One solution which fits all is not part of the Shariah – in the last 15 centuries, in the history of Islamic law and the Shariah world, we have seen that the scholars in the past, as well in modern time, they have been creative enough to provide more than one solution to a particular case, based on the variables and the circumstances which they were faced with.
So, Shariah is not providing one solution that can fit all the cases throughout the centuries, throughout the times and ages and places.
This is something that many would have missed and slipped the mind of so many thinkers and intellegents in the society.
So Shariah is very dynamic, Shariah provides the general principle, but the exact prescription to the issues at hand must be crafted and must be engineered to suit a particular given or prevailing case of the society.
So, Islamic banking and finance, you cannot expect one solution that can solve all the problems in the case of project financing, sukuk structuring, in the case of restructuring, rescheduling, in the case of facing the default environment, in the case of retail and consumer financing for credit card, for charge card, and for debit card.
So, we could have more than one solution that can suit a particular environment in any society.
So, I wanted to reiterate once again, Shariah cannot be expected to provide one solution that fits all – it is not part of the scheme and the grand design of the Shariah; Shariah has been revealed to provide general principle, but in terms of coming up with a proper, if you like prescription and proper treatment of any case, we need to have more than one solution that can suit a particular case in any given situation, context, the society practice; perhaps the level of risk taking, the level of regulation, the level of prudential standard, this would have an impact on the final description and final – if you like – manufacturing of the Shariah solution to any products for any activities involving Islamic banking and finance.