Authority of Qawl al-Sahabi in Fiqh and its application in modern Islamic finance

الملخص EN

The companions of the Prophet Muhammad (pbuh) who devoted Iheir iives in understanding and propagation of Is^m possess the most highly regarded and noblest status amongst all the Muslims, as envisaged in the Qur’àn and the Sunnah.

This paper deals with the issue of fiqhT status of qawl al-sahâbi (saying, opinion, verdict or fatwâ of the companions) in the discipline of Islâmic jurisprudence.

The paper offers qualitative analysis of various views on the subject matter.

The paper maintains that the majority of Muslim jurists are of die view lhat the legal opinions of the companions are considered as an authoritative source of Is^mic law under specified conditions, and as such the Muslim jurists, from the past and present alike, heavily rely upon these opinions to support their own Islàmic legal judgments {fatâwâ).

Besides, the opinions of the companions also play a very vital role as supportive underlying evidences in fiqh al-mu‘àmalàt.

Given the same paramount significance of these opinions, they are also treated and used, along the line with other secondary sources of Sharï‘ah, in Islâmic finance as proofs for contemporary fatâwâ.

The paper argues that this secondary source of Shari‘ah can be creatively utilised for further development and innovations in Islamic finance along with other sources.