احناف و مالکیہ کے فقہی اصولِ ترجیح کے پیش نظر استصناع کی قانونی اور معاشی افادیت کا مطالعہ

A STUDY OF THE LEGAL AND ECONOMIC BENEFITS OF ISTISNAʿ IN LIGHT OF THE HANAFI AND MALIKI PRINCIPLES OF PREFERENCE

Abstract

This study presents a comprehensive analysis of Istisnaʿ (manufacturing contract) in the context of the principle of preference (Usul al-Tarjih) according to the Hanafi and Maliki schools of Islamic jurisprudence, focusing on its legal and economic benefits. The primary aim of this research is to examine the historical, jurisprudential, legal, and practical aspects of Istisnaʿ from the perspectives of the Hanafi and Maliki traditions, and to highlight its relevance and utility in contemporary industrial, financial, and commercial applications. The study begins with a detailed exploration of the definition, types, and historical background of Istisnaʿ, demonstrating how this contract has historically served to ensure financial security, guarantee production, and maintain transparency in the distribution of rights within the classical Islamic trade system.The research further examines the legal elements, essential components, jurisprudential differences, and points of consensus concerning Istisnaʿ, with particular emphasis on the clarification of rights and responsibilities and contractual transparency. According to the principle of preference, it is shown that the Hanafi school prioritizes maximizing benefit while minimizing harm, whereas the Maliki school emphasizes public interest and the protection of the parties’ rights. In light of this principle, the study analyzes the potential applications of Istisnaʿ in contemporary industrial projects, investment, supply chains, and Islamic banking.

The study also considers the economic advantages and potential risks associated with Istisnaʿ, including gharar (uncertainty), exploitation, and ambiguous contractual terms. Solutions are suggested through the application of the principle of preference, contractual transparency, protection of rights, and equitable distribution of financial risks. The findings indicate that Istisnaʿ is not only legally and jurisprudentially valid but also demonstrates significant practical benefits, economic advantages, and investment protection in modern industrial, commercial, and financial systems. This research provides a structured framework for the effective, safe, and transparent implementation of Istisnaʿ in contemporary economic contexts.