Qiyas is Only Allowed Where There are no Texts in the Quran or Sunnah
Ibrahim then said that Shaikh Rasheed Ridha allowed savings accounts that gain interest. The opinion that he mentioned is an error in judgment that is based on discredited personal conclusions that clearly contradict the relevant Texts [of the Quran and Sunnah]. The scholars stated that Muslims are not allowed to rely on Ijtihad (personal judgment) where a Text exists. Rather, Ijtihad is only employed where there are no Texts, in which case, only qualified persons are allowed to perform Ijtihad. When a scholar tries his best in his Ijtihad and issues a correct opinion, he will gain two rewards [one for Ijtihad and one for correctness]. On the other hand, when a scholar performs his best Ijtihad but issues the wrong opinion, he will only gain one reward for his Ijtihad [yet, the erroneous opinion –as in this case- is still invalid]. The Prophet (صَلَّى اللهُ عَلَيْهِ وسَلَّمَ) said,
“إِذَا حَكَمَ الْحَاكِمُ فَاجْتَهَدَ فَأَصَابَ فَلَهُ أَجْرَانِ وَإِذَا حَكَمَ فَأَخْطَأَ فَلَهُ أَجْرٌ وَاحِدٌ”.
“When the ruler (or the judge, or the scholar) performs Ijtihad and reaches the correct conclusion, he will gain two rewards. When he performs Ijtihad but reaches the wrong conclusion, he will gain one reward.” [Al-Bukhari and Muslim collected this Hadith from `Amr ibn Al-`Aas]. Also, Imam Muslim reported a Hadith collected from Abu Hurairah, may Allah be pleased with him, reporting similar words.
Consequently, Muslims are not allowed to perform Ijtihad concerning matters of the religion where there is a clear ruling that Allah has revealed in the Quran or in the Sunnah of His Prophet, salla allahu `alaihi wa-sallam. Furthermore, and according to the consensus of the scholars, all Muslims are required to adhere by the Texts of the Quran and Sunnah and to implement their rulings. Allah alone is sought for each and every matter, and there is neither power nor strength except from Him.
Fourth, Ibrahim said towards the end of his research, “In summary, and after comparing the Riba that the Quran prohibited to banking transactions, it is clear that banking transactions are quite different from the Riba transactions that the Quran warned against. This is because in the present time, there are new types of transactions and as such, are not entailed in the prohibited Riba mentioned in the clear Texts in the Quran.
Hence, we must assess these new types of transactions regarding the benefits they bring for the slaves and their satisfying their legal needs, thus imitating the practice of the Messenger of Allah, salla allahu `alaihi wa-sallam, when he allowed the selling of the Salam. He did this, even though the Salam entails selling a good that the seller does not yet have. Therefore, the scholars stated that selling as-Salam was allowed, because people needed it. Likewise, the scholars relied on the example of allowing as-Salam transactions and other relevant examples to allow many beneficial practices without which people’s needs will not be fulfilled or satisfied.”
By: Shaikh: Abdul ‘Aziz ibn Abdullah ibn Baz