ABSTRACT
After more than four decades in application, Islamic finance industry is facing divergence of shari’ah opinions. Although juristic disagreement is acceptable from fiqh perspective, its practice in Islamic finance, according to practitioners brings more disadvantages than benefits. Therefore, the idea of harmonizing shari’ah rulings has come to constitute an issue of concern by many parties. This paper defines the term harmonization and outline its scope and contribution. Due to the unclear apprehension of the term harmonization, contemporary shari’ah scholars and industry practitioners have adopted two opposing viewpoints. This paper will be valuable addition to the existing literature in the effort towards enhancing shari’ah governance in Islamic finance industry.
