The Impact of the Principle "Need Takes the Place of Necessity" on Contemporary Financial Transactions Islamic Jurisprudence Assembly Resolutions as a Model

Abstract

This study examines the impact of the principle "Need Takes the Place of Necessity" on the legitimacy of contemporary financial transactions in Islamic jurisprudence assembly resolutions. Following a descriptive and analytical methodology, the study delves into both theoretical and practical aspects. The theoretical aspect involves clarifying the concepts of the principle, need, and necessity-both linguistically and terminologically. It also entails surveying the phrases related to the principle, explaining their general meanings, and establishing that they branch from the major universal principle, "Hardship Begets Ease". This principle aligns with the purpose of the legislator in considering the circumstances of the obligated individuals, acknowledging both agreements and differences between need and necessity. The practical aspect involves investigating how this principle is applied in the financial transactions of the four major Islamic schools of thought. The study identifies multiple and diverse applications such as leasing and manufacturing, some of which are unanimously recognized while others are specific to certain schools. Furthermore, the study traces the resolutions of the Islamic Fiqh Academy and the International Islamic Fiqh Academy concerning contemporary financial transactions to identify contemporary collective jurisprudence applications of the principle.