Analytical Evaluation of Islamic Capital Market (ICM) Products Based on Principles of Necessity, Need and Public Interest/Benefit.

This paper examines Islamic capital market products that are often justified based on hajah (need), maslahah (public interest), and sometimes darurah (necessity), especially in contemporary financial transactions that are not explicitly found in classical fiqh literature. Due to the complexity and innovation of modern Islamic finance, Shariah scholars and fatwa bodies frequently rely on these principles, along with legal maxims and scholarly opinions, to issue rulings and develop financial products.

The study evaluates the extent to which these principles are applied in fatwa resolutions and Islamic financial practices, while also analyzing their practical implementation in the market. It further highlights differences and divergences among Shariah opinions across various jurisdictions and institutions, aiming to understand the reasons behind such variations in rulings.