Kembara Islamic Finance - Ijtihad, also referred to as legal reasoning

Kembara Islamic Finance - Ijtihad, also referred to as legal reasoning
Ijtihad, which literally translates to "legal reasoning," is the process of formulating laws in accordance with the teachings of the Qur'an and the traditions of the Prophet Muhammad.
Ijtihad is a type of legal reasoning that is used by jurists and scholars to arrive at what is believed, on the basis of their best efforts, to be the law as it was intended by the one who gave it to us, God Almighty. Ijtihad is responsible for interpreting all of the supplementary sources.

​In most circumstances, Ijtihad depends on the mental capacity known as ra'y, which can be translated as "a considered opinion." Ra'y possesses a nature that is adaptable and active. It makes its decisions by applying the spirit, wisdom, and fairness of Islam to each individual instance. It is the opinion of a person who has given something careful thought and attempted to maintain a level of objectivity throughout the process. The following are examples of subsidiary sources: Qiyas (analogical reasoning), Istihsan (juridical preference), Maslahah Mursalah or Istislah (unrestricted public interest), Sadd al-Dharai' (stopping the means), 'Urf (customary practice), and Istishab (presumption of continuity). All of these phrases have some sort of legal connotation, and they are referenced in Arabic. In the following paragraph, you will find an explanation of each of these concepts, along with its English translation and a brief illustration. Students are strongly advised to use the glossaries if they need assistance comprehending any of these terms.

​All of the aforementioned subsidiary sources are explored in Islamic law as potential bases for law finding in situations that are not expressly covered by the various legal books. In most cases, the purpose of all of these sources is to arrive at a conclusion as a result of thought, reflection, and an honest search for the truth in situations in which there are contradicting indicators or none at all. Because it was arrived at by a knowledgeable scholar after careful and conscientious thinking (Ijtihad), a considered view is enforceable within the realm of law in Islamic law. This is due to the fact that in Islamic law, a considered opinion is considered to be part of the law. If the interpretation or logic upon which it is founded is diligent and conscientious, then a tentatively created rule has the whole force of a bona fide rule of law. In other words, a rule that is only constructed provisionally has the full force of a rule of law.
As a consequence of this, it is possible to assert that a well-reasoned view is legally enforceable in Islamic law.