Analysis on the Thoughts of Imam Abu Hanifah and Imam Syafi’i on the Ijtihad Method for Sukuk Instrument
DOI:
https://doi.org/10.11113/jt.v62.1205Keywords:
Imam Abu Hanifah, Imam Syafi’i, ijtihad method, sukuk instrumentAbstract
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.
Â
References
Abu Bakar, S. A. 2009. Dairah al-Su’un al-Islamiyyah wa al-‘Amali al-Khairi. Paper presented at the I Mu’tamar al-Masharif al-Islamiyyah baina al-Waqi’ wa al-Ma’mul, Dubai.
Al-Aziz, A. D. A. 1995. Tarikh al-Iraq al-Iqtisadi. Baeirut: Markaz al-Dirasat al-wihdah al-‘Arabiyyah.
Al-Bugha, M. D. 1993. Athar al-Adillah al-Mukhtalaf fiha. Damsyiq: Daar al-'Ulum.
Al-Bukhari, M. I. 2000. Sahih al-Bukhari ma’a Kasyf al-Musykil. al-Qahirah: Dar al-Hadith.
Al-Nasrati, H. 1998. Al-Imam al-A‘zam Abu Hanifah al-Nu‘man. Al-Kaherah: Al-Maktabah al-Qayyimah.
Al-Nawawi, M. Z. 1998. Sahih Muslim bi Syarhi al-Nawawi. Kahirah: Daar al-Hadits.
Al-Rusdani, A. H. A. B. a.-D. a.-M. 2000. Kitab al-Hidayah (5). Lubnan Daar al-Ihya al-Turath al-Arabi.
Al-Syafi’i, M. I. 1997. Al-Risalah: Dar al-Fikr.
Badran. 2002. Al-Syari‘ah al-Islamiyyah. Iskandariyah.
Hadi, S. 2010. Krisis Global. Jakarta: Institute For Justice Global.
Khitab, K. T. 2009. al-Sukuk al-Istithmariyyah al-Islamiyyah wa al-Tahdiyyat al-Mu’asir. Paper presented at the Mu’tamar al-Masarif al-Islamiyyah baina l-Waqi’ wa al-Ma’mul, Dubai.
Mansur, A. M., Dairah al-Syuun al-Islamiyyah wa al-‘Amali al-Khairi. 2009. al-‘Amal bi al-Sukuk al-Ithtimariyyah al-Islamiyyah ‘Ala al-Mustawa al-Rasmi. Paper presented at the Mu’tamar al-masharifi al-Islami Budabi: .
Muhammad, A. Z. Taj’al-‘Urs. Beirut: Dar Maktabah al-Hayah.
Munawwir, A. W. 2007. Kamus Arab Indonesia, . Surabaya: Pustaka Progresif.
Nawawi, A., Syarif, Y. 1992. Sahih Muslim bi Syarhi Al-Nawawi. Bairut: Daar Ihya’ Al-Turath Al-Arabi.
Nurdin, M. N. 2006. Pengembangan Harta Wakaf Menggunakan Instrumen Sukuk". Paper presented at the Konvensten Wakaf Kebangsaan.
Qurtubi, A. 2005. Al-Jami’li Ahkam Al-Qur’an. Beirut: Daar Al-Kutub Al-‘Ilmiyyah.
Razi, A. 1986. Mukhtar al-Suhhah. Jeddah: Daar al-Qublah al-Thaqfah al-Islamiyyah.
Rozak, D. S. N. 2009. Saran Wujud Model Ekonomi Untuk Umat Islam (Suggested the Existence of the Economic Model for the Muslim Ummah). Paper presented at the The 6th World Islamic Economic Forum.
Scholars, T. S. I. C. o. R. 2006. Himpunan Fatwa Dewan Syari'ah Nasional MUI. Ciputat: Gorge Persada.
Sulayman, A. B. 1998. Al-‘Asy’athl al-Sajastani Sunan Abi Dawud. ‘indka: Dar Ibn Hazm.
Tariq, A. A. 2004. Management Financial Risks of Sukuk Structures. UK: Loughborough University.
Turmudhi. 1999. Kitab al-Buyu‘ Bab ma, ja’a fi karahiyah bay’ ma laysa ‘indahu. Beirut: Dar Ihya’ al-Turath al-‘Arabi.
Wilson. 2001. Overview of the Sukuk Market.
Yudhoyono, S. B. 2009. Negara Islam Perlu Manfaatkan Kekuatan (Islamic Nations Need to Take Benefit from the Strengths). Paper presented at the The 6th World Islamic Economic Forum.
Zahrah, M. A. 1997. Tarikh Madhahib al-Fiqhiyyah.
Downloads
Published
Issue
Section
License
Copyright of articles that appear in Jurnal Teknologi belongs exclusively to Penerbit Universiti Teknologi Malaysia (Penerbit UTM Press). This copyright covers the rights to reproduce the article, including reprints, electronic reproductions, or any other reproductions of similar nature.
