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Text Box: There are four different Islamic schools of thought in the interpretations of the Sahriah Law i.e. Quran and Sunnah. In addition there is fifth school of thought which is Jafari, the Shia school of thought. The schools of thought are know as Madhabs. They are all correct in their practices and equally respected. There is some difference of opinion in terms of strict adherence or approach. This is different to sects such as Sunni, Shite. FOUR Greatest Scholers - the four schools of thought are based on the four greatest scholars in Islam for their deep knowledge, wisdom and understanding of Sunnah and Quran. They are widely respected and their differences accepted as they are all consistent. The Muslim communities or countries tend to follow a given school of thought. IMPACT - certain financial products may not be Shariah compliant in certain regions due some differences in opinion for acceptance.

Islam & Business  -  Shariah Law

Has strong influence in modern practices of Islamic Finance. Regions: Central Asia, Iraq, Turkey, India, Pakistan, Syria etc.

Schools of Thought

Hanafi

Largely associated with Saudi Arabia.

Hambali       

Associated with Medina (the Prophet’s city) in favour of practicing Sunnah, but this was before the word Sunnah was adopted.

Maliki 

First school to systemise Islamic Law and laid down Usul-al-Fiqh(sources of law) and fixed them in priority as: Ijma (concensus) and Ra’y (reasoning primarily Qiyas (reasoning of analogy)).

 

Shaafi system become the basis of Islamic Jurisprudence and subsequently adopted by all schools.

Shaafi