Authors : Mohamed Mohideen Nayeem, Muhammad Pisol Bin Mat Isa, Mutalib bin Embong and Liya Ur Rahman Liyakath Alikhan
Abstract: Oil is one of the most fundamental sources of energy globally in the modern era. It plays a vital role in the function of the local and global economic systems. It has impact on national strategies and international politics. There are different views and perspectives about the ownership of oil. Socialism and capitalism advocated social ownership and unconstrained individual ownership respectively, presently, most of the countries do not allow individuals to claim ownership of oil while some other countries such as USA recognize both state and individual ownership. The Quran had mentioned common theories about the ownership the ownership of oil is one of the matters of ijtihad which needs to be regulated by Muslim rulers under the context of basic principles of the Quran and Sunnah, theories of Islamic law, Therefore, the major Islamic school of law involved in determining the ownership concept of oil ownership, The prominent Muslim jurists differ on the ownership concept of minerals. Thus, the aim of this paper is to compare, contrast and investigate the different concepts of ownership of oil in Islamic schools to examine conformity of such views with the objectives and purposes (Maqasid) of the Islamic law.
Mohamed Mohideen Nayeem, Muhammad Pisol Bin Mat Isa, Mutalib bin Embong and Liya Ur Rahman Liyakath Alikhan, 2017. Ownership of Oil Wealth: A Fiqh Perspective in the Shade of Maqasid Sharia. International Business Management, 11: 245-248.