Monday, 23 July 2012 12:45

Ethics and Finance: Perspectives of the Sharī'ah and Its Higher Objectives

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This article begins with the ethical foundations of Islam that are relevant to commercial transactions- much of which strikes a common chord of objectives and values with other major traditions. This is followed by an exposition of the ethical susbtance of Islam in the applied fiqh provisions pertaining to contracts, adn the relevanece aslo of the higher goals and purposes of the shariah (maqasid al-shariah) to the ethical integrity of contracts. This is followed by a discussion of the shariah prohibition and damaging effects of riba. The three remaining sections address the salient characteristics of Islamic commercial law and finance: 1) Islamic finance is characteristically asset-based; 2) it is averse to reliance on debt; and 3) it is also risk-averse. The last segment explains the shariah prohobition of gharar, uncertainty and risk taking in financial transactions......... Download the full article in pdf attachment (below)

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