Ijtihad in Islamic finance : a methodological approach
Author
Source
Journal of Fatwa Management and Research
Issue
Vol. 20, Issue 1 (30 Apr. 2020), pp.64-78, 15 p.
Publisher
Islamic Science University of Malaysia World Fatwa Management and Research Institute
Publication Date
2020-04-30
Country of Publication
Malaysia
No. of Pages
15
Main Subjects
Abstract EN
Islamic classical contracts have been revitalized in creating various financial products in Islamic banking institutions.
however, their application in the current banking industry is not without argument.
it is viewed that the classical contracts are not practiced as propounded in the classical fiqh doctrines.
the article discusses the issue by proposing a different methodological approach for shariah advisors in guiding Islamic banks.
shariah advisors in Islamic banking institutions are encouraged to unbind themselves from nominated Islamic classical contracts (Uqud al-Musamma’).
they need to unveil new contracts that suit with modern practices and authentically able to solve problems and limitations faced by Islamic banks.
based on examination of twelve main classical texts of the four Sunni schools, it is found that Islamic classical commercial contracts evolved over times especially in the Hanafi's, Shafi’is and Hanbalis schools.
past Muslim scholars expanded the classical contracts in response to new challenges and problems encountered by Muslim community in their commercial dealings.
the evolution of Islamic commercial contracts can be further enhanced by adhering to the principles of transparency, honesty, mutual consent and humanitarian goals.
American Psychological Association (APA)
Shaharuddin, Amir. 2020. Ijtihad in Islamic finance : a methodological approach. Journal of Fatwa Management and Research،Vol. 20, no. 1, pp.64-78.
https://search.emarefa.net/detail/BIM-1284914
Modern Language Association (MLA)
Shaharuddin, Amir. Ijtihad in Islamic finance : a methodological approach. Journal of Fatwa Management and Research Vol. 20, no. 1 (Apr. 2020), pp.64-78.
https://search.emarefa.net/detail/BIM-1284914
American Medical Association (AMA)
Shaharuddin, Amir. Ijtihad in Islamic finance : a methodological approach. Journal of Fatwa Management and Research. 2020. Vol. 20, no. 1, pp.64-78.
https://search.emarefa.net/detail/BIM-1284914
Data Type
Journal Articles
Language
English
Record ID
BIM-1284914