Arabic (عرف) for customary practices; it refers to the norms, values, and customs of the majority of a society or community which individuals are expected to observe or apply in speech, attitudes, interrelationships, etc. These collectively acceptable norms are usually used as a legal basis for rulings and decrees, etc, insofar as they don’t conflict with shari’a precepts and principles. In the realm of Islamic financial and commercial transactions, a subset of ‘urf, known as ‘urf tejari (business customary practices), provides a basis for guidance in everyday business affairs. For example, constructive possession (qabd hukmi) of a countervalue in currency trading is permissible in Shari’a though no physical possession has taken place by means of simultaneous delivery. This is in line with present-day customary practices that consider constructive possession equivalent to physical possession.
Islamic Finance
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