Formalism versus Purposivism in Islamic Jurisprudence

The Case of Islamic Finance Law

Bibliographic Data

ID3592947
AuthorsPejman Abedifar (0000-0002-7648-7201, University of St Andrews, corresponding author)
Year2023
Volume14
Issue4
Pages465
Publication date2023-04-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueReligions (JOURNAL)
Journal identifiersISSN: 2077-1444 • E-ISSN: 2077-1444
PublisherMDPI AG (PUBLISHER • IT)
DOI10.3390/rel14040465
OpenAlexW4362585158
LanguageEN
Citations received2
References cited24

This manuscript critically discusses the current implications of the scriptural injunctions against gharar and maysir. 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 gharar and maysir for Muslims' financial activities. The manuscript also underscores the necessity of adopting the maqāsid 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 maqāsid approach had been adopted in Islamic jurisprudence

Fiqh · Islam · Islamic finance · Jurisprudence · Law and economics · Literature · Political science · Sharia · Sociology · Theology · Banking stability, regulation, efficiency · Islamic Finance and Banking Studies · Law · Microfinance and Financial Inclusion · Philosophy

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