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Application of Talfīq in Modern Islamic Commercial Contracts
Abstract
[Contemporary Islamic Finance has evolved over the recent past to meet economic and financing challenges faced by the Muslim societies, and to regulate the Islamic banking system under Sharfah. Islamic Banks are practicing and introducing various products and instruments such as mushārakah, mudārabah, murābahah, ijārah, salam and istisnā', the innovations of classical fiqh contracts molded into complex banking products. Islamic banks standardize their products with the help of their fatāwā committees. This is sometimes criticized as talfīq, a mere patchwork rather than a proper integration of juristic opinions. The paper argues that Talīq by "qualified jurists" in "issues pertaining to the interests of people and their happiness", is categorized as permissible.]
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[Footnotes]
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Mufti Mahmood Hasan Gangohi, http://blog.darulislam.info/node/91 (Accessed August, 2009); "Under no conditions is the practice of talfīq permissible, which is to use the fatwa offered by one ímãm in one issue and following another Imam in the same unit of ibādah The Legal Status of Following a Madhab, www.everiastingknowiedge.org (Accessed August 2009) p.58.
Vogel, Frank E. and Samuel L. Hayes, Islamic Law and Finance: Religion, Risk and Return, (Netherlands: Kluwar Law International, 1998), p. 37.
The Qur'ān, 2: 275-281.
Al-'Utaybī, Ghāzī ibn Murshid, "Al-Talfīq bayn al-Madhāhib al-Fiqhiyyah wa 'Ilāqatuhu bi Taysīr al- Fatwa". p. 10. (http://www.minshawi.com/node/ 713) (Accessed July 2009.)
Hijra (about A.D. 900), (J. Schacht, An Introduction to Islamic Law, (Oxford, 1964), pp. 70-71.)
Al-Shawkāni, Muhammad ibn Alī, Al-Qawl al-Mufīd fī Adillat al-Ijtihād wa al-Taqlīd, (Kuwait: Dār al-Qalam, 1396 A.H), p.45.
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Ibid.
Al-Qarāfi, Sharh Tanaih al Fusūl Iii Qarāfi, op.cit. p.466.
Al-Shawkānī, Al-Qawl al-Mufid fi Adillat al-Ijtihād wa al-taqlīd, (Kuwait: Dār al- Qalam. 1396 A. H.) p. 39
Al-Shawkānī, Irshād al-Fuhūl, op. cit. p. 447.
Thānawī, Maulānā Ashraf Alī, al-Iqtisād fi al-Taqlīd wa al-ijtihād, (Karachi: Qadīmī Kutub Khana, undated) p.33.
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Al-Qarāfi Al-Qarāfi, Sharh Tanqih al Fusūl III Qarāfi, op.cit., p. 468.
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Al-Zuhaylī, Wahbah, Usūi at Fiqh al-Islāmī, (Damascus: Dār-e-Ehsan, 1997). p. 1141.
Ibid
Al-Bāni, Mohammad Sa'īd, 'Umdah al-Tahqiq fi al-Taqlīd wa al-Talfīa, op. cit. p. 197.
Ibid. p. 194.
Ibid. p. 212.
Ibid.
Ibid., p. 224.
Mansoori, Islamic Banking: Debate on Sharī'ah Legitimacy of Islamic Banking practices in Pakistan, op. cit. p. 62.
Mohammad Al-Sallābī, Usama Mohammad, Al-Rukhas al-Shar'ia Ahkāmuhā wa Dawābituhā, (Alexandria: Dār al-Īmān, 2002) p. 108.
Ibid.
Muslim Ibn al-Hajjāj, Al-Qashīrī, Al-Nīsabūrī, Sahih, Kitāb al-Haj, Bāb Furidha al-Haj Marratān fī al-Umur, Hadīth, 2380, (Tunisia: Dār Sahnūn, 1992) 2 nd . Edn. p. 975/1.
Abū al-'Awn Muhammad al-Saffārīnī (b. 1702), "Al-Tahqīq fi Butlān al-Talfīq". (Kraweitz, op. cit., p. 17)
Kraweitz, op. cit. 18
Kraweitz, op. cit. 29.
Coulson, N.J., A History of Islamic Law, (Edinburg: University Press, 1964) p.185; Vikor, Knut.S., Between God and Sultan:A History of Islamic Law, (UK: C. Hurst & Co. Publishers, 2005) p. 233.
ibid
Vogel & Hayes. Islamic Law and Finance- Religion, Risk and Return, op. cit. p. 34.
Al-Qaradāwī indicates two forms of ijtihād (Al-Qaradāwī, Dr. Yousaf, Al-Ijtihād fi al- Sharī'ah ai-Isiamiyyah, (Al-Maktabah Al-Shāmilah), p.74.
Ibid., p. 86.
Vogel & Hayes, op.cit.
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El-Gamal, op. cit. 28.
Vogel, op.cit.
Qur'ān, 2:173
Mansoor¡, Shaī'ah Maxims on Financial Transactions, (Islamabad: International Institute of Islamic Economics, 2007) p. 83-85.
Vogel and Hayes, op. cit.
Mansoori, Dr. Mohammad Tahir, Islamic Law of Business Transactions, op. cit.
Mansoori. loc. cit.
Islamic Banking Department, Handbook of Islamic Banking Products & Services, (Pakistan: State Bank of Pakistan), http://www.sbp.org.pk/ibd/Handbook-IBD.pdf (Accessed April, 2011) d. 1.
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Iqbal, Munawwar, A Guide to Islamic Finance, (London: Risk Books, 2007), p. 52.
Rufaqa Dār al-Ifta', Murawwija Islāmi Benkāri-Tajziyāti Mutāli'ā, Shar'ī Jā'iza, Fiqhi Naqd-o-Tabsira, op.cit.; Nyazee, Imran Ahsan Khan, Murābhah and the Credit Sale, (Pakistan: The Federai Law House, 2009), p.4. www.nyazee.org; Hagazy, Walīd, Fatwas and the Fate of Islamic Finance, Islamic Finance: Current Legal and Regulatory Issues, (Cambridge, Massachusetts: Harvard Law School , ILSP, Islamic Finance Project, 2005) p. 143
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Hegazy, Fatwas and the Fate of Islamic Finance: A Critique of the Practice of Fatwa in Contemporary Islamic Financial Markets, op. cit. p. 147.
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Al-Zuhaylī, Al-Fiqh Al-Islāmī wa Adillatuh, op. cit. 420/5; El-Gamal, Financial Transactions in Islamic Jurisprudence, op. cit. 353/1.
Usmani, Mufti Mohammad Taqi, Islami Benkāri-Tārīkh o Pas-e-Manzar aur Ghalat Fehmiyon ka Izālah, (Karachi: Al-Afnān, 2009), p. 39.
Ibid.