Question: please answer the questions according the marks that given to each question. 1 . Shariah literally means, 'the straight path to be followed. Al-Qurtubi defines

 please answer the questions according the marks that given to each

please answer the questions according the marks that given to each question.

question. 1 . Shariah literally means, 'the straight path to be followed.

1 . Shariah literally means, 'the straight path to be followed. Al-Qurtubi defines Shariah as the canon of Islamic law-the commandments of Allah (SWT) to mankind. A comprehensive definition of the word Shariah can be deduced from the different definitions of the Islamic teachings and system, which was revealed to Prophet Muhammad (PBUH), recorded in the Quran and deducible from the Prophet's divinely guided actions and sayings. In brief, Shariah is the Islamic guidelines that govern all aspects of human life in which it is including the political, economic and social activities. Banking activities is part of the economic activities. Islam has provided the guidelines through the Shariah ruling that govern the banking related activities that portrays in Islamic finance. As an Islamic financial consultant, should you aware that: a) One of the important constituents in Islamic law is the sources utilized in order to deduce rulings. As an Islamic financial consultant, what should you understand about sources of Islamic law that governs the ruling? Discuss at least five (5) sources of Islamic law. (20 markah/ marks) b) Generally, a valid Shariah contracts is built upon three essential elements; namely (1) the form of the contract, (2) the subject matter of the contract, and (3) the contracting parties. As an Islamic financial consultant, assume that you have a client interested to join in an Islamic financial contract. However, the client does not understand what made the Islamic financial contract valid and differs to the conventional contracts. Assume that the client does not understand on the third element of the contracts. Please advise the client accordingly. (20 markah/ marks) c) Meanwhile, Shariah also provides guidelines in which governs transactions and activities in Islamic Finance. The primary prohibition is the prohibition of Riba in Islamic financial activities. Riba literally means excess, expansion, increase, addition or growth. As an Islamic financial consultant, explain in detail about Ribawi items and Riba al-Buyu' (20 markah/ marks)

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