Al-Hisbah: Does It Fits in the Current Financial System?

 Al-Hisbah: Can it Fits in the existing Financial System? Essay

LEGITIMATE CASH IN ON SALE AND TRADING ACTIONS:

SHARIAH LAW POINT OF VIEW

INCEIF

NURIKHWAN MUKTAR

1200290

SUBMISSION TO:

Prof. Doctor Zainal Azam Abdul Rahman

THIS DAILY NEWS IS A PARTIAL FULFILLMENT OF THE SUBJECT YOU WILL NEED 1002 OF PART one particular OF CHARTERED ISLAMIC FINANCING PROFESSIONAL (CIFP)

Contents

The Introduction

In Al-Quran, Jahve SWT clearly said in Surah Al-Baqarah v. 275: " Individuals who devour usury will not stand except as stands one whom the evil a single b-v his touch offers driven to madness. That is the fault they say: 'Trade is like usury, but Allah has acceptable trade and forbidden usury”. The verse above proven a clear distinction between transact and riba. It necessary Muslims to annul almost all outstanding riba, instructing these to take the particular principal amount, and forego even this in case of the borrowers' hardship. The text in the verse likewise defines the prohibited siena, i. electronic. as any increase added to the key. This means that any kind of extraneous addition, however little the amount, is considered riba, and the lender will get only the primary. The verse text prohibits completely and without any uncertainties all costs and causes of riba. Therefore, any accrued amount included in the principal can be unlawful long lasting reasons were for the incurrence of the debt. In mean time, Allah SWT permits control. Why Allah SWT enables trade? It is because trade and usury will be absolutely diverse. Generally, in trade, one particular earns income as a result of initiative, enterprise, performance and work. But the riba is certainly not earned through hard work or any type of value creating process. It is not the incentive of entrepreneurship but is in fact unearned profits. Moreover, earnings in operate is rising and falling whereby there may be risk of loss also, in case of riba the financial institution gets his fixed sum irrespective of the truth whether the borrower earns virtually any profit or perhaps sustains reduction. God provides forbidden riba but offers permitted transact. There is a likeness between the economic scheme of Islam and capitalism...


Related

Beowulf the Epic Main character Essay

An epic main character is a hero who has durability, courage, and a wish to achieve growing old. The hero Beowulf of Geatland, boy of Higlac, is the…...

Essay as to what Techniques Will the Author Use to Maintain the Reader’s Interest Through the entire Prescribed Text the A glass Menagerie?

Set in the 1930's, industry where desire was scarce and the depressive disorder was dominating, Tennessee William's play, The Glass Menagerie, tells the tale of a disappointed family whose…...

An Honest View on the Global Armament Trade Essay

1 . Launch History has proven that human nature has the ability to of producing and using weaponry of at any time greater and more destructive push. During the…...

Religious views on the fur and off white trade Dissertation

Religious thoughts about the hair and off white trade Most Christian's are against the fur and ivory operate. For starters, they believe they have a stewardship towards…...

Han and Roman Dbq Research Conventional paper

The Han and Roman's thinking toward technology were very different. The Han's appreciated the technology that was offered to all of them, but some valued the technology before…...

Low Decider Turnout in the us Essay

Through American background, there has been a stable decline in voter turnout. Not only features this been " humiliating" for the usa, low voter turnout have been and…...

  • Kimberly Warren
  • 06.09.2019
  • In case

Just in Case Essay

Jessie English doze 26 Mar 2013 In case Meg Rosoff Young Adult Novel 246 Pages Prediction with Justification…...

Biological Cycles Essay

5 Biogeochemical Cycles Project Due: Wed, Dec 12th/Thurs, December 13th Utilizing your book, remarks, & other creditable options, you will develop a labeled diagram and synopsis of…...

management accounting system pertaining to fast food sector Essay

Name: Hafizah Binti Dun Matric No: 816542 Subject: BKBM5013 Management Accounting for Managers – Task 1 (26th Sept 2014) (1) The manager from the local take out outlet…...

finance daily news

IMPROVING THE X-RAY METHOD AT STATE HOSPITAL Sullivan University Procedures Strategy (MGT620X) Submitted to Submitted by simply Dr . Wendy Achilles Naresh. Kondepati Shri…...