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All Journal Jurnal Asy-Syari'ah Jurnal Ilmu Ekonomi dan Bisnis Islam
Abderrazak Belabes
Islamic Economic Institute, King Abdulaziz University, Jeddah
Arts Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Other

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Visual Analysis of The ḤQM Model And Prospects for Authentic Innovation In Islamic Finance Abderrazak Belabes
Jurnal Ilmu Ekonomi dan Bisnis Islam Vol. 7 No. 2 (2025)
Publisher : Program Studi Ekonomi Syariah, FEBI UIN Datokarama Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24239/jiebi.v7i2.398.177-189

Abstract

The aim of this study is to show, through the conceptual system ḤQM (Ḥ: ḥukm, Q: qāʿidah, M: maqṣad), the need to deepen our understanding of authentic innovation in Islamic finance. This study argues that prevailing debates on Islamic financial products are dominated by dichotomous notions grounded in linear modes of thinking, which constrain substantive discussion and hinder the development of credible and sustainable solutions. The main findings reveal that when the teleological discourse on the purposes of Sharīʿah is itself framed within linear reasoning, it cannot legitimately be regarded as the highest intellectual achievement of Islamic civilization. Furthermore, incorporating the dimension Q (qāʿidah) enables the dismantling of rigid categorization and hierarchization that characterizes much of the literature polarized between Ḥ and M. By emphasizing the two-dimensional nature of graphs, distinct from the linearity of written discourse, the graphical visualization of the ḤQM conceptual model opens new analytical possibilities, particularly in the domain of data visualization and non-linear reasoning. In addition, the science of jurisprudential maxims allows the formulation of general rules whose epistemological significance lies in the dynamic interaction between parts and wholes. The dominance of linear approaches in the financial industry has produced adverse outcomes, including mimetic and constrained innovation, excessive reliance on standardized products, and the suppression of proactive and systemic innovation. Accordingly, this study concludes that genuinely innovative Islamic finance requires a non-linear approach that integrates interaction, shared risk, and real asset backing, while coherently aligning injunctions, maxims, and the higher objectives of Sharīʿah.
Ḥabs as Common Living Heritage: Beyond the Cash Waqf as Deep Financial Innovation Abderrazak Belabes
Asy-Syari'ah Vol. 27 No. 1 (2025): Asy-Syari'ah
Publisher : Faculty of Sharia and Law, Sunan Gunung Djati Islamic State University of Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/as.v27i1.44466

Abstract

Abstract: This conceptual exploration examines the deep meaning of ḥabs as a common living heritage extending beyond mainstream financial interpretations that consider private waqf an innovation of Islam and cash waqf being the best innovation in private waqf. Through the conceptual-hermeneutic approach, Rizq (divine provision) precedes human notions of ownership and city organisation, with the first ḥabs being Bayt (House of Allah) built by Ādam. This research highlights the spiritual relevance of the sacred milieu of Makkah and critiques modern economic concepts that prioritise material growth and individual ownership over the holistic understanding of life and divine provision inherent to the deep meaning of ḥabs. Finally, this research advocates for a re-evaluation of how we perceive wealth, ownership and societal well-being considering ḥabs as a dynamic, connected living system.
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