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The Key Quranic Principles Underpinning Islamic Finance

Justice & fairness

Justice & fairness – Is the essential measure subscribed to offering Shariah based products creating a fair and just society. (Holy Quran 22;41)

Riba (Interest on Lent Money)

Not only referred to as usury, it is any loan in which the lender specifies a return in excess of the capital amount immaterial if that amount is moderate or excessive. God forbids interest, and permits trade (Holy Quran (2;275 )

The Holy Quran forbids all interest based instruments and strongly condemns all interest bearing transactions in any form.

“Oh you who believe observe your duty to God and give up Usury, if you are believers “2;278

And if you do not be warned of a war against you from Allah and his messenger. And if you repent then have your principle sum, (without interest). Wrong not and you shall not be wronged. 2; 279

God permits trade and forbids interest and wages war on it, and draws a clear distinction between the both of these. Contending interest is not the same as earning a profit from trade.

  God Forbids interest, and permits trade (Holy Quran (2;275)
    God will deprive interest of all blessing (Holy Quran (2;272)
    God tells people to be afraid of Riba. (Holy Quran (2; 276)

The prophet Muhammad (PBUH) cursed the eater of interest, him who fed it (to others), its two witnesses and him who recorded it. (Narrated by Trimidhi, Ahmad3737, Abu Dawud 3333, Ibn Majah 2777)

Avoidance of Doubt.

Any products must be clear and avoid uncertainty, as directed by the Prophet (Peace be upon him). What is lawful is clear, what is unlawful is clear, and all that is between remains doubtful, who ever stays away from uncertainty preserves his honour and Faith. (Sahih Muslim Volume 3882 volume 3)

Shariah (promoting welfare, safeguarding their wealth)

All Products’ must be Shariah Based (not just Shariah compliant), be predicated upon majority opinion, according to the Great Philosopher Gazzali, the term Shariah is promoting and safeguarding the wealth and safety of the people.

Avoiding harm to ourselves and surroundings.

The Prophet has directed and forbid any investments that create harm to society, for example he forbid cutting down trees for monetary gain, Gambling, pornography, anything that destroys the values of a society. Creating harm is strictly forbidden.

Channelling wealth to the most needed.

According to the Quran wealth should be created to the part of Society that needs it the most, the Orphan, the needy and the wayfarer.

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