The Concept of Ijtihad in the Islamic Economic and Financial System

Abstract

Ijtihad has historically served as the cornerstone of Islamic legislation, ensuring that the Shariah remains both principled and adaptable. In the contemporary era—marked by rapid economic transformations, increasingly complex financial activities, and emerging challenges—ijtihad is not only relevant but essential. The dynamic field of economics and mu??mal?t m?liyyah demands continuous scholarly engagement to derive rulings for unprecedented cases. This paper examines and analyses selected concepts of ijtihad within the domain of Islamic economics and finance. The findings highlight the importance of understanding specific ?aw?bi? (juridical parameters) as a means of addressing contemporary societal needs and ensuring the continued relevance of Islamic economic and financial systems.