Abstract
Shar¯ı‘ah objectives in relation to people are to secure interest of all and
avert harm/hardship from them. These objectives have been taken care of in different
Shar¯ı‘ah rulings. Regarding economics and finance, the principle of prevention of
harm has been especially observed in the sphere of various Islamic contracts and
business transactions. This study focuses on the use of maxims relating to d. ar¯urah
(dire necessity) and h.
¯ajah (need), which redress the harm from people. Based on
these maxims, Shar¯ı‘ah scholars/committees have often been issuing the license
of legality to several Islamic banking and financial transactions and products. The
objective of the paper is to explain whether h.
¯ajah and d. ar¯urah are amalgamated
concepts, and to find out the extent to which the maxims of h.
¯ajah and d. ar¯urah
are being exploited in Islamic banking transactions and products. In so doing, the
paper, through a literature review, differentiates h.
¯ajah from d. ar¯urah. Analyzing the
transactions and products as being used in Islamic Finance Industry (IFI), paper
asserts that h.
¯ajah, rather than d. ar¯urah, is being entertained, and exploited to some
extent. The paper also puts forward some suggestions for the stakeholders of Islamic
banking and financial industry.
Muhammad Abubakar Siddique , Abdul Rashid. (2019) The Fat¯awá in Islamic Banking and Financial Industry: Explaining the Use of D. ar¯urah (Dire Necessity) and H. ¯ajah (Need) Maxims, Journal of Islamic Business and Management, Vol ume 9, Issue 2.
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