Principles | Islamic Finance | Muslim mortgages to business loans

Main Sources of Sharia'aThe term Sharia'a refers to Islamic law as revealed in the Qur'an and through the Sunnah of the Prophet Muhammad (peace be upon him).The authority of Sharia'a is drawn first and foremost from the specific guidance laid down in the Qur'an.The second main source is the Sunnah, which is what the Prophet Muhammad (peace be upon him) said, did, or approved of, and refers to the way in which the Prophet Muhammad (peace be upon him) lived his life. The third source is Ijma’a (consensus), which involves the interpretation and analysis of newly arising issues by eminent qualified scholars of Figh who will arrive at a consensus or ruling about the issue in question. The fourth source is Qiyas (analogy), which is the process of analogical reasoning from a known injunction to a new injunction. According to this method, the ruling of the Qur’an and Sunnah may be extended to a new problem provided that the precedent (asil) and the new problem (far'a) share the same operative or effective cause (illah).The fifth source is Ijtihad, which is, the effort of a qualified Islamic jurist to interpret or reinterpret sources of Islamic law in cases where no clear directives exist.The principles of Islamic finance are as old as Islam itself. The members of our Sharia’a Supervisory Committee are experts in the interpretation of Islamic law and its application in modern day Islamic financial institutions. HomeAbout UsVision & ValuesHistoryMedia CentrePress ReleasesPR ContactsPress FAQsRegisterFAQsCareersCurrent PositionsIslamic FinanceModes of FinanceGlossaryIslamic TermsBanking TermsSharia'a ComplianceSupervisory CommitteeThe Committee's RoleMain Sources of Sharia'aCertificates of EndorsementOur ProductsPersonal Current AccountHow to ApplySavingsSavings AccountYoung Persons SavingsTerm DepositsTreasury DepositsDirect SavingsWakala DepositsPersonal FinanceFeatures & BenefitsHow to ApplyHome FinanceRegister for detailsSending Money AbroadBusinessCurrent AccountHow to ApplySavings AccountHow to ApplyBusiness FinanceCommercial PropertyMasjid & CharitiesFeatures & BenefitsProfit RatesHow to ApplyOnline Personal BankingOnline Business BankingInvestor RelationsWelcomeShare PriceCompany InformationBoard DirectorsCorporate GovernanceFinancial InformationFinancial CalendarShareholder ProfileAdvisersSecurity & PrivacyLegalContact Us

Main Sources of Sharia'a

The term Sharia'a refers to Islamic law as revealed in the Qur'an and through the Sunnah of the Prophet Muhammad (peace be upon him).

The authority of Sharia'a is drawn first and foremost from the specific guidance laid down in the Qur'an.

The second main source is the Sunnah, which is what the Prophet Muhammad (peace be upon him) said, did, or approved of, and refers to the way in which the Prophet Muhammad (peace be upon him) lived his life.

The third source is Ijma’a (consensus), which involves the interpretation and analysis of newly arising issues by eminent qualified scholars of Figh who will arrive at a consensus or ruling about the issue in question.

The fourth source is Qiyas (analogy), which is the process of analogical reasoning from a known injunction to a new injunction. According to this method, the ruling of the Qur’an and Sunnah may be extended to a new problem provided that the precedent (asil) and the new problem (far'a) share the same operative or effective cause (illah).

The fifth source is Ijtihad, which is, the effort of a qualified Islamic jurist to interpret or reinterpret sources of Islamic law in cases where no clear directives exist.

The principles of Islamic finance are as old as Islam itself. The members of our Sharia’a Supervisory Committee are experts in the interpretation of Islamic law and its application in modern day Islamic financial institutions.