جدید معاشی نظام میں اجارہ کے دائرۂ کار سے متعلق ڈاکٹر نجات اللہ صدیقی کے افکار کا تجزیاتی جائزہ

An Analytical Study of Dr. Muhammad Nejatullah Siddiqi’s Views on the Scope of Ijārah in the Modern Economic System

Abstract

Dr. Muhammad Nejatullah Siddiqi, a leading scholar in Islamic economics, extensively analyzed the role of Ijarah (lease-based contracts) in modern financial systems. He emphasized that Ijarah offers a Shariah-compliant alternative to interest-based financial transactions by linking financial contracts to tangible assets and productive economic activities. His research underscores the relevance of traditional Islamic contracts in addressing contemporary economic challenges, including investment, risk management, and equitable wealth distribution.

According to Siddiqi, Ijarah’s practical application in Islamic banking promotes transparency, justice, and accountability between financial institutions and clients. He highlighted that proper structuring of Ijarah contracts, such as Ijarah wa Iqtina (lease with eventual ownership), ensures both compliance with Shariah principles and economic efficiency. Moreover, Siddiqi warned against artificial or purely formalistic applications of Ijarah, emphasizing that contracts must involve real assets and clear terms to avoid financial and ethical risks.

Overall, Siddiqi’s perspective demonstrates that Ijarah, when implemented according to Shariah guidelines, can strengthen modern Islamic financial systems by offering a viable, interest-free mechanism for investment and asset utilization. His insights serve as a guideline for policymakers and financial institutions to ensure that Ijarah contributes to economic stability, fairness, and sustainable growth.