Islamic law has emerged from a range of highly religious treaties to highly practical methods, which have resulted in its practices established on a worldwide level. There are several interpretations of the Qurʾān and Sunnah, which in turn have led to differences in methodological practices and opinion. In relation to Islamic financial law, this article will investigate how each opinion derives and coincides with Shariʿah law in its own way, thoroughly explaining why differences (ikhtilāf) have occurred and exist. In the author’s opinion, differences in schools of thought (ikhtilāf) are valid in that they each follow the principles and processes of forming opinions within Shariʿah law (ijtihād) which will be elucidated in this article. From reading this article, one can also derive how Shariʿah law is actually flexible and open to progression in all times, whereas common intellectual stereotypes and partial understanding of the text often negates this.