PROGRAMME LEGAL MAXIMS OF ISLAMIC CAPITAL MARKET

SIDC-CPE SIDC CPE points pending application

Objective The course discusses the history and development of legal maxims, its function in shari’ah and

its importance and application to the Islamic capital market.

Content The course will focus on the following 5 fundamental legal maxims and their application to Islamic capital market: History and Development of Legal Maxims

Legal maxims in the Quran

Legal maxims in the Sunnah

Legal maxims in the era of companions, tabiin and imam mujtahids

Legal maxims after the time of the imam mujtahids

Contemporary legal maxims. The 5 fundamental legal maxims

Harm must be eliminated;

Acts are judged by the intention;

Certainty is not overruled by doubt;

Hardship begets facility;

Custom is the basis of judgment. Selected legal maxims for Islamic capital market

Changes in ruling follow changes in time, place and condition

The original ruling in muamalat is permissibility

Necessity is treated as indispensability

The auxiliary follows

The effect on contracts depends on the objectives and meanings

Return commensurate with risk Capital market issues from legal maxims approach

Joint account

Forward pricing

Speculation

Futures contract

Preference shares

Speaker / Company AZMAN ISMAIL Azman Bin Ismail is the Managing Director of IIFIN Planners Sdn Bhd, an investment consulting/ financial planning company licensed under Securities Commission. He has been involved in the the insurance industry since 1985 has provided consultation and training services in Malaysia, Singapore, Brunei, Indonesia, Qatar and Arab Saudi. . Azman has also presented papers at international level meetings in Kuala Lumpur, Singapore, Brunei, Jakarta, New York, Tokyo and Kaherah. He is also a member of the Information Panel of Amanah Raya Berhad. He has written 3 books and the latest book titled, “Perancangan Perwarisan Dalam Islam” (Wealth and Estate Planning in Islam), published by Amanah Raya Berhad. In the education industry, Azman involves himself actively as a Lecturer in the International Islamic University for program such as Executive Diploma in Islamic Banking and Insurance. His other teaching endeavors is spread to institutions such as Institute of Islamic Banking and Finance, Malaysian Insurance Institute, Institute of Management Studies, KDU Management Development Center, IRPA Resources, and South East Asian Central Banks (SEACEN) Research and Training Centre. DR AHMAD ZAKI SALLEH Dr Ahmad Zaki bin Salleh is currently a lecturer at Faculty of Shariah and Law, Islamic Science University of Malaysia (USIM). He obtained B.A. (Hons) in Shariah from Al-Bayt University, Jordon. He then received his Masters Degree in Islamic Revealed Knowledge and Human Science (Fiqh and Usul Al – Figh), at International Islamic University of Malaysia IIUM), and PhD in Islamic Capital Market, at IIUM. He is now a Shariah Expert (Islamic Capital Market) at IFFIN Consulting Sdn Bhd. His areas of interest includes Islamic Capital Market, Islamic Banking and Takaful, and Figh Al Muamalat.