Formalism versus Purposivism in Islamic Jurisprudence: The Case of Islamic Finance Law
This manuscript critically discusses the current implications of the scriptural injunctions against <i>gharar</i> and <i>maysir</i>. It elaborates how overlooking the features of the contemporary world and adopting a formalistic approach in Islamic jurisprudence have led to a...
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| Format: | Article |
| Language: | English |
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MDPI AG
2023-04-01
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| Series: | Religions |
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| Online Access: | https://www.mdpi.com/2077-1444/14/4/465 |
| Summary: | This manuscript critically discusses the current implications of the scriptural injunctions against <i>gharar</i> and <i>maysir</i>. It elaborates how overlooking the features of the contemporary world and adopting a formalistic approach in Islamic jurisprudence have led to absurdity in the implication of the doctrines of <i>gharar</i> and <i>maysir</i> for Muslims’ financial activities. The manuscript also underscores the necessity of adopting the <i>maqāsid</i> approach (purposivism) in Islamic jurisprudence. It propounds that the cogent concern of the injunctions could have been an initiative for Islamic scholars to establish an advanced contract law and to promote transparency in economic activities if a <i>maqāsid</i> approach had been adopted in Islamic jurisprudence. |
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| ISSN: | 2077-1444 |