Tuesday, December 20, 2016

Islamic finance in Europe (15)

Continuation
These secondary sources are Islamic jurisprudence (fiqh).
It based on the interpretations (ijtihad) of experts in particular cases (e.g. ones of implicit or unclear rules):
§  on deductive reasoning (qiyas);
§  and on the expert consensus of various schools of thought (ijma).
Qiyas means that if a ruling is required on a case not covered by the Quran and the Sunna, a comparison can be made with a similar situation covered by these.
Ijma is the underlying idea is that the ummah (Muslim community) itself becomes a source of law.
However, there is no agreement on the consensus. The scope of which varies from the entire community of believers to the agreements of scholars.
However, it is controversial as to whether interpretation is still possible, as some scholars maintain that interpretation was completed centuries ago.
From the research paper of European Central Bank

(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho, B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)

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