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CLASSICAL AND CONTEMPORARY INTERPRETATIONS OF PLEDGE (RAHN) IN ISLAM: A COMPARATIVE STUDY OF MAJALLA AL-AHKAM AL-ADLIYYA AND AAOIFI SHARIAH STANDARDS

Field of Science:Religious StudiesPolitical Science and International RelationsSocial Sciences (miscellaneous)
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THE LIGHT OF ISLAM

THE LIGHT OF ISLAM

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ARTICLE ANNOTATION

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This article presents a legal-comparative analysis of the classical and modern interpretations of the rahn (pledge) institution in Islamic law. The research focuses on two primary sources: the provisions on pledge in the Majalla al-Ahkam al-Adliyya, the first codified Islamic civil code adopted in the Ottoman Empire in the 19th century, and Shari’ah Standard No. 39 issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), titled “Rahn and Its Application in Contemporary Practice.” The analysis is based on a comparative examination of both texts and explores differences in key aspects, including the nature of pledged assets, forms of possession, the rights and obligations of the parties, and enforcement mechanisms. The findings indicate that, although both sources recognize rahn as a Shari’ah-compliant security instrument grounded in trust, significant differences exist due to evolving legal contexts, societal needs, and financial practices. The article highlights the foundational role of classical Islamic jurisprudence in shaping contemporary financial standards and affirms the continued relevance of rahn in modern Islamic finance.

AUTHORS

I.Bekmirzayev

"O`ZBEKISTON XALQARO ISLOM AKADEMIYASI" DAVLAT MUASSASASI

I.Norova

"O`ZBEKISTON XALQARO ISLOM AKADEMIYASI" DAVLAT MUASSASASI

Tags

# rahn# Islamic civil law# Majalla al-ahkam al-adliya# AAOIFI shariah standards# pledge institution# Islamic finance# juristic differences

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Article Identifiers

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https://eroi.uz/11.139/A026-869398

DOI:

Not Available

References

Accounting and Auditing Organization for Islamic Financial Institutions. (2021). Shari’ah Standard No. 39: Rahn (Pledge). In Shari’ah Standards (3rd ed.). Manama: Author.

Bank Negara Malaysia. (2010). Shariah resolutions in Islamic finance (2nd ed.). Kuala Lumpur: Bank Negara Malaysia.

Majalla al-Ahkam al-Adliya. (1876). Majalla al-ahkom al-adliya. Istanbul: Official Gazette of the Ottoman Empire.

Muhammad Sodiq Muhammad Yusuf. (2013). Tafsiri Hilol. Jild 1. Baqara surasi tafsiri (3rd ed.). Tashkent: Hilol-Nashr.

Saeed, Abdullah. (2004). Rahn (pledge) as a security in Islamic law. Arab Law Quarterly, 19(3), 249–266.

Thani, Norizan Nordin, Abdullohh, Mohamed Ridza, & Hassan, M. Kabir. (2003). Law and practice of Islamic banking and finance. Kuala Lumpur: Sweet & Maxwell Asia.

Tyser, Charles Robert, Demetriades, David G., & Effendi, Ismail. (1901). The Mejelle: Being an English translation of Majallah el-Ahkam-i-Adliya and a complete code of Islamic civil law. Lahore: The Law Publishing Company.

Usmani, Muhammad Taqi. (2002). An introduction to Islamic finance. Karachi: Idaratul Ma’arif.