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Exploring the opportunities and challenges of developing Islamic Financial Services in Seychelles
Finance & Accounting
Pages 40 (10040 words)
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).
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. ...
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