Islamic Finance
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Islamic Finance

Principles and Practice, Third Edition

Hans Visser

In this extensively updated third edition, Hans Visser explores the ideas and concepts that drive and shape Islamic finance. This incisive book reviews the products, institutions and markets offered by Islamic finance in the modern marketplace, offering a critical discussion of the ways in which fiscal and monetary policy can be adapted to Islamic financial institutions. Visser offers new directions for economics and finance students, as well as students of Islamic finance and Islam studies more broadly.
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Chapter 2: Islamic law

Hans Visser

Abstract

A Muslim’s life ideally is ruled by Islamic religious law, the sharia. The sharia is a narrow sense is God’s eternal will as expressed in the Quran and in the example given by the Prophet Muhammad, the sunna. The Islamic jurisprudence or fiqh is based on the sharia. Sharia in a broad sense includes not only Quran and sunna, but also legislation resulting from the fiqh. The fiqh draws on various sources. These are discussed in this chapter, along with the different ways in which rules and norms can be derived from those sources. Separate attention is paid to the question of how Muslims living among a non-Muslim majority should observe the sharia.

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