
Common conceptual flaws in realizing maqaṣid al-Sharīʿah vis-à-vis Islamic finance
Joint Authors
Bin Ali, Abd al-Karim
al-Nahari, Amin Ahmad Abd Allah Qasim
Munawir, Abu Talib Muhammad
Abd Allah, Luqman Bin Hajj
Bint Abd al-Rahman, Nur Nimah
Ashur, Maqlati
Source
ISRA International Journal of Islamic Finance
Issue
Vol. 14, Issue 2 (31 Aug. 2022), pp.190-205, 16 p.
Publisher
International Shari'ah Research Academy for Islamic Finance
Publication Date
2022-08-31
Country of Publication
Malaysia
No. of Pages
16
Main Subjects
Financial and Accounting Sciences
Islamic Studies
Abstract EN
Purpose : This paper aims to scrutinize the misconceptions about maqāṣid al-Sharīʿah (objectives of Islamic law) that complicate its actualization, particularly in Islamic finance.
Design/methodology/approach : This study adopts a qualitative inductive method to identify the flaws in understanding maqāṣid al-Sharīʿah vis-à-vis Islamic finance.
It uses the views of classical and modern maqāṣid scholars to critically examine the flaws.
Findings : This study concludes that the five objectives of the Sharīʿah constitute the framework of maṣlaḥah (well-being).
The levels of maṣlaḥah ― namely ḍarūriyyāt (essentials), ḥājiyyāt (needs) and taḥsīniyyāt (embellishments) ― are the categories of the means to ends.
The demand for financial products falls under the ḥājiyyāt and taḥsīniyyāt categories, not ḍarūriyyāt.
The maqāṣid (objectives) are derived from aḥkām (provisions) being verified by the parameters, while aḥkām are guided by maqāṣid.
Research limitations/implications : This study recommends further research to theorize the concepts of ḍarūriyyāt, ḥājiyyāt, taḥsīniyyat and mukammilāt (complements); to harmonize the maqāṣid with their essential elements and to formulate a conceptual framework for actualizing maqāṣid al-Sharīʿah in Islamic finance.
Practical implications :This paper will improve perceptions and bridge gaps between the understanding of maqāṣid theory and existing practices.
It suggests that instead of ḍarūriyyāt, Islamic financial institutions (IFIs) should refer to ḥājiyyāt and taḥsīniyyāt.
Originality/value : This paper identifies and clarifies the misconceptions about maqāṣid al-Sharīʿah vis-à-vis Islamic finance in the existing literature.
The findings align with the views of leading maqāṣid scholars in understanding the idea.
American Psychological Association (APA)
al-Nahari, Amin Ahmad Abd Allah Qasim& Munawir, Abu Talib Muhammad& Abd Allah, Luqman Bin Hajj& Bin Ali, Abd al-Karim& Bint Abd al-Rahman, Nur Nimah& Ashur, Maqlati. 2022. Common conceptual flaws in realizing maqaṣid al-Sharīʿah vis-à-vis Islamic finance. ISRA International Journal of Islamic Finance،Vol. 14, no. 2, pp.190-205.
https://search.emarefa.net/detail/BIM-1429456
Modern Language Association (MLA)
al-Nahari, Amin Ahmad Abd Allah Qasim…[et al.]. Common conceptual flaws in realizing maqaṣid al-Sharīʿah vis-à-vis Islamic finance. ISRA International Journal of Islamic Finance Vol. 14, no. 2 (2022), pp.190-205.
https://search.emarefa.net/detail/BIM-1429456
American Medical Association (AMA)
al-Nahari, Amin Ahmad Abd Allah Qasim& Munawir, Abu Talib Muhammad& Abd Allah, Luqman Bin Hajj& Bin Ali, Abd al-Karim& Bint Abd al-Rahman, Nur Nimah& Ashur, Maqlati. Common conceptual flaws in realizing maqaṣid al-Sharīʿah vis-à-vis Islamic finance. ISRA International Journal of Islamic Finance. 2022. Vol. 14, no. 2, pp.190-205.
https://search.emarefa.net/detail/BIM-1429456
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 201-204
Record ID
BIM-1429456