According to the Hanafi Madhab, the hands should be held below the navel. According to the Shaaf'ee Madhab, the hands should be held above the navel. The Hanbali Madhab grants an option between the two, while the Maaliki Madhab advocates leaving the hands unfolded at one's sides"
Why taqleed (Followers) of the schools of thoughts (madhaahib) of Imam's Maalik, ash-Shaafi'ee, Abu Haneefah, and Ahmad bin Hanbal. The fact is that the Religion of the Messenger (sallallaahu alayhi wa sallam) is one and the Quraan is one? This Book deals with the issue of Madhab, the approach is academic and non-confrontational. A must read if you want to understand this sometimes hotly debated issue.