Formalism versus purposivism in Islamic jurisprudence: the case of Islamic finance law

Pejman Abedifar*

*Corresponding author for this work

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    Abstract

    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.
    Original languageEnglish
    Article number465
    Number of pages13
    JournalReligions
    Volume14
    Issue number4
    DOIs
    Publication statusPublished - 1 Apr 2023

    Keywords

    • Islamic finance law
    • Maqāsid al-Sharī’ah
    • Purposivism
    • Ghara
    • Maysir

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