The application of fatawa/ resolutions/ rulings by the judge in contemporary Islamic finance

• Main Author: Md Nor, Mohd Zakhiri
• Format: Conference or Workshop Item
• Language: English
• Published: 2010
• Subjects: BP Islam. Bahaism. Theosophy, etc; K Law (General)
• Online Access: http://repo.uum.edu.my/17157/1/21.pdf; http://repo.uum.edu.my/17157/
• Institution: Universiti Utara Malaysia

Drawn from a doctoral dissertation entitled 'gn Analytical Study on the Interaction of Fatawa, Resolutions, Shari'ah rulings and Conventional Law In Contemporary Islamic finance In Malaysia with cross reference to the practices in Saudi Arabia, Pakistan and the Sudan", this paper aims to highlight the position of fatawa/resolutions in the /relationship between judges, Shari'ah advisors and muftis in the area of the contemporary Islamic finance matters. In this regard, reference will be made to the position of fatwa, Shari 'ah resolutions and civil laws in 3 jurisdictions i.e. Malaysia, Sudan and Pakistan. This paper Begins by briefly tracing the application of fatawa /resolutions/judgments by judged/qadhis In the civil justice system. In light of this, selected decided cases will be analysed primarily to show the application of fatawa/resolutions by the judge and related issues in the area of contemporary Islamic finance in civil justice system in Malaysia, bearing in mind the governing laws in Malaysia in relation to Islamic finance.Other case studies will be within the context of Sudan and Pakistan highlighting the regulation of' Islamic finance within these two jurisdictions.The final part of this paper will conclude with some recommendations and directions for &lure research with the view to promote the smooth flow of the operations of Islamic finance in Malaysia.