Table of contentsMeeting of Imam Malik and Imam Abu HanifaReferences:Imam Abu Hanifa was born in the city of Kufa in Iraq. His father Thabit bin Zuta was also a trader from Kabul, Afghanistan. Imam Abu Hanifa was born 67 years after the death of the Prophet Muhammad. Imam Abu Hanifa was well known for his urban planning; he was responsible for the city of Baghdad when it was founded. He was also a mathematician of the first magnitude. He possessed a lot of specific technical knowledge and implemented it in his works. He was a wealthy man, a trader by profession and who made a large financial contribution. He learned business from his grandfather. Imam Abu Hanifah was the founder of the Sunni Hanafi school of Fiqh (Islamic jurisprudence). It was he who defined the principles of Fiqh (Usool e Fiqh). He has contributed to various policies related to Riba and how Islamic finance can move towards a better direction than the current conventional banking system. Imam Abu Hanifa also cleared many doubts regarding certain financial instruments present in his time and showed the right path according to the Quran and Sunnah. Say no to plagiarism. Get Custom Essay on “Why Violent Video Games Should Not Be Banned”?Get Original EssayMeeting of Imam Malik and Imam Abu HanifaAbu Hanifah was a merchant of silk fabrics. He offered silk fabrics in Kufa. He distinguished himself by his authenticity and honesty in discussions. The exchange benefited him greatly by learning the trade and traditions of the individuals in exchange. This put a practical damper on his legitimate teaching (Fiqh) and prompted him to consider traditions when in doubt about their implementation on the basis of which many guidelines were figured. He said: “Knowledge never enters the mind of a person who acquires it for the world. "Abu Hanifah believed that interest in a Muslim in Darul Harb (a non-Muslim country) is permitted under certain conditions, including: the person has a real need and reason, he does not intend to commit fraud or default, he has no other way or option in this situation Riba is prohibited in Islam, but these are some conditions for extreme situations that a Muslim might face. characterized the Riba Al Fadl, which consists of exchanging two different products and one of them obtains an excess profit, in two possible scenarios which are weighted and Volumes This implies that the transaction must be carried out from hand to hand and that. no one should receive excessive profit, as this would be considered Riba Al Fadl Imam Abu Hanifa also presented his views on an important financial instrument which is subletting In the case where the rented resource is. used separately by different clients, the resident cannot sublet the rented resource without express authorization from the lessor. In the event that the lessor authorizes the subletting of the resident, the latter may sublet it. In case the lease guaranteed by the sub-lessee is equivalent or not to the lease amount payable to the sole owner/lessor, all perceived schools of Islamic law are consistent on the passability of sub-rent. Regardless, the assumptions are different if the rent charged to the sub-resident is greater than the rent payable to the landlord. Imam al-Shafi'i and some other scholars allow this and argue that the sub-lessor can enjoy the surplus obtained from the sub-lessee. This is also the favored view in the Hanbali school. Here again, Imam Abu Hanifah is of the opinion that the surplus obtained from the sub-tenant for this situation is not reasonable tokeep for the subtenant and he should give this surplus in charity. In any case, if the sub-lessor has built the rented property by adding something to it or if he has rented it with an amount different from the money with which he himself pays the rent to the owner/first lessor, he can guarantee a higher lease from his sub-resident and can benefit from the franchise. Although the view of Imam Abu Hanifa is more protected and it should be followed at the most ideal level, if necessary, the view of the Shafi'I and Hanabali schools could be followed in light of the fact that there is There is no restriction in the Holy Quran or in the Sunnah against the surplus claimed by the resident. Imam Abu Hanifah and Imam Shafi'I were among the pioneers who introduced debates and legality on sukuk, another important financial instrument today. Each of them introduced their own methods of ijtihad to conclude sukuk decisions. Imam Abu Hanifah's thoughts can be found in the introduction to Fiqh and Usool e Fiqh (Principles). According to Imam Abu Hanifah, the term Sukuk can be compared to bai'u al-gaibah (sale without available items). In formulating the legal decision, Imam Abu Hanifah was more rational and more contextual. He introduced his theory in the name of istihsan method. The thoughts of Imam Abu Hanifah and Imam Syafi'i in deciding the relevant legitimacy of sukuk instruments are practically equivalent to aqd al-salam, aqd al-istihna' and aqd al -ijarah, in light of the fact that the agreement and purchase of these exchanges is without doubt. These two essential researchers abandoned the qiyas technique. Imam Abu Hanifah used the hypothesis istihsa bi al-nas, istihsan bi al-ijma', furthermore, al-istihsan bi al-darurah. During this time, Imam Syafi'i used the technique of takhsis, the levels of legitimate decisions (masadir al-ahkam) and the fundamental understanding of the dialect. Although verbally, the technique of ijtihad for these two researchers in rapid approach is extraordinary, the definition of lawful decisions on sukuk by Imam Abu Hanifah, through the istidlal al-hukm, and Imam Syafi' I, through istinbaht al-hukm enabled sukuk instruments in light of legitimate Islamic rulings. Imam Abu Hanifah and Imam Ahmad are of the opinion that no commitment in kind is worthy in a Musharakah. Their view depends on two reasons: They say that the goods of each accomplice are constantly recognizable among the products of the other. For example, if A brought a machine to the company and B brought another machine, each of the two machines is the elite property of its sole owner. Currently, if A's machine is sold, the transaction should continue with A. B has no privilege to secure a bid at his price. Consequently, to the extent that the property of each of the accomplices is recognized among the property of the other, no association can take place. In fact, if the capital invested by each partner is in cash, the offering capital of each partner cannot be recognized from that of the other, because the units of money are not distinguishable, in this way they will be considered as shaping a typical pool, and subsequently the organization will appear. Furthermore, they say, there are various circumstances in a Musharakah deal where the accomplices must depend on the redistribution of cash flows from the deal to each accomplice. In case the supply capital was in the form of products, such redistribution cannot take place, because the items may have been sold by that time. If the capital is repaid according to its value, this may have expanded. , and there is a probability that an accomplice will get all the profit from the business, due togratitude in the estimation of the products he brought, leaving nothing for the other accomplice. On the other hand, if the estimate of these elements decreases, it is plausible that one partner fixes part of the initial cost of the other partner's product despite having their own business. There is a major distinction between putting a condition into the transaction and providing a different guarantee without making it a condition. In case the condition is explicitly stated at the time of the offer, this implies that the agreement will be legitimate only if the condition is fulfilled; which means that if the condition is not met in the future, the current agreement will become void. This makes the offer exchange dependent on a future opportunity that could possibly occur. This causes a vulnerability (Gharar) in the exchange which is completely prohibited by Shari'ah. Imam Abu Hanifa also contributed to Dimishing Musharakah, another important financial instrument. This instrument implies that the owner and the financier will be co-owners of the goods and the financier will have his share reimbursed by the customer in several installments, which will ultimately decrease the financier's share and ultimately have no financier's share at the end , while the customer will have full ownership at the end of the installment periods. Imam Abu Hanifa and Imam Zufar were of the opinion that the third undivided share of the merchandise cannot be rented to a third party, except the customer and the financier. While other imams believe that the undivided share can be sold to a third party, Imam Abu Hanifa had vast knowledge of Islamic law. He studied law under the scholars of Kufa and then under other teachers in Mecca. He was a very successful businessman who would never oppose the Quran and Sunnah. One day, Imam Abu Hanifa's business partner sold a consignment without informing the customer of its small defect. When Imam Abu Hanifa learned of this event, he immediately ordered that the proceeds from this sale be donated to charity. He never failed to be a perfect example of how to behave and earn an honest living. Another example is when a woman came to Imam Abu Hanifa with a silk dress, which she intended to sell for 100, but Abu Hanifa did not agree to buy it because he insisted that she was worth more than that. This number of women increased to 400, but Imam Abu Hanifa still insisted that she demand more. These women looked at him suspiciously and said, “Are you kidding me? Imam Abu Hanifa said she should consult an expert. When the expert came, he set the price of this dress at 500 and Imam Abu Hanifa agreed to buy it at that price. These little rules that were followed by our Imams are an example to us today that these little things matter in business and that Allah watches over our every action. He would have bought this dress without these women even knowing the real value, because he was the one who approached first and insisted on such a low price. Keep in mind: this is just a sample. Get a personalized paper now from our expert writers. Scholars have characterized the science of Fiqh in different terms, but the basic purpose of the considerable number of definitions is to understand Islamic law in the light of the Quran and Hadith. Before understanding Fiqh-e-Hanafi, we must know an essential rule that Imam Abu Hanifa set for himself. He said: “In case I need to know a Shari'ah ruling regarding an issue, I first observe the Quran and Hadith. In case this problem was not specified in both, I would go through the actions or activities of the associates. In case this.