- Research Handbooks in Financial Law series
Edited by Barry Rider
Fraud in any form is prohibited in Islamic law. It is reprehensible and regarded as a heinous conduct. Muslims are required to lead every aspect of their lives honestly and truthfully at all times. The stern prohibition against fraud may be found in the Qur’an and Sunnah of the Prophet Muhammad, which are the primary sources of Islamic law. Accordingly, this chapter starts with a discussion on the sources of Islamic law followed by the concept of fraud as derived from the sources. This chapter then argues that financial crimes are prohibited in Islamic law and that financial crimes such as insider dealing may be regarded as fraud. Islamic law is based on the Shari’ah, which is an Arabic term derived from the root word ‘shara’a’. Shari’ah is translated as ‘water hole’or ‘the way to a watering place’. This definition connotes Shari’ah as the path that leads to Allah the Creator through His Messenger the Prophet Muhammad. The subject matter covered by Islamic law is comprehensive. It encompasses various aspects from the vertical relation of man with God the Almighty called ‘ibadah to the horizontal relation of man to man and man with other creatures classified as mu’amalah. Islamic law is a divine law derived from the Qur’an and Sunnah, which are classified as the primary or ultimate authoritative sources.
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