Application of Ijma’ in Modern Islamic Finance Rulings: Does Ijma’ Really Exist? A Literature Review

Abstract

Despite different views among scholars about the position of Ijma’ as a source of Shari’ah and about the possibility of Ijma’ to take place in its classical form in the contemporary times, the authenticity of it is proved by the Qur’an and Sunnah and the authority of Ijma’ is unanimously agreed. Hence the aim of the paper is to find out whether Ijma’ takes place in the contemporary Islamic Finance Fiqhi rulings or not. Based on document analysis that is the resolutions of different Shari’ah bodies like OIC Fiqh Academy, AAOIFI, SC of Malaysia, Kuwait Finance House, Dhallah of Baraka, Dubai Islamic Bank, Al-Rajhi Bank as well as different books and articles on Ijma’, this paper tries to get clear ideas about the classical and contemporary view of Ijma’ and also tries to find out unanimous agreement of Mujtahids on Islamic Finance rulings. Findings reveal that as per its classical definition Ijma’ does not take place in the contemporary Islamic finance, as no claim is found in favor of it. However, few rulings related to Islamic Finance are agreed by all Mujtahids of different Fiqh academy/ organizations and Shari’ah scholars which are the results of collective Ijtihad of Mujtahids of the current world and are binding in nature, so can be said are the results of Ijma’ of contemporary scholars.