When Shari‘ah stopped governing large parts of political and economic life in many Muslim societies, commercial transactions increasingly operated under secular legal systems. As a result, large-scale market practices were less often brought to jurists for Shari‘ah analysis.
Fatawa continued, but often focused on individual personal cases rather than the full institutional machinery of modern finance.
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Islamic Banks: What They Have Achieved
When Shari‘ah stopped governing large parts of political and economic life in many Muslim societies, commercial transactions increasingly operated under secular legal systems. As a result, large-scale market practices were less often brought to jurists for Shari‘ah analysis.
Fatawa continued, but often focused on individual personal cases rather than the full institutional machinery of modern finance.