EBB31203: Shariah is a term used to describe the rules of the lifestyle (Deen) ordained by Allah SWT. It is characterized as a “complete way of life”: Islamic Financial Plan Construction & Professional Responsibilities Assignment, UBS, Malaysia

Questions

1. Shariah is a term used to describe the rules of the lifestyle (Deen) ordained by Allah SWT. It is characterized as a “complete way of life”. Describe the five (5) sources of Shariah.
2. The understanding of Maqasid Al Shariah is an essential need for every Muslim all over the world. According to Muslim scholars, the mash (benefits) are deemed necessary to protect and preserve the five darurah (essentials). Explain the five (5) darurah.
3. A Code of ethics is a guideline that sets acceptable behaviors for a given group of people or profession. According to FPAM’s Code of Ethics, a practitioner agrees to act fairly and diligently when providing clients with financial planning advice and services. Describe the general Code of Ethics of an Islamic Financial Planner from an Islamic perspective.
4. Financial planning is basically a discipline of wealth management that applied to the unique needs and concerns of each individual. Explain the three (3) main differences between conventional and Islamic financial planning.
5. Qawaid Fiqhiyyah, or Islamic legal maxims, is a concise statement regarding legal principles formulated by Islamic scholars based on Shariah sources. What are the five (5) major legal maxims that provide useful insights into the objectives of Shariah?
6. Zakat is an obligatory payment with the intention to purify one’s wealth to gain Allah’s blessing. However, there are certain conditions to be met that make zakat compulsory. Explain the five (5) conditions.

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