Money laundering from Islamic perspective

Samah Al Agha

Journal of Money Laundering Control, 2007, vol. 10, issue 4, 406-411

Abstract: Purpose - The focal point of this paper is money laundering from the Islamic perspective. As money laundering has become a world‐wide phenomenon, studying it from an Islamic viewpoint is of significance. The purpose of this paper is to examine: the conception of money laundering in Islam; the criteria by which Islamic law distinguishes between lawfulness (al‐halal) and unlawfulness (al‐haram); what the stipulations (conditions) are for having money or owning property in Islam; and what the attitude of Islamic law is towards the laundered money. Design/methodology/approach - The research depended on secondary data. The data were taken fromQuranandSunna. Findings - In responding to the first question, it has been found that, although money laundering is a contemporary crime, the conception of money laundering has been addressed through many provisions inQuranandSunna(going back 1,400 years). From many examples inQuranandSunna, it has been recognised that the scale of prohibition in Islam is much wider than the scale of prohibition in any secular law.Qimar(gambling) is prohibited bySharialaw but not in secular laws. Originality/value - The paper is of value in identifying the criteria by which Islamic law distinguishes between lawfulness and unlawfulness. It also identifies four stipulations for having money or owning property in Islam. Finally, the paper reviews the attitude of Islamic law towards the laundered money.

Keywords: Money laundering; Islam (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:13685200710830899

DOI: 10.1108/13685200710830899

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