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Exploring the opportunities and challenges of developing Islamic Financial Services in Seychelles - Literature review Example

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Exploring the opportunities and challenges of developing Islamic Financial Services in Seychelles

In the religion of Islam, it is strongly believed that Allah alone is Sovereign and it is He who has the right to ordain a guidance path for the whole humanity. In the Holy Quran, the word “Shariah” is mentioned once: “ Then, We have set you[Muhammad] on a path (Shari’a) of [Our] commandment, so follow it, and do not follow the whims of those who do not know” (Holy Quran 45:18). This verse of Holy Quran clearly stipulates that Allah has ordered to the Last Prophet Muhammad (PBUH) that He himself has provided some of the basic Sharia rules and regulations in the shape of the Holy Quran and You [Muhammad (PBUH)] has been ordered to follow them. In the last part of this verse, it is also ordered that whims or wishes of others are totally disallowed to be followed instead of the orders of Allah. In the Shariah, it is clearly mentioned and established fact that Allah is the Law Giver and the whole Ummah is merely His Trustee (Kettell, 2011, p.13). More clearly, every Muslim is under a moral obligation to read, understand and act upon the Islamic rules and regulations mainly enshrined in the Holy Quran. ...
s scholar, can develop an independent judgement; not even all the Muslims of the world collectively have any authority to introduce even the slightest change to it. The scope of Shariah is not limited to a single aspect of Muslim life. The Shariah is the guide for human actions which includes every dimension of human life. As a result, it attaches, sanctifies and gives religious importance and religious aspect to activities that may look mundane. Also, it encompasses constitutional and regulatory rules and regulations. Muslims individually and collectively are ordered to conduct their daily economic, social, personal, political, religious and other activities in accordance with the Shariah rules and regulations provided in the Holy Quran, the Sunnah and other sources of Shariah. The sources of shariah Kelly (2008) mentions the following sources of Shariah in the religion of Islam (p.109): The Quran; The Sunnah; The Ijtihad; The Ijma; The Qiyas. The Quran Naqvi (2012, p.23) states that Muslims believe that the Holy Quran is the final word from Allah. The Holy Quran is the main source of Shariah. In this main source, Allah has provided numerous orders, rules and regulations relating to different aspect of human life. In order to religiously conduct daily human activities, the Holy Quran provides guidance relating to the essential human activities. Broadly speaking, the Holy Quran provides guidance on two aspects of human life: relationship between humans and the relationship between humans and Allah. Between these two aspects, the majority of the guidance has focused on the relationship between humans. As humans are required to interact for various reasons including political, social, economic, and personal and so on, Allah has included maximum guidance on these issues ...Show more

Summary

Literature Review 2.1 Islamic finance and the principles of Shariah (1500 words) What is shariah Linguistically speaking, the word “sharia” is originated from the root sh-r-‘meaning to enter or to go (Roald, 2001, p.102). In the same work, Roald (2001) elucidates “sharia” as ‘ the way to watering place’ denoting the place where animals gather for the purpose of drinking water; in a more understandable sense it means a path (p.102)…
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Exploring the opportunities and challenges of developing Islamic Financial Services in Seychelles essay example
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