IndexMeeting between 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 very well known for urban planning, he was in charge of the city of Baghdad when it was founded. He was also a mathematician of the first magnitude. He had a lot of specific technical knowledge and implemented it in his works. He was a rich man, a merchant by profession and contributed a lot financially. He learned the trade 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 and Fiqh). He has contributed to various policies related to Riba and how Islamic finance can be moved towards a better direction than the current conventional banking system. Imam Abu Hanifa also clarified many doubts related to some financial instruments present in his time and showed the right path according to the Quran and Sunnah. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essayMeeting between Imam Malik and Imam Abu HanifaAbu Hanifah was a merchant of silk fabrics. He offered silk fabrics in Kufa. He stood out for his genuineness and honesty in exchanges. The exchange was of great value to him in gaining learning about the exchanges and traditions of the individuals in the exchange. This placed a practical check on his legitimate teaching (Fiqh) and influenced him to consider the traditions when in doubt about their implementation, according to which numerous guidelines were calculated. He said, “Knowledge never sinks into the mind of a person who acquires it for worldly purposes. purposes. “Abu Hanifah believed that a Muslim's interest in Darul Harb (a non-Muslim country) is permitted under certain conditions which include: the person has a genuine need and reason, does not intend to commit any fraud or default, has no other way or option in that situation. Riba is prohibited in Islam, but these are some conditions for extreme situations that a Muslim might face. Imam Abu Hanifah characterized Riba Al Fadl, which is to exchange two different commodities and one gets a benefit. in excess, in two possible scenarios which are Weight and Volume. This implies that the transaction should be from hand to hand and no one should receive excess benefit because it would be considered Riba Al Fadl. Imam Abu Hanifa also presented his point of view on an important financial instrument which is the Sub-lease in which the rented resource is used separately by multiple customers, the resident cannot sublet the rented resource unless expressly authorized by the lessor. If the landlord grants the sublet to the tenant, he will be able to sublet it. In case the lease granted by the subtenant is equivalent or not to the lease granted to the sole owner/landlord, all perceived schools of Islamic law are consistent on the passability of the subtenant. In any case, the assumptions are distinctive in case the lease charged to the sub-resident is higher than the lease payable to the owner. Imam al-Shafi'i and some other researchers allow this and argue that the sublessor can appreciate the surplus obtained from the subtenant. This is the preferred view also in the Hanbali school. Then again. Imam Abu Hanifah is of the opinion that the surplus obtained by the subtenant for this situation is not reasonable for the subtenant to keep and should give that surplus to charity. In any case, if the sublessorhas built the rented property by adding something to it or has rented it for a sum other than that with which he himself pays the rent to the owner/first lessor, he can secure a higher rental contract from his sub-resident and can enjoy the exemption. Despite the fact that the point of view of Imam Abu Hanifa is more protected towards which it should be followed at the most ideal level, in case of need the point of view of the Shafi'I and Hanabali schools can be followed at the light of the fact that there is no restriction in the holy Quran or Sunnah against the surplus claimed by the resident. Imam Abu Hanifah and Imam Shafi'I were among the pioneers who introduced the debates and legality on sukuk, another important financial instrument nowadays. Each of them introduced their own ijtihad methods to conclude judgments on the sukuk. Imam Abu Hanifah's thoughts can be found in the introduction of Fiqh and Usool and Fiqh (Principles). According to Imam Abu Hanifah the term Sukuk can be equated with bai'u al-gaibah (sale without available items). In formulating the legal ruling, Imam Abu Hanifah was more inclined towards rationality and derived from the context. He introduced his theory on behalf of the istihsan method. The intentions of Imam Abu Hanifah and Imam Syafi'i to decide on the legitimacy of sukuk instruments are practically equivalent to the aqd al-salam, the aqd al-istihna' and the aqd al-ijarah, in light of the fact that the agreement and purchase of these exchanges is without doubt. These two inevitable seekers abandoned the qiyas technique. Imam Abu Hanifah used the hypothesis istihsa bi al-nas, istihsan bi al-ijma' and furthermore the hypothesis al-istihsan bi al-darurah. Meanwhile Imam Syafi'i used the takhsis technique, the levels of legitimate decisions (masadir al-ahkam) and the fundamental understanding of the dialect. Despite the fact that verbally the ijtihad technique for these two rapidly approaching seekers is extraordinary, the making of legitimate decisions on the sukuk by Imam Abu Hanifah, through istidlal al-hukm, and Imam Syafi'I is still permitted, through istinbaht al-hukm the sukuk instruments in light of legitimate Islamic decisions. Imam Abu Hanifah and Imam Ahmad are of the opinion that no commitment in kind is worthy in a Musharakah. Their point of view depends on two reasons: they say that each accomplice's goods are constantly recognizable from the other's products. For example, if A contributed a car to the business and B accompanied another car, each of the two cars is elite property of its sole owner. Currently, if A's car is sold, the deal continues and should go to A. B does not have the privilege of guaranteeing an offer at his price. Therefore, to the extent that each accomplice's property is recognized by the other's property, no association can occur. In reality, if the capital paid by each accomplice is in cash, the capital offered by each accomplice cannot be recognized by that of the other, in light of the fact that the units of money are not distinguishable, in this way, the formation of a typical pool and then the organization will be displayed. Furthermore, they say, there are several circumstances in a Musharakah arrangement where the accomplices must depend on the redistribution of the offering's cash flow to each accomplice. If the capital offered was as a product, such redistribution could not take place, because the goods could have been sold in that period. If the capital is repaid according to its value, the value may be increased, and there is a possibility that an accomplice will get all the benefit of the deal, due to gratitude in the esteem of the products he contributed, leaving nothingto the other accomplice. On the other hand, if the value of these elements decreases, it is plausible that one partner will peg a portion of the initial price of the other partner's product despite its own efforts. There is an important difference between placing a condition in the agreement and providing a different guarantee without placing any conditions. On the off chance that the condition is explicitly stated at the time of the offer, it implies that the deal will be legitimate only if the condition is met; meaning that if the condition is not satisfied in the future, this agreement will be null and void. This makes the exchange of offers dependent on a future occasion that may possibly occur. This causes vulnerability (Gharar) in the exchange which is completely prohibited in the 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 be repaid his share by the customer in installments possibly decreasing the financier's share and will ultimately have no financier's share, while the customer will have full ownership at end of the installment periods. Imam Abu Hanifa and Imam Zufar were of the opinion that the undivided third share of the goods cannot be rented to any third party except the customer and the financier. While some other imams believe that the undivided share can be sold to third parties. Imam Abu Hanifa had extensive knowledge of Islamic law. He studied law from the scholars of Kufa and later from other teachers in Mecca. He was a very successful businessman who would never go against the Quran and Sunnah. Imam Abu Hanifa's business partner once sold a consignment without letting the customer know about his little flaw. When Imam Abu Hanifa learned of this event, he immediately ordered that the proceeds from the sale be donated to charity. He never failed to be a perfect example of how one should 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 it has a higher value. Those women rose to 400, but Imam Abu Hanifa still insisted that she must ask for more. That woman looked at him suspiciously and said, “Are you kidding me?” Imam Abu Hanifa said he should consult an expert. When the expert arrived, he priced the dress at 500 and Imam Abu Hanifa agreed to buy it at that price. These little rules followed by our Imams are an example to us nowadays that these little things matter in business and that Allah watches our every action. He would have bought that dress without even letting that woman know the real value because he had been the first to approach and insist on such a low price. Please note: this is just a sample. Get a custom paper from our expert writers now Scholars have characterized the science of Fiqh in various words, however the main 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 imposed on himself. He stated: "In case I need to know a Shari'ah decision on a matter, I first look at the Quran and Hadith. On the off chance that that matter has not been specified in these two, I look through the actions or activities of the members. If this is also not present, I experience the Fatawa of others and think about my Qiya or Ijtihad It also says: “if I get a Hadith (however weak in Sanad) on a specific topic, generally.