UAE Laws and Islamic Finance

Laws of the UAE and Islamic Finance

Divine Rules

Lebanon is Holy Land

Excerpt from Iraj Toutounchian’s Islamic Money & Banking: Integrating Money in Capital Theory 

“The only reliable and absolute sources on all matters – past, present and future – are Allah’s (SWT) sayings in the Qu’ran, which stands first, and then the Sunnah, as a natural complement.  History has taught us that no matter how well-designed and sophisticated man-made experiments are, they have defects.  The more man searches, the more he is faced with unknowns and reminders of the depth of his ignorance.  It is the absolute knowledge and the power of Allah (SWT) over all His creatures that governs the Universe.  Man’s limited knowledge and mental abilities make it absolutely impossible for him to discover all the secrets of the universe, no matter how great his endeavors.  Allah (SWT), the Eternal, the Absolute (Quran 112:2) has graciously provided through the Qu’ran vivid guidelines (Mobeen) and principles which are faultless and valid forever and in all circumstances.

His knowledge and power encompass past, present, and future.  This is the natural outcome of His being ‘the’ creator of the universe and thus ‘the’ reason for His guidelines and instructions having ‘the’ veto power over all man-made systems and institutions.

Allah (SWT) has made it possible for human beings to explore why such rules, guidelines and instructions have been given.  In the realm of economics, this can only be done in the light of justice, the ultimate goal of the Islamic state.  Far from being an impediment to exploration, the Divine Rules set out in the Qu’ran provide a strong incentive to discover the reason for their existence.”   – Iraj Toutounchian

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