By Zafar Iqbal, Mervyn K. Lewis
Zafar Iqbal and Mervyn ok. Lewis fill the distance in Western literature on governance matters from the viewpoint of Islamic economics. Islamic and Western viewpoints are in comparison, and a scientific research of key parts in governance from an Islamic perspective is supplied. the quantity attracts on classical Islam and modern assets to supply a entire Islamic governance framework to distinction with the Western place.
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Extra resources for An Islamic Perspective on Governance (New Horizons in Money and Finance)
And third, there are other matters on which revelation is silent giving humanity wider scope for the application of rationality. Traditionally, such processes have fallen in the domain of jurisprudence. This is because in Islam the place of theology is taken by laws and jurisprudence. Those who deal with the intellectual aspects of the religion are jurists or fuqaha and not theologians, and at the centre of higher education is jurisprudence and not theology. Since Islam takes personal life and social living in a holistic perspective, Islamic jurisprudence covers all areas of life and not simply those that are of interest to a secular state or society.
In theory, ijma can also represent agreement of all the scholars in a particular locality that binds the community in that locality to that The methodology of Islamic economics 35 decision while a universal ijma binds the entire Muslim community on that issue. However, while local ijma is easier to establish, the universal ijma is operationally difficult to achieve. The term ijma is also interpreted sometimes within the confines of an established legal school. The support for ijma comes from the Holy Qur an (for example, 42:38) and ahadith.
This is because the law created through ijtihad cannot be expected to escape in full, the limitations of time, space, and socio-economic circumstances within which the interpretation of speculative text is undertaken. 450). On this basis, on matters where there is no clear revelation, none of the schools of fiqhi thought has an exclusive claim to truth. Rather, these schools offer a range of choices among equally valid alternatives. These 36 An Islamic perspective on governance choices can always be put to the test of shari ah evidence, reasoning, and practicality and the most suitable alternative can be chosen.