Sunday, December 18, 2016

Islamic finance in Europe (14)

Continuation
The primary sources of the Shari’ah are:
§  the Quran;
§  and the Sunna.
Sunna is the:
o   sayings;
o   and actions
of the Prophet Muhammad (s.a.a.s.).
These had been transmitted orally in the form of the hadeeth (the stories of the Prophet’s companions).
The Quran and the Sunna leave room for interpretation.
They do not cover all of the questions confronting the contemporary Muslim community.
Accordingly, there is the need to resort to secondary sources of Islamic law.

From the research paper of European Central Bank

(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho, B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)

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