The current financial system in light of "Kitab al-Buyu" (the Book of Sales), with a comparative study of "Hidayat al-Qari" and "Ni'mat al-Bari"

Abstract

This article explores the foundational role of "Kitab al-Buyu" (The Book of Sales) in Islamic jurisprudence, emphasizing how its rulings on economic transactions profoundly impact individual, societal, and state economic and moral systems. Islamic Sharia mandates that commercial activities adhere to a religious, moral, and principled framework, ensuring honesty, transparency, and justice. The article focuses on specific economic issues highlighted in Imam Bukhari's Kitab al-Jami’ al-Sahih, such as buying and selling, interest, fraud, hoarding, illegal profiteering, installment sales, loans, and business transparency. It then critically compares the interpretive styles of two prominent commentators: Hafiz Abdul Sattar Hammad (from Hidayat al-Qari) and Allama Ghulam Rasool Saeedi (from Ni'mat al-Bari). Hafiz Hammad prioritizes the hadith text and tradition, while Allama Saeedi offers comprehensive interpretations considering jurisprudential traditions, ijtihad principles, and evolving contexts. The core objective of this comparative study is to assess which interpretive approach is more effective in addressing contemporary complex economic challenges and to provide practical guidance for developing an Islamic alternative to the current financial system.