Sources of Shari'ah

Published by a UU��ֱ�� Banking & Finance expert

Practice notes

Sources of Shari'ah

Published by a UU��ֱ�� Banking & Finance expert

Practice notes

Introduction

Shari'ah (also Sharia, Shariah or ��󲹰��’a) (literally, in Arabic, 'the path towards the watering place') or Islamic law is the legal system of the religion of Islam that sets out a system of duties or code of conduct for individuals to follow so that they may live their life in a fulfilling and beneficial manner.

According to Potter LJ:

'...most of the classical Islamic law on financial transactions is not contained as 'rules' or 'law' in the Qur'an and Sunnah but is based on the often divergent views held by established schools of law formed in a period roughly between 700 and 850 CE'.

Nature and scope of ��󲹰��’ah

Although the phrase 'Islamic law' is widely and commonly used, Shari'ah is often the preferred term to demarcate from Western or Christian concepts of ‘law’ and associated assumptions, for example:

•
the ��󲹰��’ah is inherently non-secular and does not distinguish between religious and governmental institutions, authorities and ordinances
•
the Shari'ah is both a legal system and a moral framework, rather than, for example,

Jurisdiction(s):

United Kingdom

Key definition:

Law definition

What does Law mean?

means: (a) any legislation, regulation, by-law or subordinate legislation in force from time to time to which a party is subject and/or in any jurisdiction that the Services are provided to or in respect of; (b) the common law and laws of equity as applicable to the parties from time to time; (c) any binding court order, judgment or decree; (d) any applicable industry code, policy or standard; or (e) any applicable direction, policy, rule or order that is binding on a party and that is made or given by any regulatory body having jurisdiction over a party or any of that party’s assets, resources or business;

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