Rethinking Uṣūl al-Fiqh in Islamic Finance: From Diversified Jurisprudential Schools to Unified Uṣūl?

TY - JOUR

T1 - Rethinking Uṣūl al-Fiqh in Islamic Finance

T2 - From Diversified Jurisprudential Schools to Unified Uṣūl?

AU - Alkhan, Ahmed Mansoor

AU - Hassan, Mohammad Kabir

AU - Alsaadi, Abdul Rahman

N1 - Publisher Copyright: © Ahmed Mansoor Alkhan et al., 2025.

PY - 2025/8/28

Y1 - 2025/8/28

N2 - The ultimate aim of this research is to conceptually present a new phenomenon of officializing a new Islamic legal methodology (uṣūl al-fiqh) utilized to deduce jurisprudential rulings pertaining to Islamic finance. With the existence of Islamic international bodies and Islamic financial infrastructure organizations, contemporary Islamic financial rulings do not necessarily depend on the legal methodology adopted by a particular jurisprudential school of thought. Rather, such international bodies include Sharī'ah jurisconsults in their Sharī'ah boards who depend on diverse classical Islamic legal methodologies when deducing rulings pertaining to Islamic financial practices. This research historically displays the beginnings of uṣūl al-fiqh during the 9–11 Century, and thereafter argues that since the codification of uṣūlal-fiqhis a developing science, the standardization effort by AAOIFI may officially be considered as a new approach to uṣūl al-fiqh (a form of unification). It includes an empirical enquiry, displaying that the concept of unified uṣūl is already in existence, in one form or another.

AB - The ultimate aim of this research is to conceptually present a new phenomenon of officializing a new Islamic legal methodology (uṣūl al-fiqh) utilized to deduce jurisprudential rulings pertaining to Islamic finance. With the existence of Islamic international bodies and Islamic financial infrastructure organizations, contemporary Islamic financial rulings do not necessarily depend on the legal methodology adopted by a particular jurisprudential school of thought. Rather, such international bodies include Sharī'ah jurisconsults in their Sharī'ah boards who depend on diverse classical Islamic legal methodologies when deducing rulings pertaining to Islamic financial practices. This research historically displays the beginnings of uṣūl al-fiqh during the 9–11 Century, and thereafter argues that since the codification of uṣūlal-fiqhis a developing science, the standardization effort by AAOIFI may officially be considered as a new approach to uṣūl al-fiqh (a form of unification). It includes an empirical enquiry, displaying that the concept of unified uṣūl is already in existence, in one form or another.

KW - fiqh

KW - Islamic finance

KW - Islamic law

KW - Islamic legal theory

KW - uṣūl al-fiqh

UR - https://www.scopus.com/pages/publications/105015058315

U2 - 10.1163/15730255-bja10192

DO - 10.1163/15730255-bja10192

M3 - Article

AN - SCOPUS:105015058315

SN - 0268-0556

JO - Arab Law Quarterly

JF - Arab Law Quarterly

ER -