Kembara Islamic Finance - Ijma 
​Ijma' refers to the consensus reached by Muslim jurists.
The first instrument or method of Ijtihad is referred to as Ijma'. This phrase refers to the agreement reached by Muslim jurists on a specific legal matter at a specific moment in time following the passing of the Prophet Muhammad. When a consensus has been reached, the authority it represents becomes obligatory for Muslim communities. It must be upheld unless the foundation for arriving at that consensus has changed as a result of a new discovery of principles or a new Ijtihad, which is more compelling. In that case, the new basis must take precedence. It is important to highlight that reaching a genuine and technically sound Ijma, also known as a consensus, is not an easy task because it necessitates the unanimity of consent and agreement of all qualified jurists at a specific time, on a specific legal matter that calls for a unified stance. Ijma is likely to be the least effective method of ijtihad in current times, particularly in the field of Islamic commercial law. This is due to the fact that this component of Islamic law is extremely dynamic, making it impossible to arrive to a consensus on many occasions.
However, the decisions and resolutions on Islamic finance that have been issued by international Islamic bodies such as the International Islamic Academy of Fiqh of the Organisation of the Islamic Conference (OIC) and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) could be persuasive even if they are not binding. This is because these decisions reflect the views of the majority of contemporary Muslim jurists on a particular legal point. Even though they do not meet the stringent requirements of a technical consensus, the decisions of these two groups are highly accepted and acknowledged by a large number of authorities and stakeholders in modern Islamic banking.