clearly prohibited by both Quran and the Sunnah. However, Questions continue to be raised about their meanings and implications because of the diverse applications in commercial transactions (Mu’malat). This paper is a humble attempt to clarify the meaning and implications of these terms.

Metadata

Item Type: Article
Creators:
CreatorsID Num. / Email
Chowdhury, Mohammad Ashraful FerdousUNSPECIFIED
Subjects: H Social Sciences > HG Finance
H Social Sciences > HJ Public Finance
H Social Sciences > HJ Public Finance > Finance, Islamic
Divisions: Universiti Teknologi MARA, Selangor > Puncak Alam Campus > Faculty of Business and Management
Journal or Publication Title: Journal of Emerging Economies and Islamic Research
Journal: UiTM Journal > Journal of Emerging Economies and Islamic Research
ISSN: 2289 – 2559
Volume: 3
Number: 3
Page Range: pp. 1-14
Official URL: http://www.jeeir.com/v2/index.php/26-current/vol-3...
Item ID: 32781
Uncontrolled Keywords: Traditional economics, Islamic Finance, Islamic Jurisprudence, Usury, Ambiguity (Gharar), Gambling (Maysir) and Talaqi al-Rukban.
URI: http://ir.uitm.edu.my/id/eprint/32781

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