An Arabic term (فتوى) that denotes “juristic opinion“. It is a religious decree, edict, or legal ruling which is issued by an Islamic scholar(s) or cleric(s) in response to a query brought forth by an inquirer, whether an individual or institution. This opinion is typically meant to give a shari’a ruling with respect to a specific question or matter (masa’alah), existing or prospective. Fatwas (or fatawa- plural of fatwa) are based on specialized knowledge of the shari’ah sources (Quran, sunna, qiyas, etc), and are given orally or in writing. For example, a fatwa may be sought in order to know the shari’ah ruling on a specific financial transaction, especially newly emerging dealings (such as tawarruq and ‘einah in recent years).
Islamic Finance
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