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Investing In Islamic Funds: A Practitioner's Perspective by Noripah Kamso

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Glossary to the Quotations

Introduction

What is proven at one time shall perpetuate, unless there is a contrary clue.

(Islamic legal maxim)

Chapter 1: The Growth of Shariah Investments

Permissibility is the original state.

(Islamic legal maxim)

This legal maxim indicates that everything is permissible unless it is proven otherwise by Shariah; hence, it is permissible to grow business and expand Islamic asset management provided that the motivating factors for the growth are Shariah compliant and driven by values and principles of Shariah.

Chapter 2: Fund Management within Shariah-Compliant Investment Guidelines

In contracts, intentions and meanings, not words and structures, shall be taken into consideration.

(Islamic legal maxim)

This legal maxim states the importance of substance in business and finance; hence, it encourages the Islamic fund manager to manage funds as long as they are aligned with Shariah principles. When the fund is Shariah compliant, there is not much consideration given to the form and structure. The said Shariah-compliant contract will have embedded benefits in its features and will also realize Maqasid al Shariah (Objective of Shariah) by securing returns with less risk through transparency and stability in business.

Chapter 3: Uncovering the Driving Principles of Islamic Finance

O ye who believe! Squander not your wealth among yourselves in vanity, except it be a trade by mutual consent.

(An Nisa: 29)

And O my people, give full measure and weight in justice ...

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