Shariah
Islamic law guiding permissible financial transactions and moral conduct.
Detailed Description
Shariah
What is Shariah?
Shariah refers to Islamic law derived from the Quran and Hadith, governing the moral, ethical, and social conduct of Muslims.
What are the core principles of Shariah in finance?
The core principles include fairness, transparency, and ethical behavior, prohibiting riba, gharar, and haram activities.
What is Shariah compliance in finance?
Shariah compliance is the process ensuring financial institutions adhere to Islamic law, often involving evaluations by Shariah scholars.
What are some common Shariah-compliant financial products?
Common products include Islamic mortgages, Islamic investment funds, Takaful, and Halal investment opportunities.
What challenges does Shariah compliance face?
Challenges include lack of uniformity in interpretations, complexity of integrating modern finance with Shariah, and limited qualified scholars.