Concept
Islamic economics
Related concepts (16)
Islamic banking and finance
Islamic banking, Islamic finance (مصرفية إسلامية masrifiat 'iislamia ), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic banking/finance include Mudarabah (profit-sharing and loss-bearing), Wadiah (safekeeping), Musharaka (joint venture), Murabahah (cost-plus), and Ijara (leasing).
Islam
Islam (ˈɪslɑːm; ۘالِإسْلَام, al-ʾIslām ʔɪsˈlæːm, ) is an Abrahamic monotheistic religion centered on the Quran and the teachings of Muhammad. Adherents of Islam, called Muslims, number approximately 2 billion globally and are the world's second-largest religious population after Christians. Muslims believe that Islam is the complete and universal version of a primordial faith that was revealed many times through earlier prophets such as Adam (believed to be the first man), Ibrahim, Moses, and Isa (Jesus), among others.
Glossary of Islam
The following list consists of notable concepts that are derived from Islamic and associated cultural (Arab, Persian, Turkish) traditions, which are expressed as words in Arabic or Persian language. The main purpose of this list is to disambiguate multiple spellings, to make note of spellings no longer in use for these concepts, to define the concept in one or two lines, to make it easy for one to find and pin down specific concepts, and to provide a guide to unique concepts of Islam all in one place.
Muslim world
The terms Muslim world and Islamic world commonly refer to the Islamic community, which is also known as the Ummah. This consists of all those who adhere to the religious beliefs and laws of Islam or to societies in which Islam is practiced. In a modern geopolitical sense, these terms refer to countries in which Islam is widespread, although there are no agreed criteria for inclusion. The term Muslim-majority countries is an alternative often used for the latter sense.
Riba
Riba (ربا ,الربا، الربٰوة ALA, ˈrɪbæː) is an Arabic word that can be roughly translated as "usury", or unjust, exploitative gains made in trade or business under Islamic law. Riba is mentioned and condemned in several different verses in the Qur'an (3:130, 4:161, 30:39 and perhaps most commonly in 2:275-2:280). It is also mentioned in many hadith (reports describing the words, actions, or habits of the Islamic prophet Muhammad). While Muslims agree that riba is prohibited, not all agree on what precisely it is.
Islamic revival
Islamic revival (تجديد , lit., "regeneration, renewal"; also الصحوة الإسلامية , "Islamic awakening") refers to a revival of the Islamic religion, usually centered around enforcing sharia. A leader of a revival is known in Islam as a mujaddid. Within the Islamic tradition, tajdid is an important religious concept, called for periodically throughout Islamic history and according to a sahih hadith occurring every century.
Mu'amalat
Muamalat (also muʿāmalāt, , literally "transactions" or "dealings") is a part of Islamic jurisprudence, or fiqh. Sources agree that muamalat includes Islamic "rulings governing commercial transactions" and Majallah al-Ahkam al-Adliyyah). However, other sources (Oxford Islamic Studies Online, Brian Kettell, and Wahbah al-Zuhayli’) give it a broader definition including civil acts and in general all aspects of fiqh that are not Ibadat (acts of ritual worship such as prayer or fasting).
Sources of Sharia
Various sources of Islamic Laws are used by Islamic jurisprudence to elaborate the body of Islamic law. In Sunni Islam, the scriptural sources of traditional jurisprudence are the Holy Qur'an, believed by Muslims to be the direct and unaltered word of God, and the Sunnah, consisting of words and actions attributed to the Islamic prophet Muhammad in the hadith literature. In Shi'ite jurisprudence, the notion of Sunnah is extended to include traditions of the Imams.
Contract
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more mutually agreeing parties. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. A binding agreement between actors in international law is known as a treaty.
Religious law
Religious law includes ethical and moral codes taught by religious traditions. Different religious systems hold sacred law in a greater or lesser degree of importance to their belief systems, with some being explicitly antinomian whereas others are nomistic or "legalistic" in nature. In particular, religions such as Judaism, Islam and the Baháʼí Faith teach the need for revealed positive law for both state and society, whereas other religions such as Christianity generally reject the idea that this is necessary or desirable and instead emphasise the eternal moral precepts of divine law over the civil, ceremonial or judicial aspects, which may have been annulled as in theologies of grace over law.