Fatwa and Its Shariah Methodology in Islamic Finance
Fatwa plays a very significant role in Shariah by providing different resolutions and solutions to the Muslim community when it is needed to ensure the compliance with principles of Shariah and commends of God. It should be understood that fatwa is not confined to particular section in Islamic l...
Saved in:
| Main Author: | |
|---|---|
| Format: | Journal |
| Language: | English |
| Published: |
Universiti Sains Islam Malaysia
2012
|
| Subjects: | |
| Online Access: | http://ddms.usim.edu.my/handle/123456789/5651 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Summary: | Fatwa plays a very significant role in Shariah by providing different
resolutions and solutions to the Muslim community when it is needed
to ensure the compliance with principles of Shariah and commends of
God. It should be understood that fatwa is not confined to particular
section in Islamic law but it covers the entire sections and subsection of
Islamic law including business, finance and trade. Today, fatwa takes a
different shape in Islamic finance; it is introduced and presented in the
industry in the form of resolutions issued by Shariah board members
who represent Shariah corporate governance body in the structure of
the Islamic financial institutions. The resolution is further structured in
the form of Shariah endorsement which is part and parcel of product
approval as required by the regulators. The present paper discusses
fatwa and its methodology in Islamic finance to ensure a sound process
of issuing an accurate resolutions that comply with the rules and
guidelines that have been set in Islamic jurisprudence. |
|---|