A systematic method for identifying the leading causes of illegal islamic financial transactions

Abstract

Islamic sales and finance are currently presented as practical tools in development projects at the global level in Muslim and non-Muslim countries. Most contemporary financial transactions involve complex contracts, and it is not easy to know the extent of their sharia compatibility. For this reason, a list of the leading causes that affect financial and sales transactions will be presented in this article from a sharia perspective. These occasioning factors have been formulated legally and presented in codified articles, making it easier for researchers and for traders and contractors in the Islamic financial sector to study a transaction and determine its sharia legality. The proposed method helps to develop a legal framework for the judiciary sector to determine the extent to which contracts are compatible with Islamic sharia provisions.

Keywords

• Islamic sale contracts; Main occasioning factors (illah shariya); Forbidden Islamic transactions; Codifying Islamic finance; Sharia objectives (al-maqasid al-Sharia)