List down and explain the factors involve in Islamic Financial Framework : Aqeedah Aqeedah refers to those matters

which are believed in, with certainty and conviction, in ones heart and soul. They are not tainted with any doubt or uncertainty. In Islam, aqeedah is the matter of knowledge. The Muslim must believe in his heart and have faith and conviction, with no doubts or misgivings. The principles of aqeedah are those which Allah has commanded us to believe in, as mentioned in the ayah:

The Messenger (Muhammad SAW) believes in what has been sent down to him from his Lord, and (so do) the believers. Each one believes in Allah, His Angels, His Books, and His Messengers. They say, "We make no distinction between one another of His Messengers" - and they say, "We hear, and we obey. (We seek) Your Forgiveness, our Lord, and to You is the return (of all)." (Al-Baqarah : 285)

Rububiyyah Tawhid Ar-Rububiyyah can be roughly translated as Unity/Oneness of Lordship. It pertains to Allah and His lordship. Rububiyah can be defining as Owner, Obedience, and Nourished. We combine these to get the definition of rabb: Allah is the one who creates, sustains, and owns the entire creation. He alone is the Master, the Controller, the Nourished, the one who creates from nothing. He has the right to each and every atom of creation.All of Creation is under Rububiyyah. In Surah Baqarah, Allah says:

To Him belong all that is in the heavens and on earth, and all surrender with obedience (in worship) to Him. (Al-Baqarah : 116)

Each and every creation must bow down to Allah. No atom escapes Him. 1. Survival: None of us can survive on our own. Therefore, we are not rabbs. 2. Fate: No object can escape its fate. 3. Death: All humans call out to Allah when death comes near them.

Khilafah The Khilafah applies the Islamic constitution; it replaces the existing plethora of constitutions that keep the Muslim world subjugated and backward. The Khilafah guarantees elections, and regional and 'nationwide' assemblies which form the pre-requisite governance institutions, including a judicial authority to check the actions of the executive, and protect the rights of all citizens men and women, Muslim and non-Muslim alike. The Islamic state will neither be theocratic nor does it model itself on any other contemporary Muslim state. Tazkiyah Allah loves those who purify themselves. He sent Prophet Muhammad (SAW) to rehearse His signs, purify us and instruct us in scripture and wisdom and in any new knowledge that would come to light from time to time in the future. Islam lays significant stress on cleanliness and purity of thought, word and deed, expressed as mental (thoughts and intentions), physical (comprising the tongue and other organs such as sexual), moral and spiritual (spiritual sustenance needed for God-consciousness, righteousness and tranquillity).

Give 5 reasons why Islamic Governance is important in muamalat : 1. Popular Vicegerency The position of humankind is that of Allah's vicegerent (khalifah), or Allah representative on earth. The nature of this vicegerency (khilafah) described in the Qur'an is as follows. Whatever capacities and abilities humans possess, they are bestowed upon them by Allah. Allah bestowed these gifts on humans so that using them and they will granted them by Allah, they follow and establish His will in their lives as His representatives and not as autonomous entities. The Qur'an states:

Allah has promised to those among you who believe and work righteous deeds that He will assuredly make them succeed (those who rule) and grant them vicegerency in the land just as He made those before them succeed others (Al Nur, 24:55). Therefore, the two cardinal principles of governance as laid down by the Qur'an are: first, sovereignty belongs to Allah and second, the popular vicegerency belongs to all believers. 2. Shura or Common Consultation The whole system of Islamic State from its inception to the selection of the head of the state and all those in positions power as well as its dealings must be conducted by shura, whether it is carried out directly or indirectly through selected or elected representatives. The Qur'an states:

"Their affairs are decided by consultations between them" (As - Shuura, 42:38).

Selecting or electing persons to positions of power the following four criteria must be given due consideration in the light of Quran injunctions. 1. It should be only delegated to those who acknowledge the principles, on which the system of khilafah is based, because it cannot be entrusted to persons who oppose it. 2. It should not be entrusted to tyrants and those who are disobedient to Allah Taala or known sinners but to God-conscious, considerate and righteous believers. 3. It should not be given to the foolish and ignorant but to the knowledgeable, wise and those who understand the state affairs and are capable of running it, mentally and physically. 4. It should be entrusted to the honest such as are worthy of these responsibilities. 3. Dispensation of Equitable Justice Islamic Law based on the Qur'an and Sunnah is equally accessible to all and equally applicable on members of the society from the lowest to the highest, without any distinction or discrimination. All people have equal rights and each and everyone is equally responsible before the law. It is the obligation of the rulers to ensure that each member of the society particularly the weak, is given his due rights. 4. Al-Amr bil Maruf wa Nahi an al-Munkar The above term literally means commanding what is right and forbidding what is wrong and encompasses a whole gambit of duties and responsibilities. It means that every individual of the society has the right, nay the duty, to tell the truth and stand for it, to further all that is good and virtuous and do his utmost to remove the wrongs and vices wherever he finds them. The Prophet (SAW) tells us: "Whoever among you sees a vice (or wrong), he should change it with his hands; if he is not able to do that, then he should check it with his tongue; and if he cannot do that, then he should consider it bad in his heart (and wish for its removal) and this is the sign of weakest in faith" (recorded in Muslim, Tirmidhi, Abu Daud and Ibn Majah). 5. Disclosure and transparency In Islamic economy, accountability is entitled to produce a true and fair disclosure and transparency. Accountability is first of all to Allah. The fundamental concept of Islamic accountability is believed that all resources are made available to individuals in a form of trust. Hence true disclosure of financial facts, and accurate information should freely available to the

users. Another important point involved in disclosure is to provide the users adequate information which needed for sound financial decisions. This will lead in paying accurate zakah which is the third pillar of Islam. Accuracy in a sense, involves an aspect of fairness and just system. This can help in making economic and business decisions consistent. This fundamental is a powerful ethics in Islamic accounting system and helps in promoting proper disclosure and transparency in any business dealing.