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Islamic Finance




Nawazel


Plural of nazelah; nazelah (نازلة ونوازل) is a new occurrence that requires a new shari’ah ruling (hukm) or nomination (takyeef). A new occurrence refers to any unprecedented case, incident, event, or matter that arises or is encountered at the present time, or an old one that requires a new ijtihad (reasoning). Some occurrences, such as natural disasters that don’t normally require a shari’ah ruling, would need to undergo study through takhreej, while others, those that have an established ruling, may need to be revisited also through takhreej.



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The last three decades have witnessed the modern rebirth of Islamic finance both in terms of literature and practice. Islamic banks and ...
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