Shari'ah's normative framework as to financial crime and abuse
| Published date | 02 January 2009 |
| Pages | 86-96 |
| Date | 02 January 2009 |
| DOI | https://doi.org/10.1108/13590790910924993 |
| Author | Abd El‐Rehim Mohamed Al‐Kashif |
Shari’ah’s normative framework
as to financial crime and abuse
Abd El-Rehim Mohamed Al-Kashif
Ministry of Justice – Egypt, Cairo, Egypt
Abstract
Purpose – There has been growth in Islamic finance both in Muslim countries and around the world
during the last two decades. This has attracted interest of those concerned with combating crime in
financial institutions. This article aims to highlight the Shari’ah law’s normative framework in
addressing the different aspects of financial crime.
Design/methodology/approach – The paper is a general discussion of the substantive Islamic law
(Koran, Haddiths, etc.) and begins with an introduction of the significance of property in Islam. It then
focuses on the Shari’ah perspective on financial crime.
Findings – It is found that Islam has stressed and asserted the importance of honesty in business
and monetary dealings. Acts negatively affecting the economy are prohibited by Shari’ah under the
division of criminal law developed by Islamic jurisprudence.
Originality/value – The paper shows that Islamic law widens the circle of protection against
financial crimes.
Keywords Crimes, Islam,Finance and accounting
Paper type General review
Significance of property in Islam
Property is strongly protected in Islamic law. Preserving property is one of the main
five objectives which Shari’ah has been revealed to preserve. The other four are the
religion, life, intellect, and honour. These five basic and universal values presented as
necessities or priorities on which the lives of people depend, and whose neglect leads to
total disruption and chaos[1]. It is unlawful for a person to abuse his own wealth, or
abuse the wealth of others. It is not permissible for any one to help him to do so. It is
prohibited to possess peopl e’s property illegally (Moh amed Al-Kashif, 2008).
Shari’ah protects property through various provisions in Qur’an and Sunnah. In his
farewell pilgrimage the Prophet Mohammed (peace be upon him, PBUH) said to the
assembled pilgrims:
O Men, your lives and your property shall be inviolate until you meet your Lord. The safety of
your lives and of your property shall be as inviolate as this holy day and holy month[2].
O Men. Harken well to my words. Learn that every Muslim is a brother to every Muslim
and that Muslims constitute one brotherhood. Nothing shall be legitimate to a Muslim which
belongs to a fellow Muslim unless it was given freely and willingly. Do not therefore,
do injustice to your own selves[3].
Islamic finance goes well beyond illegalization of financial crime; in essence, it aims to
the application of the Islamic law to financial transactions. Eliminating exploitation,
fair dealing and harmony through equitable distribution of wealth is a core to Islamic
law. For instance, hazard or peril leading to uncertainty in any business, or undue
advantage is prohibited by virtue of Shari’ah. In line with this approach, Gharar is
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/1359-0790.htm
JFC
16,1
86
Journal of Financial Crime
Vol. 16 No. 1, 2009
pp. 86-96
qEmerald Group Publishing Limited
1359-0790
DOI 10.1108/13590790910924993
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