Islamic finance is one of the sciences that was revived by Muslim scholars after the colonial era. Many Muslim countries have devoted endless efforts to implement the true spirit of the Islamic commercial law into modern banking and finance practices; thus providing an alternative to the conventional system. The Islamic commercial law, or Shariah in general, is derived from the divine revelations, i.e. Quran and Sunnah, which provide general guidelines and principles on issues.However, Muslim jurists and scholars have relied on ijtihad (juristic reasoning) not only to derive legal rulings (ahkam-plural of hukm) on specific matters, but also to ensure the proper implementation of those rulings. As such, ijtihad is a viable means to arrive at certain rulings which are subjected to changes based on time and place.
