The Role of Talfiq in contemporary financial issues (A Study in perspective of Sharia Standards

Abstract

The thesis comprises of six chapters including eighteen parts, conclusion, recommendations, tables and bibliography. The preface covers introduction to the topic, importance of the topic, review of literature and the methodology of the research. Chapter one deals with the detailed description about "Taqleed" (Imitation) and "Talfeeq" (merging of different legal opinions). For a Muslim, it is considered as obligatory to follow the Qur’an and Sunnah, but a person who is unable to derive the injunctions from the original sources, should imitate any Mujtahid (Islamic scholar who is qualified to exercise Ijtihad in the evaluation of Islamic law). It has been a tradition of indefinite imitation till the first and second century A.H. The later scholars of various schools of thought made this imitation as obligatory on the basis of “Sadd-e-Zarai”)ذراعئ دس) (prohibition of what may lead to committing sins) to prevent people from the pursuit of their selfish desires and act according to their own free wishes. It has been a debate among the successor scholars that if it is permissible to follow a school of thought which seems to be the easiest one or not? There are two contradictory opinions on it. According to the author, the opinion of permission is stronger on the basis of arguments. According to the predecessor scholars, Talfeeq has commonly been used for ‘amalgamation’, However, the later scholars define Talfeeq as ‘mixing various schools of thought in single issue as its compound shape is not permissible for even one scholar. This kind of Talfeeq is unanimously haram (prohibited) according Islamic scholars, because it is based on selfishness and snobbish attitude and following self-desire in Islam is haram (prohibited) without any doubt. The second chapter introduces Sharia Standards. These Standards were issued by an independent organization AAOIFI (Accounting and Auditing Organization of Islamic Financial Institutions). It was established in 1991, after an agreement of several Islamic financial institutes held on 26th February 1990 in Al Jazair. Since 1995, this organization has been working with seven various committees, from which Majlis Sharai (Sharia Committee) is the most important. The basic task of this Majlis is to prepare Sharia standards, 8 their exploration and publication. It has prepared 58 various standards till now. The next chapters present an analysis of the application of Talfeeq in contemporary financial issues with context of AAOIFI Sharia standards. There are 60 various issues have been analyzed. Each issue contains with the opinions of four pioneers schools of thought, their arguments and detailed analysis of the decree of Majlis Sharai (Sharia Committee). In these sixty issues, Majlis Sharai has issued decree by adopting opinions of different schools of thought; eleven on Maliki school, ten on Hanafischool, three on Shafai and in five issues Majlis has adopted Hanbali school of thought. Whereas eight issues have been solved by partially adopting the opinion of Malik, Shafai and Ahmad bin Hanbal. Among these 60, in 51 issues, the author is totally agree with the decision of Majlis Sharai, partially agree in three, whereas differs on five issues. in these five issues, the author thinks that the decree of Majlis Sharai is not correct. The pattern adopted by AAOIFI while applying Talfeeq is very potent and careful. The scholars of Majlis issue decrees after diligent precision in all issues. However, the common man does not find any financial betterment. Whenever a bank feels risk, gets solution by adopting Talfeeq. It is a temporary system not permanent. The scholars, therefore, must exert their efforts to mold the system into a complete practicable Islamic financial system, different from the conventional financial system that should be based truly on Islamic values, from which both rich and poor get their benefits equally.