THE ROLE OF ISLAMIC lJTIHAD IN THE REGULATION AND CORRECTION OF CAPITAL MARKETS

I am hesitant to speak on the role of ijtihiid in an Islamic capital market, because this topic requires understanding two important but difficult areas whose primary sources are in different languages. The first area is ijtihiid which is connected withfiqh issues; the majority of its sources are i...

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Autor principal:	Taha Jabir al-'Alwani
Formato:	article
Lenguaje:	EN
Publicado:	International Institute of Islamic Thought 1997
Materias:	Islam BP1-253
Acceso en línea:	https://doaj.org/article/f8b3b8955f874926a263b3504104da24
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spelling	oai:doaj.org-article:f8b3b8955f874926a263b3504104da242021-12-02T17:49:47ZTHE ROLE OF ISLAMIC lJTIHAD IN THE REGULATION AND CORRECTION OF CAPITAL MARKETS10.35632/ajis.v14i3.22812690-37332690-3741https://doaj.org/article/f8b3b8955f874926a263b3504104da241997-10-01T00:00:00Zhttps://www.ajis.org/index.php/ajiss/article/view/2281https://doaj.org/toc/2690-3733https://doaj.org/toc/2690-3741 I am hesitant to speak on the role of ijtihiid in an Islamic capital market, because this topic requires understanding two important but difficult areas whose primary sources are in different languages. The first area is ijtihiid which is connected withfiqh issues; the majority of its sources are in Arabic. The second area is economics which is connected with the analysis of capital markets; the majority of its sources are in European languages. Linking ethics and economics is necessary but difficult. Necessary, because every economic choice has a spiritual dimension. Difficult, because secular economics severs the link, by reducing values to tastes and arguing that different ethical values do not change the method of choice. Therefore, properly linking ijtihiid and economics is a difficult task, requiring determined effort to refute the secular separation of ethics and economics. I spent over 100 hours thinking, reading, and analyzing the essential points of both until I could establish common ground between them. Ijtihad is of central importance in usul al-fiqh, and concerns the method of implementing the spirit of the sacred texts in any environment. Since the third century A.H., ijtihd has been the main theme of dialog between the different schools of fiqh. To this day scholars debate the issue. Economics is an important science in our time, influencing several other sciences. Since the capital market is a significant topic in economics, it is important to understand the strengths and weaknesses of the neoclassical analysis of capital markets' in developing an Islamic capital market. We must also understand the history of economic thought, how capital markets became an important part of it, and why many ... Taha Jabir al-'AlwaniInternational Institute of Islamic ThoughtarticleIslamBP1-253ENAmerican Journal of Islam and Society, Vol 14, Iss 3 (1997)
institution	DOAJ
collection	DOAJ
language	EN
topic	Islam BP1-253
spellingShingle	Islam BP1-253 Taha Jabir al-'Alwani THE ROLE OF ISLAMIC lJTIHAD IN THE REGULATION AND CORRECTION OF CAPITAL MARKETS
description	I am hesitant to speak on the role of ijtihiid in an Islamic capital market, because this topic requires understanding two important but difficult areas whose primary sources are in different languages. The first area is ijtihiid which is connected withfiqh issues; the majority of its sources are in Arabic. The second area is economics which is connected with the analysis of capital markets; the majority of its sources are in European languages. Linking ethics and economics is necessary but difficult. Necessary, because every economic choice has a spiritual dimension. Difficult, because secular economics severs the link, by reducing values to tastes and arguing that different ethical values do not change the method of choice. Therefore, properly linking ijtihiid and economics is a difficult task, requiring determined effort to refute the secular separation of ethics and economics. I spent over 100 hours thinking, reading, and analyzing the essential points of both until I could establish common ground between them. Ijtihad is of central importance in usul al-fiqh, and concerns the method of implementing the spirit of the sacred texts in any environment. Since the third century A.H., ijtihd has been the main theme of dialog between the different schools of fiqh. To this day scholars debate the issue. Economics is an important science in our time, influencing several other sciences. Since the capital market is a significant topic in economics, it is important to understand the strengths and weaknesses of the neoclassical analysis of capital markets' in developing an Islamic capital market. We must also understand the history of economic thought, how capital markets became an important part of it, and why many ...
format	article
author	Taha Jabir al-'Alwani
author_facet	Taha Jabir al-'Alwani
author_sort	Taha Jabir al-'Alwani
title	THE ROLE OF ISLAMIC lJTIHAD IN THE REGULATION AND CORRECTION OF CAPITAL MARKETS
title_short	THE ROLE OF ISLAMIC lJTIHAD IN THE REGULATION AND CORRECTION OF CAPITAL MARKETS
title_full	THE ROLE OF ISLAMIC lJTIHAD IN THE REGULATION AND CORRECTION OF CAPITAL MARKETS
title_fullStr	THE ROLE OF ISLAMIC lJTIHAD IN THE REGULATION AND CORRECTION OF CAPITAL MARKETS
title_full_unstemmed	THE ROLE OF ISLAMIC lJTIHAD IN THE REGULATION AND CORRECTION OF CAPITAL MARKETS
title_sort	role of islamic ljtihad in the regulation and correction of capital markets
publisher	International Institute of Islamic Thought
publishDate	1997
url	https://doaj.org/article/f8b3b8955f874926a263b3504104da24
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THE ROLE OF ISLAMIC lJTIHAD IN THE REGULATION AND CORRECTION OF CAPITAL MARKETS

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