Publication:
The importance of the usuli approach for the technological advancement of Islamic finance: an analysis of the Hanafi jurisprudential method
Abstract
Navigating contemporary societal complexities and providing guidance to Muslims has necessitated rigorous research and insight from Islamic scholars. In the pursuit of clarity, the struggle is to try and uphold the spirit of the teachings of Islam. The key to interacting with these complexities and providing solutions lies within the study of usunl al-fiqh (Islamic jurisprudential principles). Islamic scholars through the ages have built and codified the science of jurisprudence, thus leaving behind a wealth of knowledge that can be further built upon to fit the constantly changing world. The first and most widely followed of the major Islamic legal schools, the Hanaf? school, has had an immense impact on the advancement of commercial jurisprudence and by extension, Islamic finance (IF). This may be attributed to its usuli doctrines when addressing financial quagmire. The usuli approach is one of extreme intricacy and adaptability. This study intends to provide an understanding of the methodology of the Hanafi usul and how its rulings have been employed in some contemporary Islamic financial contracts, contributing effectively to flexibility, justice, and reduction of conflict. Existing literature does not adequately document the application of usul al-fiqh and its contributions to the development of contemporary Islamic finance. This purely qualitative research aims to fill the research gap, contribute to the body of knowledge, and aid in the understanding of the science of us?l thus paving the way for further advancement of Islamic finance through usul al-fiqh. There is much needed technological innovation including artificial intelligence and fintech, and this emerging sector can be supported more effectively by a clear usuli method.
Keywords
Usuli , Islamic finance , Hanafi jurisprudential method , Project paper (MSc)
Citation
Soofie, U. R. (2021). The importance of the usuli approach for the technological advancement of Islamic finance: an analysis of the Hanafi jurisprudential method (Master dissertation). INCEIF, Kuala Lumpur. Retrieved from https://ikr.inceif.org/handle/INCEIF/3995
Publisher
INCEIF
Available in PDF format. Kindly email to kmc@inceif.edu.my to access the item