Islamic Law & Finance

 

Islamic law is a Western term that attempts to describe the various layers of jurisprudence and law in Islam. Muslims themselves, however, state that their law comprises of four areas: 

  • Principles of jurisprudence (usul al-fiqh) i.e legal theory
  • Jurisprudence (fiqh) i.e applied legal theory
  • Laws/rulings (ahkam) i.e similar to primary and secondary legislation
  • Legal opinions by jurists (fatawa) i.e similar to judges’ opinions

All of these layers attempt to discover what shari’ah is – shari’ah meaning the way to God or God’s ideal guidance that Muslims constantly try to comprehend. Therefore, shar’iah does not mean Islamic law or Muslim law – it’s simply a legal ideal.

Islamic law has grown rapidly over the last 10 years with a number of firms specialising in Islamic finance.[1] Islamic law is not considered as a separate legal system or jurisdiction in itself but rather a niche legal area to serve Muslim clients. Although Islamic finance reflects only one layer of Islamic law, it is clearly the most profitable and practical one since it relates to the everyday commercial and contractual activities of Muslims. Islamic finance means all commercial activities that are ‘shari’ah-compliant’ i.e they do not include interest, uncertainty, gambling and prohibited goods. In addition to Islamic finance, there is a growing body of work relating to Islamic wills, marriages and divorces where the central question lies in the compatibility of Islamic private laws with English private laws. Diverse Legal Consulting offers the following expertise in this area of law:

  •  Private client & family: compatible Islamic and English wills, recognition of Islamic marriages and divorces by English law
  • Contracts & commercial activities: permissible (halal) contracts, investments in halal shares and avoiding interest (riba)
  • Charity law: drafting of objectives and policies of Muslim charities in line with charity laws

Feel free to contact us for a quote and we will do our best to meet your needs. You may use the contact form on the website or e-mail Diverse Legal Consultancy.

 
 

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