Meaning of Ijma & Qiyas
Ijmā('إجماع), is an Arabic term referring ideally to the consensus of the ummah (the community of Muslims, or followers of Islam). The hadith of Muhammad (pbuh) which states that "My community will never agree upon an error" is often cited as support for the validity of ijmā'.
Qiyas (قياس),is the process of analogical reasoning in which the teachings of the Quran are compared and contrasted with those of the Hadith. Through this process, the ruling of the Sunnah and the Qur'an may be used as a means to solve or provide a response to a new problem that may arise.
Ijma and Qiyas underpin the methodology of how IQ works with its clients to provide genuinely Shariah compliant financial solutions. Using the basis of Ijma, we develop Islamic finance solutionswith the approval and consensus of some of the best known Shariah Scholars. This consensus is combined with our extensive knowledge and expertise of conventional banking and insurance systems and procedures. IQ uses this with Qiyas to develop Islamic finance solutions for their clients that are a true alternative to the conventional products available.