Fiqh al-Handasa al-Maliya al-Islamiya
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Fiqh al-Handasa al-Maliya al-Islamiya: Dirasa Ta'siliyya Tatbiqiyya (Jurisprudence of Islamic Financial Engineering: A Foundational and Applied Study) is an academic treatise on Islamic finance and comparative jurisprudence by the Saudi scholar Mardi ibn Mashwah al-Anzi . The book examines the theoretical foundations, legal tools, boundaries, and practical applications of Islamic financial engineering in contemporary banking .
Origin and Scope
The work was originally submitted as a doctoral dissertation in comparative jurisprudence (fiqh muqāran) to the Department of Jurisprudence at the College of Sharia and Islamic Studies at Qassim University, under the supervision of Dr. Abdullah ibn Hamad al-Sakakir . It was awarded an excellent distinction with first-class honors and was the first doctoral thesis defended within the College of Sharia at Qassim University .
The author wrote the book to address the pressing need among Islamic financial institutions to innovate and develop financial products that combine economic efficiency with Sharia compliance, rather than relying on limited instruments or imitating conventional banking practices without adherence to Islamic legal bounds . The book defines Islamic financial engineering as the design, development, and implementation of innovative financial instruments and mechanisms, as well as creative financing solutions, within the framework of Sharia rules .
Structure
The book is structured into an introduction, a preparatory chapter (tamhīd), two main parts (bābān), a conclusion, and analytical indexes :
- Preamble: Discusses the importance of Islamic economics and its role in modern life .
- Part One: Foundations of Islamic Financial Engineering (Taʾṣīl al-Handasa al-Māliyya al-Islāmiyya): Divided into four chapters covering the concept, characteristics, and distinctions from conventional financial engineering; Sharia textual proofs and bases drawn from the prophetic Sunnah, rulings of the Companions, legal objectives (maqāṣid), and legal maxims (qawāʿid); instruments of financial engineering, such as legitimate legal solutions and stratagems (makhārij and ḥiyal), legal dispensations (rukhaṣ), juristic preference (istiḥsān), blocking and opening means (sadd wa fatḥ al-dharāʾiʿ), and eclecticism (talfīq); and the regulatory Sharia parameters (ḍawābiṭ) governing both the financial engineer and financial operations .
- Part Two: Applications of Islamic Financial Engineering (Taṭbīqāt li-l-Handasa al-Māliyya al-Islāmiyya): Divided into two chapters. The first investigates classical jurisprudential applications (such as bayʿ al-wafāʾ, bayʿ al-istijrār, bayʿ al-ʿīna, the bill of exchange or suftaja, classical tawarruq, and forward leasing or ijāra mawṣūfa fī al-dhimma). The second investigates contemporary banking applications (including parallel salam, parallel istiṣnāʿ, Islamic ṣukūk, banking tawarruq, murābaḥa to the purchase orderer, lease-to-own contracts, diminishing partnership, and credit cards) .
- Conclusion and Indexes: Summarizes the primary findings and recommendations, followed by indexes for Quranic verses, hadiths, biographical names, references, and topics .
Methodological Approach
The study employs a descriptive method to outline the definitions, objectives, and qualities of Islamic financial engineering; a comparative method to contrast Islamic instruments with conventional counterparts as well as various jurisprudence tools; and an analytical-critical method to assess modern banking practices against Sharia criteria . When addressing classical legal questions, the author restricts the analysis to recognized Sunni schools of law (madhāhib), while for contemporary issues, he analyzes resolutions of Islamic jurisprudence academies, Sharia boards, and leading contemporary jurists before presenting reasoned preferences (tarjīḥ) backed by textual and rational evidence .
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