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a. Ijtihad is a process of systematic reasoning to reveal the rule of law. From this statement, do you agree that Ijtihad is the main

a. Ijtihad is a process of systematic reasoning to reveal the rule of law. From this statement,

do you agree that Ijtihad is the main practice in solving issues in Islamic finance

nowadays? Provide an example to justify your answer.

(15 marks)

b. Discuss the regulatory framework used in Islamic financial system in Malaysia.

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