It requires faith in the work of jurists. For taqlid requires indiscriminate following. 'Taqlid was a factor in the waning of Islam. This fake sale comes from from English common law and results in an equally fake ownership, known as 'beneficial ownership.' Islamic finance requires sharing risk to become truly Islamic. Islamic law does not recognize these sales as valid, as legal ownership of the asset remains with the seller even after he or she 'sold' it.

Another problem is the absence of true sales in the contracts. The party providing the capital has to share risk: this is what makes the investment Islamic. The presence of such guarantees effectively transforms profit into interest, as neither profit nor capital is guaranteed in a truly Islamic transaction.

with both 'profit' and capital guarantees, where 'dividends' are determined in advance, and as a proportion of the capital 'invested' rather than of the profit earned. The papers on Islamic finance highlight several problems within the discipline, for example the tendency to replicate rather than innovate, which is the tendency to structure Islamic financial contracts in ways that will make them resemble bonds, i.e. The emphasis in the papers on finance is on the benefits of risk sharing as an alternative to risk transfer. The primary themes of the papers on education focus on student-centred learning, as well as on widening the breadth of research. 'The papers presented in this book were written between 20. I conclude with a discussion of the debate over the meanings of these terms in the eighteenth and nineteenth centuries. I also demonstrate that there were three approaches to these terms in legal discourse after the time of Ibn Ḥanbal, with three groups of jurists defining them in ways that advance their different visions of law-making. The distinction between precedent-following (taqlīd) and verifiable-following (ittibāʿ) did not appear in legal discourse until the time of Aḥmad b. I argue that the use of taqlīd to mean “precedent-following” did not emerge as a technical term until after the time of al-Shāfiʿī (d. In this article I discuss the evolution of the terms ijtihād, taqlīd, and ittibāʿ, using a conceptual-historical approach (Begriffsgeschichte). The primary and secondary sources of Islamic law often assume a binary distinction between ijtihād and taqlīd, ignoring a third level of engagement with the sources, which was conceptualized by some jurists as forming a distinct category.

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