This article is devoted to the study of the nature and essence of one of the fundamental sources of Islamic Law - ijma‘ in the methodological views of the Qadi and the Mufti of the Central Spiritual Administration of Muslims of Russia Rizaetdin Fakhretdinov (1859-1936). The conceptual features of Fakhretdinov’s characteristic views on the nature of ijma‘, its essence, the conditions of its emergence and the specifics of its practical adaptation allowed him to raise important questions regarding the competence of participants making a consolidated decision, the categoricalness and duration of the legal force of such decisions. His views on the institutionalization of ijma‘ may indicate the presence of regional competence of ijma‘ representatives. The study of ijma‘ was carried out on the basis of an analysis of Fakhretdinov’s views with the views of classical methodologists (usuliyyun), during which the author attempts to substantiate them within the framework of Hanafi methodological thought. The article is intended to make a modest contribution to the study of the nature of ijma‘ and its role in the religious and legal life of Muslims. The nature of the article is also on rethinking the assessment of the classical heritage of fiqh, the development of a critical and practice-oriented approach in individual and collegial forms of the methodology of fatwa creation. Moreover, the paper means to attract the attention of modern researchers in the field of methodology to these issues within the Islamic Law.