Why Islamic finance is different? a short review of Islamic jurisprudential interpretation about usury, ambiguity (Gharar), gambling (Maysir) and exploitative commercial arbitrage (Talaqi al-Rukban) / Mohammad Ashraful Ferdous Chowdhury.
Unlike the traditional Finance, Islamic finance must observe the teachings of Shari’ah whose basic teaching cannot be violated at any point in time. These basic teachings constitute the core element of the faiths that are best described as maqasid al-shari’ah. While prohibiting Riba, Gharar, Maysir,...
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| Format: | Article |
| Language: | English |
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Universiti Teknologi Mara Selangor
2015
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| Online Access: | https://ir.uitm.edu.my/id/eprint/32781/ |
| _version_ | 1848808112584130560 |
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| author | Chowdhury, Mohammad Ashraful Ferdous |
| author_facet | Chowdhury, Mohammad Ashraful Ferdous |
| author_sort | Chowdhury, Mohammad Ashraful Ferdous |
| building | UiTM Institutional Repository |
| collection | Online Access |
| description | Unlike the traditional Finance, Islamic finance must observe the teachings of Shari’ah whose basic teaching cannot be violated at any point in time. These basic teachings constitute the core element of the faiths that are best described as maqasid al-shari’ah. While prohibiting Riba, Gharar, Maysir, Islam promotes maslahah by protecting the interests and benefits of all parties involved in the market. This paper emphasizes on the main underlying causes (‘Illah) for the prohibition of these on the basis of Islamic and socio-economic point of views. This is paper is based on secondary sources such as classical books, articles etc. There is no difference of opinion among scholars that Riba, Gharar, Maysir is clearly prohibited by both Quran and the Sunnah. However, Questions continue to be raised about their meanings and implications because of the diverse applications in commercial transactions (Mu’malat). This paper is a humble attempt to clarify the meaning and implications of these terms. |
| first_indexed | 2025-11-14T22:53:32Z |
| format | Article |
| id | uitm-32781 |
| institution | Universiti Teknologi MARA |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T22:53:32Z |
| publishDate | 2015 |
| publisher | Universiti Teknologi Mara Selangor |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | uitm-327812020-07-27T01:28:14Z https://ir.uitm.edu.my/id/eprint/32781/ Why Islamic finance is different? a short review of Islamic jurisprudential interpretation about usury, ambiguity (Gharar), gambling (Maysir) and exploitative commercial arbitrage (Talaqi al-Rukban) / Mohammad Ashraful Ferdous Chowdhury. jeeir Chowdhury, Mohammad Ashraful Ferdous HG Finance HJ Public Finance Finance, Islamic Unlike the traditional Finance, Islamic finance must observe the teachings of Shari’ah whose basic teaching cannot be violated at any point in time. These basic teachings constitute the core element of the faiths that are best described as maqasid al-shari’ah. While prohibiting Riba, Gharar, Maysir, Islam promotes maslahah by protecting the interests and benefits of all parties involved in the market. This paper emphasizes on the main underlying causes (‘Illah) for the prohibition of these on the basis of Islamic and socio-economic point of views. This is paper is based on secondary sources such as classical books, articles etc. There is no difference of opinion among scholars that Riba, Gharar, Maysir is clearly prohibited by both Quran and the Sunnah. However, Questions continue to be raised about their meanings and implications because of the diverse applications in commercial transactions (Mu’malat). This paper is a humble attempt to clarify the meaning and implications of these terms. Universiti Teknologi Mara Selangor 2015-09 Article PeerReviewed text en https://ir.uitm.edu.my/id/eprint/32781/1/32781.pdf Chowdhury, Mohammad Ashraful Ferdous (2015) Why Islamic finance is different? a short review of Islamic jurisprudential interpretation about usury, ambiguity (Gharar), gambling (Maysir) and exploitative commercial arbitrage (Talaqi al-Rukban) / Mohammad Ashraful Ferdous Chowdhury. (2015) Journal of Emerging Economies and Islamic Research (JEEIR) <https://ir.uitm.edu.my/view/publication/Journal_of_Emerging_Economies_and_Islamic_Research_=28JEEIR=29.html>, 3 (3). pp. 1-14. ISSN 2289-2559 https://journal.uitm.edu.my/ojs/index.php/JEEIR/ |
| spellingShingle | HG Finance HJ Public Finance Finance, Islamic Chowdhury, Mohammad Ashraful Ferdous Why Islamic finance is different? a short review of Islamic jurisprudential interpretation about usury, ambiguity (Gharar), gambling (Maysir) and exploitative commercial arbitrage (Talaqi al-Rukban) / Mohammad Ashraful Ferdous Chowdhury. |
| title | Why Islamic finance is different? a short review of Islamic jurisprudential interpretation about usury, ambiguity (Gharar), gambling (Maysir) and exploitative commercial arbitrage (Talaqi al-Rukban) / Mohammad Ashraful Ferdous Chowdhury. |
| title_full | Why Islamic finance is different? a short review of Islamic jurisprudential interpretation about usury, ambiguity (Gharar), gambling (Maysir) and exploitative commercial arbitrage (Talaqi al-Rukban) / Mohammad Ashraful Ferdous Chowdhury. |
| title_fullStr | Why Islamic finance is different? a short review of Islamic jurisprudential interpretation about usury, ambiguity (Gharar), gambling (Maysir) and exploitative commercial arbitrage (Talaqi al-Rukban) / Mohammad Ashraful Ferdous Chowdhury. |
| title_full_unstemmed | Why Islamic finance is different? a short review of Islamic jurisprudential interpretation about usury, ambiguity (Gharar), gambling (Maysir) and exploitative commercial arbitrage (Talaqi al-Rukban) / Mohammad Ashraful Ferdous Chowdhury. |
| title_short | Why Islamic finance is different? a short review of Islamic jurisprudential interpretation about usury, ambiguity (Gharar), gambling (Maysir) and exploitative commercial arbitrage (Talaqi al-Rukban) / Mohammad Ashraful Ferdous Chowdhury. |
| title_sort | why islamic finance is different? a short review of islamic jurisprudential interpretation about usury, ambiguity (gharar), gambling (maysir) and exploitative commercial arbitrage (talaqi al-rukban) / mohammad ashraful ferdous chowdhury. |
| topic | HG Finance HJ Public Finance Finance, Islamic |
| url | https://ir.uitm.edu.my/id/eprint/32781/ https://ir.uitm.edu.my/id/eprint/32781/ |