Islamic insurance under IFRS: KPMG – Frontiers in Finance Takaful, or Sharia-compliant insurance, is a relatively young market with a potentially huge customer base. With significant growth outside their current major markets of the Middle East and Malaysia, a large number of Takaful businesses are reporting under International Financial Reporting Standards (IFRS), which gives rise to complex accounting and reporting issues. The reason for this … Read More
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Section E: Maintenance of Law and Order and Enforcement of Hudud
While the act of surveillance* is supposed to be the duty of every Muslim, this cannot be left as a totally voluntary duty. It is for the government to ensure that a group of persons is effectively engaged in this task on a full-time basis. In either case, the government must take a hortatory role and act as a moral force. It is equally the duty of the government to use its force in order to maintain law and order in the country. The Divine scheme of life as enunciated in the Qur’an and Hadith hates fasad (corruption) and zulm (injustice) in the society.
The frequent mention in the Qur’an that Allah does not like fasad and that Allah does not like zulm and the severe admonitions which the Qur’an associates with these vices make it obligatory for an Islamic state not only to suppress these vices but also to plug all the loopholes that lead one to indulge in them. The term fasad is used in the Qur’an to convey the following meanings: Continue reading