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Critical review of the tools of Ijtihad used in Islamic finance
Author
Source
Issue
Vol. 24, Issue 1 (30 Jun. 2016), pp.77-94, 18 p.
Publisher
Islamic Development Bank (IDB) Islamic Research and Training Institute (IRTI)
Publication Date
2016-06-30
Country of Publication
Saudi Arabia
No. of Pages
18
Main Subjects
Economy and Commerce
Religion
Islamic Studies
Topics
- Islamic jurisprudence
- Financing
- Common good
- Independent judgement
- Analogy(Islamic jurisprudence)
- Nanophotonics
- Maqasid al-Shari'ah
- Deeds
- Necessity(Law)
Abstract EN
Sharī‘ah covers all aspects of human dealings, including Islamic financial law and its Fiqh nominated contracts, essentially the basis for all Islamic banking and finance transactions.
These contracts are either readily found in the classic books of Islamic law or modified versions adopted to suit the modern financial needs.
In some cases they are a combination of more than one contracts designed to serve a particular financing purpose, like the contract of Ijārah Muntahia Bittamlik (lease ending with transfer of ownership) where the transaction starts with lease and ends with sale.
This paper attempts to discuss the most important Ijtihād instruments that can be used by the faqih (jurists) to evaluate and endorse products in Islamic finance.
It then elaborates on the instruments that are in use in the modern Islamic finance, and which reflect a departure from Sharī‘ah rules and tools for Ijtihād (the process of deriving Sharī‘ah rules for the new incidents from the Sharī‘ah sources).
The objective of this paper is to shed light on the cotemporary Ijtihād in Fiqh of finance in light of the guidelines provided by the Sharī‘ah in an attempt to draw the outlines of what constitutes a proper use of Ijtihād instruments in Islamic finance.
American Psychological Association (APA)
Abu Zayd, Abd al-Azim Jalal. 2016. Critical review of the tools of Ijtihad used in Islamic finance. Islamic Economic Studies،Vol. 24, no. 1, pp.77-94.
https://search.emarefa.net/detail/BIM-688995
Modern Language Association (MLA)
Abu Zayd, Abd al-Azim Jalal. Critical review of the tools of Ijtihad used in Islamic finance. Islamic Economic Studies Vol. 24, no. 1 (Jun. 2016), pp.77-94.
https://search.emarefa.net/detail/BIM-688995
American Medical Association (AMA)
Abu Zayd, Abd al-Azim Jalal. Critical review of the tools of Ijtihad used in Islamic finance. Islamic Economic Studies. 2016. Vol. 24, no. 1, pp.77-94.
https://search.emarefa.net/detail/BIM-688995
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 92-94
Record ID
BIM-688995