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Qiyas plays a crucial role in the formulation of Sharia law, being one of the primary sources of evidence used in the science of usul al-fiqh. Although usul al-fiqh, the science that discusses the process of deriving legal rulings, is a necessity for those involved in the issuance of legal rulings, it is observed that in the current context, the literature on usul al-fiqh has not received adequate attention, especially in the domain of Islamic finance. Therefore, one of the suitable sources of usul al-fiqh for resolving modern issues that were not addressed in ancient times is the source of qiyas. Qiyas is essential in determining the element of similarity from the perspective of the ‘illah (effective cause) of the law between an issue explicitly mentioned in the Sharia texts and a new issue. Furthermore, this source is accepted as evidence by the reputable scholars among the four Sunni schools of thought. This study aims to analyze the application of qiyas as evidence in contemporary Islamic financial practices. The study employs a qualitative approach, involving a literature review encompassing books, journals, and relevant circulars. The collected materials are analyzed using document analysis methods. The findings of the study indicate that several practices in Islamic finance are implemented based on the justification of qiyas. These practices include issues related to fiat currency, the requirement for a minimum amount of physical assets in sukuk, the zakat on jewelry (gold and silver), and the zakat on publicly listed company shares. Therefore, it can be concluded that qiyas plays an important role as a primary reference for contemporary issues in Islamic finance. It is recommended that current Islamic finance industry practitioners thoroughly understand the source of qiyas.
Asni et al. (Sun,) studied this question.