The Islamic Financial System

  • Mohd Ma’Sum Billah


The objective of Islamic law is to define and regulate an individual’s duties according to God’s will, historically there has been no distinction between legal rules and rules of religion. Shari’ah, or “the Way,” is the term used to describe Islamic law. There are two primary, independent sources of Shari’ah law: the Qur’an, the Holy book of Islam, and the Sunnah, the pronouncements and practices of the Prophet Muhammad (SAW). There are also three secondary sources, ijma’, consensus, qiyas and ijtihad, reasoning by analogy, which are not sources in the strict sense of term, but are means of discovering the law.


  1. Rosly, S. A. (2002). Islamic Banking and Finance. Kuala Lumpur: IIUM, p. 469.Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Mohd Ma’Sum Billah
    • 1
  1. 1.Islamic Economics InstituteKing Abdulaziz UniversityJeddahSaudi Arabia

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