Reference no: EM13686914

Question 1. 
The five major legal maxims that plays an important role for mujtahid to derive Islamic ruling are as follows: 
i. Matters are determined according to intention; 
ii. Hardship begets facility; 
iii. Harm shall not be inflicted nor reciprocated; 
iv. What is certain cannot be removed by doubt; 
v. Custom is arbitrary 

a) Explain the general meaning of the maxims stated above. 
b) What is the origin of the maxim? 
c) What are the applications of the maxim? 

Question 2 
You are a general manager of a newly established Islamic bank. For the next six months you are required to: 
i. Create new products; 
ii. Set up the operations; 
iii. Set up the risk management department; 
Elaborate, on the steps that you need to do and at the same time comply with the requirements of the regulators.