Question

​For Islamic Legal System:

1. What are the sources of the Islamic jurisprudence?

2. What are the goals and objectives of the Sharia laws?

3. What are the classifications of the Sharia laws?

4. What are the classifications of the Islamic commercial and business laws?

Answer 1

I.The primary sources of Islamic law are the Holy Book (The Quran), The Sunnah (the traditions or known practices of the Prophet Muhammad ), Ijma' (Consensus), and Qiyas (Analogy).

II.

1. The first higher objective of Islam: the preservation of religion
2. The second higher objective of Islam: the preservation of the self/soul
3. The third higher objective of Islam: the preservation of the mind
4. The fourth higher objective of Islam: the preservation of lineage/offspring
5. The fifth higher objective of Islam: the preservation of wealth

III

Islamic laws  alienated as following

1. .DEFINING AND DECLARATORY LAWS
2. .LAWS OF PERFECT AND IMPERFECT OBLIGATIONS
3. RELIGIOUS AND SECULAR LAWS
4. REVEALED AN UN REVEALED LAWS
5. CERTAIN , PRESUMPTIVE OR DISCRETIONARY LAW
6. REPEALING AND AMENDING LAWS
7. STRICT AND MODIFIED LAWS
8. INTERPRETIVE LAWS
9. PUBLIC AND PRIVATE LAWS
10. LAWS OF THINGS NOT SEPARATE DIVISION
11. LAWS OF PERSON
12. INTERNATIONAL LAW
13. LAWS OF EVIDENCE
14. LAWS OF PROCEDURE
15. CONSTITUTIONAL LAW

IV

Islamic financial contracts are classified into different ways. They are classified according to the principles used. Contracts or Islamic financial contract to be legal and enforceable they must conform tothe shari’ah rules and principles. There are  certain conditions that make the contract valid and these validcontracts are enforced at the courts in case any breach of contract terms and conditions. The Islamicfinancial contracts are classified into sales- based principles, fees-based principles, lease-basedprinciples, profit sharing principles and supporting principles.

Sale contracts could be classified in two different ways. The first classification is based on how the price of the sold property is determined. If a property is sold for a price mutually agreed by the parties without any reference to its cost price, the contract is considered a bargain (musawamah) sale. The second classification is based on the time the price is paid and the subject matter is delivered. Trust sales (buyu'al‐amanah) are a type of sales in which the seller is under obligation to disclose to the purchaser the cost price. Trust sales are further subdivided into cost‐plus‐profit sale (murabahah), sale with no profit (tawliyah), and sale with loss (wadi'ah). Deferred Payment Sale (Bay'Bi‐thaman Aajil) is a sale contract in which the sold property is delivered to the purchaser upon signing the sale agreement, whereas the price is postponed to a future date or paid by installments. Future Commodity Sale (Bay'al‐Salam) is a sale transaction in which the price of a specified amount of a commodity deliverable at an agreed upon future time is paid immediately upon signing the contract. Manufacturing Sale (Bay'al‐Istisna’) is a contract with a seller who provides both raw materials and labor to manufacture a specifically defined product for a known price and deliver it at a specified date. Currency exchange (Bay'al‐sarf) is defined as the sale or exchange of a price for a price in the same or different currency and each price is a consideration for the other.

Banking or banking activity that complies with sharia (Islamic law)—known as Islamic banking and finance, or shariah^[1]-compliant finance^[2]—has its own products, services and contracts that differ from conventional banking. Some of these include Mudharabah (profit sharing), Wadiah (safekeeping), Musharakah (joint venture), Murabahah (cost plus finance), Ijar (leasing), Hawala (an international fund transfer system), Takaful (Islamic insurance), and Sukuk (Islamic bonds).^[3]

Sharia prohibits riba, or usury, defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to riba).^[4][5] Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also haraam ("sinful and prohibited").

Classification of a contract such as Oqoud Tamlyk, Moshārekat, Niyābat, Tabaei, Tabraei