Islamic banking: fiqh muasarah view on modern financial transaction / Jalaluddin Mahamod … [et al.]

Mahamod, Jalaluddin and Aziz, Muhammad Amirul Firdaus and Dzalihu'zzabir, Muhammad Fakhrul Hadi and Ruslan, Muhammad Fauzan (2023) Islamic banking: fiqh muasarah view on modern financial transaction / Jalaluddin Mahamod … [et al.]. [Student Project] (Unpublished)

Abstract

This paper explores the implications of Shariah maxims on modem financial transactions,. emphasizing key principles such as intentions and acts, doubt and certainty, rules of necessity, offering and obtaining, and limitations. The study delves into the foundational principle that "Acts are judged by the intention behind them," elucidating its relevance in various contexts, including financial dealings. It highlights the importance of disclosing banking policies and avoiding practices that contradict Islamic principles. The discussion on doubt and certainty underscores the rejection of doubt in favour of certainty in legal matters. The paper then delves into issues in modern financial transactions, particularly in the era of globalization and digital finance. Security and confidentiality of data emerge as critical challenges, necessitating the implementation of robust measures, including two-factor authentication and encryption, in compliance with Shariah principles. Infrastructure security is also addressed, emphasizing the need for protection against cyber threats while adhering to Shariah tenets related to data use and privacy. Furthermore, the study identifies Shariah law risks associated with the use of digital financial technology. It emphasizes the importance of valid signatures in digital contracts and proposes a comprehensive mechanism, guided by maqasid to mitigate sharia law risks effectively. The role of sharia experts in planning and implementing digital financial technology is highlighted to ensure compliance with Islamic principles. In summary, this paper provides a comprehensive analysis of the implications of Shariah maxims on modern financial transactions, addressing contemporary challenges and proposing measures to ensure compliance with Islamic principles in the evolving landscape of global finance.

Metadata

Item Type: Student Project
Creators:
Creators
Email / ID Num.
Mahamod, Jalaluddin
2021868694
Aziz, Muhammad Amirul Firdaus
2021868922
Dzalihu'zzabir, Muhammad Fakhrul Hadi
2021869162
Ruslan, Muhammad Fauzan
2021847514
Contributors:
Contribution
Name
Email / ID Num.
Advisor
Mustapha, Ahmad Murshidi
UNSPECIFIED
Subjects: B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc > Islam > Islam and economics
B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc > Islam > Study and teaching. Research
H Social Sciences > HG Finance > Banking
Divisions: Universiti Teknologi MARA, Kelantan > Machang Campus > Academy of Contemporary Islamic Studies (ACIS)
Programme: IMU 550: Fiqh Mu'asarah
Keywords: Financial, digital, dealings, transactions, technology, Fiqh, study
Date: 2023
URI: https://ir.uitm.edu.my/id/eprint/115289
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