Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain
This article aims to focus on legal maxims related to financial transactions to explore whether they offer any solutions for Muslims concerned with this dilemma, and to investigate how such legal maxims can be used to shape the way in which Muslims in the West perceive today’s mortgage issues. Some...
Saved in:
Main Author: | |
---|---|
Format: | Article |
Language: | English English |
Published: |
Brill Academic Publisher
2012
|
Subjects: | |
Online Access: | http://irep.iium.edu.my/33647/1/Legal_Maxims_and_Islamic_Financial_Transaction_a_case_study_of_mortgage_contracts_and_the_dilemma_for_Muslims_in_the_UK.pdf http://irep.iium.edu.my/33647/2/Legal_Maxims_and_Islamic_Financial_Transaction_a_case_study_of_mortgage_contracts_and_the_dilemma_for_Muslims_in_the_UK.pdf http://irep.iium.edu.my/33647/ http://www.brill.com/arab-law-quarterly |
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
id |
my.iium.irep.33647 |
---|---|
record_format |
dspace |
spelling |
my.iium.irep.336472013-12-23T08:19:17Z http://irep.iium.edu.my/33647/ Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain Zakariyah, Luqman HJ Public Finance KD England and Wales This article aims to focus on legal maxims related to financial transactions to explore whether they offer any solutions for Muslims concerned with this dilemma, and to investigate how such legal maxims can be used to shape the way in which Muslims in the West perceive today’s mortgage issues. Some questions raised are the following. When entering a mortgage contract, does a Muslim’s intention change the ruling of the transaction under the pretext of the two maxims al-ʿumūr bi maqāṣidihā (“matters considered according to intention”) and hal al-ʿibrah fī l-ʿuqūd bi l-maqāṣid wa l-maʿanī aw bi l-alfāẓ wa l-mabānī (“in contracts, is effect given to intention and the meaning or expression and form”)? Can one be certain that mortgages are completely ḥarām (unlawful) when considering the maxim al-yaqīn lā yazūl bi l-shakk (“certainty cannot be repelled by doubt”)? What aspects of ḥarām are found in mortgages and can they be marginalized by the maxim al-ḍarūrāt tubīh al-maḥẓūrāt (“necessity makes the unlawful thing lawful”)? If Islam allows bayʿ al-istiṣnāʿ (contract for manufacture) on the basis of ʿurf (custom), can mortgages also be permitted under the maxim al-ʿādah muḥakkamah (“custom is authoritative”)? Brill Academic Publisher 2012 Article REM application/pdf en http://irep.iium.edu.my/33647/1/Legal_Maxims_and_Islamic_Financial_Transaction_a_case_study_of_mortgage_contracts_and_the_dilemma_for_Muslims_in_the_UK.pdf application/pdf en http://irep.iium.edu.my/33647/2/Legal_Maxims_and_Islamic_Financial_Transaction_a_case_study_of_mortgage_contracts_and_the_dilemma_for_Muslims_in_the_UK.pdf Zakariyah, Luqman (2012) Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain. Arab Law Quarterly, 26. pp. 255-285. ISSN 0268-0556(P), 1573-0255(O) http://www.brill.com/arab-law-quarterly |
institution |
Universiti Islam Antarabangsa Malaysia |
building |
IIUM Library |
collection |
Institutional Repository |
continent |
Asia |
country |
Malaysia |
content_provider |
International Islamic University Malaysia |
content_source |
IIUM Repository (IREP) |
url_provider |
http://irep.iium.edu.my/ |
language |
English English |
topic |
HJ Public Finance KD England and Wales |
spellingShingle |
HJ Public Finance KD England and Wales Zakariyah, Luqman Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain |
description |
This article aims to focus on legal maxims related to financial transactions to explore whether they offer any solutions for Muslims concerned with this dilemma, and to investigate how such legal maxims can be used to shape the way in which Muslims in the West perceive today’s mortgage issues. Some questions raised are the following. When entering a mortgage contract, does a Muslim’s intention change the ruling of the transaction under the pretext of the two maxims al-ʿumūr bi maqāṣidihā (“matters considered according to intention”) and hal al-ʿibrah fī l-ʿuqūd bi l-maqāṣid wa l-maʿanī aw bi l-alfāẓ wa l-mabānī (“in contracts, is effect given to intention and the meaning or expression and form”)? Can one be certain that mortgages are completely ḥarām (unlawful) when considering the maxim al-yaqīn lā yazūl bi l-shakk (“certainty cannot be repelled by doubt”)? What aspects of ḥarām are found in mortgages and can they be marginalized by the maxim al-ḍarūrāt tubīh al-maḥẓūrāt (“necessity makes the unlawful thing lawful”)? If Islam allows bayʿ al-istiṣnāʿ (contract for manufacture) on the basis of ʿurf (custom), can mortgages also be permitted under the maxim al-ʿādah muḥakkamah (“custom is authoritative”)?
|
format |
Article |
author |
Zakariyah, Luqman |
author_facet |
Zakariyah, Luqman |
author_sort |
Zakariyah, Luqman |
title |
Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain |
title_short |
Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain |
title_full |
Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain |
title_fullStr |
Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain |
title_full_unstemmed |
Legal maxims and Islamic financial transactions: A case study of mortgage contracts and the dilemma for Muslims in Britain |
title_sort |
legal maxims and islamic financial transactions: a case study of mortgage contracts and the dilemma for muslims in britain |
publisher |
Brill Academic Publisher |
publishDate |
2012 |
url |
http://irep.iium.edu.my/33647/1/Legal_Maxims_and_Islamic_Financial_Transaction_a_case_study_of_mortgage_contracts_and_the_dilemma_for_Muslims_in_the_UK.pdf http://irep.iium.edu.my/33647/2/Legal_Maxims_and_Islamic_Financial_Transaction_a_case_study_of_mortgage_contracts_and_the_dilemma_for_Muslims_in_the_UK.pdf http://irep.iium.edu.my/33647/ http://www.brill.com/arab-law-quarterly |
_version_ |
1643610482214436864 |
score |
13.18916 |