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Transcript of Fiqh Muamalat
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Fiqh Muamalat is the part of Fiqh dealing with relations between people, such as the Islamic commercial law (Islamic Banking)
Lughah: Procedure or series of action between human in all aspects of life.
Istilah: one of the Islamic way of life in economics, managements and businesses.
Requirements of Sha'riah in practicing businesses transactions
Not producing and trading of illicit materials (wine, liquor, stolen goods).
Not producing and trading materials which are of no use.
Contains Element of Riba and involvement of gambling elements
Benefits of Fiqh Muamalat
To upgrade the status of mankind to a respectful position through faith and discipline.
Do away with those blind leaders with their incapacity to see victory and cheat in order to live as a wealthy man.
To encourage people to participate actively in business transaction.
To enforce the rights and duties as well keeping the legal spirit by avoiding unlawful dealings in any kind of transactions.
What makes Islamic Banking Different From Conventional Banking
- Fiqh means understanding of rulings and precepts.
- Muamalat, in this particular facet, refers to economic transactions and activities such as ba'i, wadiah, ijarah, qard, murabaha, mudaraba, hibah, etc.
- This branch of fiqh covers the rulings that define and govern the relationship between humans, their financial rights and obligations towards each other.
Sources of Muamalat
The rules and practices of Fiqh Muamalat are derived from two primary sources
- the Holy Quran
- Hadith of Prophet Muhammad S.A.W.
Categories in Fiqh Muamalat
Ahkam al-siyasah and al-jinayat
: rulings and regulations related to the political and criminal law.
rules and regulations associated with family law.
Ahkam al-iqtisad wa al-muamalah:
rulings governing the commercial transactions, exchange, contracts and agreements and how humans deal with each other
Goals and Motive of Fiqh Muamalat
Maqasid Syari’yyah (The Objectives of Islamic Law)
1) Protection of Religion (al-Din),
2) Protection of Life (al-Nafs),
3) Protection of Dignity or Lineage (al-’Ird),
4) Protection of the Intellect or Mind (al-’Aql),
5) Protection of Property (al-Mal).
Riba' by Khalid Yasin
opinions collectively agreed among Shariah scholars (ijma’)
personal reasoning (ijtihad).
Wadiah & Mudharabah
custody or safekeeping
In a Wadiah arrangement, you will deposit cash or other assets in a bank for safekeeping and the bank guarantees the safety of the items kept by it.
proﬁt sharing arrangement
between two parties: an investor and the entrepreneur.
Murabahah & Musyarakah
Cost plus) involves the
sale of goods at a price
which includes a proﬁt margin agreed by both parties.
In the context of business and trade,
refers to a
partnership or a joint business venture
to make proﬁt.
Ba'i & Ijarah
(Deferred payment sale) refers to the
sale of goods
where the buyer pays the seller after the sale together with an agreed proﬁt margin.
is normally used in ﬁnancing consumer goods especially motor vehicles.There are two separate contracts:
Ijarah contract (leasing/renting)
Bai’ contract (purchase).
Qard & Hibah
(Interest-free loan) is given for a
ﬁxed period on a goodwill basis
and the borrower is only required to repay the amount borrowed.
(Gift) refers to a
payment made willingly
in return for a beneﬁt received.
Islamic banking must follow the Shariah.
Islamic banking must be free from riba or gharar (excessive uncertainty)
Instead of charging interest on financing given out, Islamic banks give financing based on musharakah and will share any profit and loss.
May Allah ease everything, amin!
Allah SWT encourages Muslims towards exchanging commodities through business transaction.
It may contribute to the economic development and also promote stability to the society.
"This issue of interest is one of the major crimes in Islam."
"The people who take and give Interest , they have made themselves into war against Allah The Almighty."
"Interest was created by a group of people that allow the small group of people to only conquer or wind up properties for nothing"