Muamalat

Muamalat is set of rules (fiqh) related to worldly matters such as business/trading/commerce transactions, lending and borrowing contracts. Muamalat also involves the rules regarding the social interactions between human such as marriage, inheritance (waqaf, faraidh) and other human activities.

Muamalat nowadays, is always associated to economics and finance since these elements are the key for happiness in this world and hereafter.

As a Muslim, we are believed that all the wealth on this world are belonged to Allah. Humans are only the appointed trustees to manage and distribute the wealth among them. Humans are encouraged to seek wealth through knowledge and skills given by Allah.
The rules and practices of fiqh muamalat are derived from 2 (two) primary sources: the Holy Quran and Hadith of Prophet Muhammad S.A.W.

There are other secondary sources of Islamic law which are collective opinions agreed among Shariah scholars (Ijma’) i.e the 4 (four) school of Fiqh – Hanbali, Maliki, Hanafi and Shafie, Analogy (Qiyas), Personal Reasoning by Ulama’ (Ijtihad) and Traditions/Customs (Urf) – as long as it is not in conflict with Shari’ah.

Among the requirement of Shari’ah laws in practicing businesses transacrions:

·         Not producing and trading of illicit materials (swine, liquor, stolen goods)

·         Not producing and trading of materials which are of no use

·         Not producing and trading of materials which are of no use

·         Gharar (Uncertain)

·         Contains Elemnet of Riba and

·         Involvement of gambling elements