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  • Wagers & Games under Islamic Law Posted in: Islamic Finance Canada - The objective of this post is not to discuss the rationale behind the prohibition of gambling. Instead, the objective is to clarify which activities are considered gambling in Islamic Finance. Every transaction in which gain and loss are obscure is known as Al-Qimar (gambling) and Al-Maysir (unearned income) under Sharia. The prohibition of such is […]
  • Uncertainty & Doubt under Islamic Law Posted in: Islamic Finance Canada -   We have so far analyzed the first and foremost prohibitive element of Islamic finance i.e. Riba (or interest). Now we deal with the next prohibition which is called Gharar or uncertainty. Unlike Riba, Gharar is not defined precisely by Sharia. It is also considered to have lesser significance than Riba but is prohibited nonetheless. […]
  • Debt, Exchange & Interest in Islamic Law Posted in: Islamic Finance Canada - The Sharia law provides human beings freedom to enter into contracts and do business transactions. However, this freedom is not unbridled. Like conventional law, Sharia regulates human dealings to safeguard the welfare and liberties of the transacting parties. The dealings could range from a simple contract like Nikah (marriage) to complex Bay’ (trade/commercial) transactions. The […]
  • Permission & Prohibition under Islamic Law Posted in: Islamic Finance Canada - In order to build a structure, the edifice is built upon a foundation, and the foundation of Islamic Finance is based on the Sharia Law. Like conventional law, Sharia (or divine law) also has its do’s and don’ts. In our previous post, we explained that Sharia is derived directly from the Quran, the holy book […]
  • The Purpose of Islamic Law Posted in: Islamic Finance Canada - Before we elaborate on Islamic financial products, let’s talk about the basis of Islamic finance, its essence, its sine qua non. Like all aspects of Islam, finance also takes its fundamental structure from Sharia (or the divine law). Sharia is derived directly from the Quran, the holy book and the Sunna, the teachings and practices […]
  • Demystifying Islamic Finance Posted in: Islamic Finance Canada - Our team at the Finance Board is excited to bring a series of topics on Islamic Finance every week. Our goal is to make the concepts of Islamic Finance easier to understand, both for the man on the street as well as the consummate finance professional. What is Islamic finance and what are its basis? […]