Post by rituritu on Sept 10, 2023 18:12:13 GMT 10
Legal Basis: In Islamic Fiqh, usury is strictly prohibited by the Koran and Hadith. Meanwhile, civil law is based on legal codes and regulations prepared by the government and legal institutions.
Main Objective: Islamic Fiqh's view of usury is aimed at maintaining justice, economic sustainability and social justice. Civil law tends to focus more on economic growth and market efficiency.
Nature of Profits: Islamic jurisprudence tends to forbid all types of additional profits that do not result from actual effort or risk. In civil law, certain types of profits resulting from investments and risks are permitted.
Regulation of Financial Institutions: In Islamic Fiqh, financial Phone Number List institutions are developed to comply with sharia principles, including the prohibition of usury. In civil law, financial institutions are regulated by banking and financial regulations.
Legal Sanctions: In Islamic Fiqh, violation of the prohibition on usury is considered a religious sin and can result in social and moral sanctions. In civil law, violations of usury-related rules may result in legal sanctions in the form of fines or cancellation of transactions.
A comparison of the legal views on usury in buying and selling between Islamic Fiqh and civil law reflects the differences in the philosophical foundations, objectives, and nature of regulations in the two systems. While Islamic Fiqh emphasizes moral values, justice, and ethics in business and finance, civil law is more inclined towards economic aspects and market efficiency. Understanding these differences can help in understanding the complexity of regulations and values that govern buying and selling transactions in various legal and cultural environments.
Main Objective: Islamic Fiqh's view of usury is aimed at maintaining justice, economic sustainability and social justice. Civil law tends to focus more on economic growth and market efficiency.
Nature of Profits: Islamic jurisprudence tends to forbid all types of additional profits that do not result from actual effort or risk. In civil law, certain types of profits resulting from investments and risks are permitted.
Regulation of Financial Institutions: In Islamic Fiqh, financial Phone Number List institutions are developed to comply with sharia principles, including the prohibition of usury. In civil law, financial institutions are regulated by banking and financial regulations.
Legal Sanctions: In Islamic Fiqh, violation of the prohibition on usury is considered a religious sin and can result in social and moral sanctions. In civil law, violations of usury-related rules may result in legal sanctions in the form of fines or cancellation of transactions.
A comparison of the legal views on usury in buying and selling between Islamic Fiqh and civil law reflects the differences in the philosophical foundations, objectives, and nature of regulations in the two systems. While Islamic Fiqh emphasizes moral values, justice, and ethics in business and finance, civil law is more inclined towards economic aspects and market efficiency. Understanding these differences can help in understanding the complexity of regulations and values that govern buying and selling transactions in various legal and cultural environments.