Legal Aspect of Islamic Finance
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Nowadays, a number of Islamic banks look forward to compete with contemporary conventional financial institutions. However, conventional transactions, which are not recognized by the Sharīʿah (Islamic law), are totally rejected when relying on ribā (usury). Therefore, although in principle it would not necessarily be inappropriate to compete with conventional institutions, Islamic institutions should carefully uphold the spirit and purposes of the Sharīʿah. Transactions should not simply be designed to meet all Islamic requirements while at the same time deviate from the substance and spirit of the Sharīʿah.
2021 ◽
Vol 3
(3)
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pp. 62-69
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2010 ◽
Vol 13
(1)
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pp. 69-77
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2016 ◽
Vol 4
(3)
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pp. 49
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2015 ◽
Vol 14
(5)
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pp. 745
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