Primary and Secondary Sources
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Training Standards

ISLAMIC FINANCIAL TERMINOLOGY

Islamic Banking refers to a system of banking or banking activity that is consistent with Shari'aor Islamic law. 

Shari'a:meaning the Way or the Path - Commonly known as Islamic Law.

PRIMARY SOURCES

THE QURA'AN:
Sets the framework on Islamic finance and economics. About 70- 100 verses concerning business relationships 

THE SUNNAH:
The Acts and Sayings of the Prophet PBUH -A large wealth of prohibitions and recommendations. The backbone of contracts -Found in 6 main collections

SECONDARY SOURCES

THE FIQH - Scholarly Interpretations in History
The largest body of contract law. Open to interpretation and dispute. 

Four (4) main schools of thought (all Sunni Schools):

  • Hanafi (Pakistan,...)
  • Shafii (Far East)
  • Maliki (North Africa,...)
  • Hanbali (Saudi,...)

IJMA - Community Consensus

IJTIHAD - Personal Judgement

QIYAS - Reasoning and Debate (Shari'a Scholars)

 

Islamic Banking and Finance

IBFC bridges the gap between specialist Academic Institutions and Financial Organisations aspiring to offer Islamic Banking courses or products by offering specific Financial Training Courses and Consultancy based on Islamic principles.