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Islamic Finance- Combined legal sources
Islam has united these two aspects in two divine sources of law, the Qur'an and the Prophet Muhammad's Traditions. The Qur'an contains both legal concepts and substantive law. The Qur'an, for example, states that an obligation must be fulfilled (chapter 5: verse 1). This is a fundamental element in Islamic economic contracts, without which the contract's integrity cannot be maintained. The Qur'an, on the other hand, mandates specific rules for each instance, such as the prohibition of interest (Riba) (chapter 2: verse 275) and the permissibility of providing collateral or a pledge to secure a loan or funding (chapter 2: verse 283).
In Islam, the source of law includes both overarching and comprehensive principles for universal applicability and detailed specific legislation for a given issue. The source of law in Islam is considered divine because it was revealed to the Prophet Muhammad by God Almighty. The entire Islamic legal system evolves and develops from this basis.
Islam has united these two aspects in two divine sources of law, the Qur'an and the Prophet Muhammad's Traditions. The Qur'an contains both legal concepts and substantive law. The Qur'an, for example, states that an obligation must be fulfilled (chapter 5: verse 1). This is a fundamental element in Islamic economic contracts, without which the contract's integrity cannot be maintained. The Qur'an, on the other hand, mandates specific rules for each instance, such as the prohibition of interest (Riba) (chapter 2: verse 275) and the permissibility of providing collateral or a pledge to secure a loan or funding (chapter 2: verse 283).
In Islam, the source of law includes both overarching and comprehensive principles for universal applicability and detailed specific legislation for a given issue. The source of law in Islam is considered divine because it was revealed to the Prophet Muhammad by God Almighty. The entire Islamic legal system evolves and develops from this basis.
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