An analysis of maslahah based resolutions issued by Bank Negara Malaysia

الملخص EN

Purpose – This study aims to examine the resolutions issued by the Sharīʿah Advisory Council of Bank Negara Malaysia (SAC-BNM), which have recognized ma sla hah (public interest) as the basis of ruling to see the extent of its usefulness to the public and the extent of its adherence to the ma la hah parameters.

The study will also look into the opposing opinion to identify the basis of rejection and overall implication on Islamic finance based on opposing opinions of SAC-BNM and other bodies of collective ijtihad (juristic interpretation).

Design/methodology/approach – The study uses a qualitative approach by analyzing the SAC-BNM resolutions, which have been resolved based on ma sla hah.

The study also applies the comparative approach by comparing the fatwa (Sharīʿah pronouncement) issuing bodies of Malaysia and the Gulf Cooperation Council countries.

Furthermore, the secondary data is obtained from sources such as u sūl al-fiqh (theory of Islamic jurisprudence) books, papers and relevant internet sources.

Findings – The study found that SAC-BNM’s resolutions are in line with some of the major ma sla hah parameters mentioned in the u sūl al-fiqh sources i.e.

must not contradict with the Qurʾan and the Sunnah.

While looking at the other two criteria of being in line with ijmaʿ (consensus) and having a general impact, such resolutions might not fulfill the criteria of valid ma sla hah considering, respectively, the stand of collective ijtihad or the impact on the group of customers and institutions.

Originality/value – Most available shari’ah (Islamic law) research considers the perspective of fiqh (Islamic jurisprudence) while analyzing the issue of ma sla hah.

This study aims to conduct analysis based on u sūl al-fiqh.

Moreover, ma sla hah itself is a broad concept, which can be abused.

Hence, this study discusses the parameters of ma sla hah to understand the validity of an important juristic tool in Sharīʿah.