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Analysis on the thoughts of Imam Abu Hanifah and Imam Syafi’i on the Ijtihad method for Sukuk instrument

The paper aims to analyse the thoughts of Imam Abu Hanifah and Imam Syafi’i on sukuk instruments. This paper is divided into two parts. The first part presents the need yet destructive forces of globalization and free trade era in today’s civilization dominated by a capitalistic system which had ina...

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Main Authors: Noyo Sarkun, Mif Rohim, Mohamed Saniff, Shereeza
Format: Article
Language:English
Published: Penerbit UTM Press 2013
Subjects:
BV1460 Religious Education
Online Access:http://eprints.utm.my/id/eprint/33654/1/JT62SS_May2013_03.pdf
http://eprints.utm.my/id/eprint/33654/
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spelling my.utm.336542017-10-13T10:50:09Z http://eprints.utm.my/id/eprint/33654/ Analysis on the thoughts of Imam Abu Hanifah and Imam Syafi’i on the Ijtihad method for Sukuk instrument Noyo Sarkun, Mif Rohim Mohamed Saniff, Shereeza BV1460 Religious Education The paper aims to analyse the thoughts of Imam Abu Hanifah and Imam Syafi’i on sukuk instruments. This paper is divided into two parts. The first part presents the need yet destructive forces of globalization and free trade era in today’s civilization dominated by a capitalistic system which had inadvertently caused global financial crisis and accelerated the issue on poverty, knowledge deficiency and moral decadence. These destructive forces have led to the rise of the Islamic economy concept, amongst others on the need for sukuk instruments. The discussion focuses on sukuk instrument as sukuk has an important role in free trade to fulfill the increased extraordinary economic needs of Islamic countries as well as to realize the economic needs of the entire world. The second part of the paper then analyses the legal aspects of sukuk being a subject of ongoing debate among the experts of Islamic law that seemingly has a negative tendencies on the development of sukuk. The group that rejects sukuk are influenced by the qiyas (analogical) method of Imam Syafi‘i who assumed that sukuk has the conventional elements of risk (gharar) and gambling (maisir). The group that accepts sukuk is influenced by the thoughts of Imam Abu Hanifah who assumed that sukuk is a case of individual interpretation and judgment of Islamic law that should go through the ijtihad method. It is found that both schools of thoughts in essence accepted sukuk as an Islamic financial instrument. This is because Imam Abu Hanifah relied on the istihsan method whilst when Imam Syafi‘i digressed from the qiyas method and used the takhsis theory, the resource levels of legal sources theory and the language approach theory. These theories relied by Imam Syafi’i are all in essence the istihsan theory according to Imam Abu Hanifah. Penerbit UTM Press 2013-05 Article PeerReviewed application/pdf en http://eprints.utm.my/id/eprint/33654/1/JT62SS_May2013_03.pdf Noyo Sarkun, Mif Rohim and Mohamed Saniff, Shereeza (2013) Analysis on the thoughts of Imam Abu Hanifah and Imam Syafi’i on the Ijtihad method for Sukuk instrument. Jurnal Teknologi (Social Sciences), 62 (1). pp. 17-24. ISSN E-ISSN 2180-3722
institution Universiti Teknologi Malaysia
building UTM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Malaysia
content_source UTM Institutional Repository
url_provider http://eprints.utm.my/
language English
topic BV1460 Religious Education
spellingShingle BV1460 Religious Education
Noyo Sarkun, Mif Rohim
Mohamed Saniff, Shereeza
Analysis on the thoughts of Imam Abu Hanifah and Imam Syafi’i on the Ijtihad method for Sukuk instrument
description The paper aims to analyse the thoughts of Imam Abu Hanifah and Imam Syafi’i on sukuk instruments. This paper is divided into two parts. The first part presents the need yet destructive forces of globalization and free trade era in today’s civilization dominated by a capitalistic system which had inadvertently caused global financial crisis and accelerated the issue on poverty, knowledge deficiency and moral decadence. These destructive forces have led to the rise of the Islamic economy concept, amongst others on the need for sukuk instruments. The discussion focuses on sukuk instrument as sukuk has an important role in free trade to fulfill the increased extraordinary economic needs of Islamic countries as well as to realize the economic needs of the entire world. The second part of the paper then analyses the legal aspects of sukuk being a subject of ongoing debate among the experts of Islamic law that seemingly has a negative tendencies on the development of sukuk. The group that rejects sukuk are influenced by the qiyas (analogical) method of Imam Syafi‘i who assumed that sukuk has the conventional elements of risk (gharar) and gambling (maisir). The group that accepts sukuk is influenced by the thoughts of Imam Abu Hanifah who assumed that sukuk is a case of individual interpretation and judgment of Islamic law that should go through the ijtihad method. It is found that both schools of thoughts in essence accepted sukuk as an Islamic financial instrument. This is because Imam Abu Hanifah relied on the istihsan method whilst when Imam Syafi‘i digressed from the qiyas method and used the takhsis theory, the resource levels of legal sources theory and the language approach theory. These theories relied by Imam Syafi’i are all in essence the istihsan theory according to Imam Abu Hanifah.
format Article
author Noyo Sarkun, Mif Rohim
Mohamed Saniff, Shereeza
author_facet Noyo Sarkun, Mif Rohim
Mohamed Saniff, Shereeza
author_sort Noyo Sarkun, Mif Rohim
title Analysis on the thoughts of Imam Abu Hanifah and Imam Syafi’i on the Ijtihad method for Sukuk instrument
title_short Analysis on the thoughts of Imam Abu Hanifah and Imam Syafi’i on the Ijtihad method for Sukuk instrument
title_full Analysis on the thoughts of Imam Abu Hanifah and Imam Syafi’i on the Ijtihad method for Sukuk instrument
title_fullStr Analysis on the thoughts of Imam Abu Hanifah and Imam Syafi’i on the Ijtihad method for Sukuk instrument
title_full_unstemmed Analysis on the thoughts of Imam Abu Hanifah and Imam Syafi’i on the Ijtihad method for Sukuk instrument
title_sort analysis on the thoughts of imam abu hanifah and imam syafi’i on the ijtihad method for sukuk instrument
publisher Penerbit UTM Press
publishDate 2013
url http://eprints.utm.my/id/eprint/33654/1/JT62SS_May2013_03.pdf
http://eprints.utm.my/id/eprint/33654/
_version_ 1643649391642279936
score 13.211869

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