Common conceptual flaws in realizing maqāṣid al-Sharīʿah vis-à-vis Islamic finance

Medientyp: E-Artikel
Titel: Common conceptual flaws in realizing maqāṣid al-Sharīʿah vis-à-vis Islamic finance
Beteiligte: Al-Nahari, Ameen Ahmed Abdullah Qasem; Monawer, Abu Talib Mohammad; Haji Abdullah, Luqman Bin; Ali, Abdul Karim Bin; Abdul Rahman, Noor Naemah Binti; Achour, Meguellati
Erschienen: International Centre for Education in Islamic Finance, 2022
Erschienen in: ISRA International Journal of Islamic Finance, 14 (2022) 2, Seite 190-205
Sprache: Englisch
DOI: 10.1108/ijif-12-2020-0259
ISSN: 0128-1976; 2289-4365
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Beschreibung: <jats:sec><jats:title content-type="abstract-subheading">Purpose</jats:title><jats:p>This paper aims to scrutinize the misconceptions about <jats:italic>maqāṣid al-Sharīʿah</jats:italic> (objectives of Islamic law) that complicate its actualization, particularly in Islamic finance.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Design/methodology/approach</jats:title><jats:p>This study adopts a qualitative inductive method to identify the flaws in understanding <jats:italic>maqāṣid al-Sharīʿah</jats:italic> vis-à-vis Islamic finance. It uses the views of classical and modern <jats:italic>maqāṣid</jats:italic> scholars to critically examine the flaws.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Findings</jats:title><jats:p>This study concludes that the five objectives of the <jats:italic>Sharīʿah</jats:italic> constitute the framework of <jats:italic>maṣlaḥah</jats:italic> (well-being). The levels of <jats:italic>maṣlaḥah</jats:italic> ― namely <jats:italic>ḍarūriyyāt</jats:italic> (essentials), <jats:italic>ḥājiyyāt</jats:italic> (needs) and <jats:italic>taḥsīniyyāt</jats:italic> (embellishments) ― are the categories of the means to ends. The demand for financial products falls under the <jats:italic>ḥājiyyāt</jats:italic> and <jats:italic>taḥsīniyyāt</jats:italic> categories, not <jats:italic>ḍarūriyyāt</jats:italic>. The <jats:italic>maqāṣid</jats:italic> (objectives) are derived from <jats:italic>aḥkām</jats:italic> (provisions) being verified by the parameters, while <jats:italic>aḥkām</jats:italic> are guided by <jats:italic>maqāṣid</jats:italic>.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Research limitations/implications</jats:title><jats:p>This study recommends further research to theorize the concepts of <jats:italic>ḍarūriyyāt</jats:italic>, <jats:italic>ḥājiyyāt</jats:italic>, <jats:italic>taḥsīniyyat</jats:italic> and <jats:italic>mukammilāt</jats:italic> (complements); to harmonize the <jats:italic>maqāṣid</jats:italic> with their essential elements and to formulate a conceptual framework for actualizing <jats:italic>maqāṣid al-Sharīʿah</jats:italic> in Islamic finance.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Practical implications</jats:title><jats:p>This paper will improve perceptions and bridge gaps between the understanding of <jats:italic>maqāṣid</jats:italic> theory and existing practices. It suggests that instead of <jats:italic>ḍarūriyyāt</jats:italic>, Islamic financial institutions (IFIs) should refer to <jats:italic>ḥājiyyāt and taḥsīniyyāt</jats:italic>.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Originality/value</jats:title><jats:p>This paper identifies and clarifies the misconceptions about <jats:italic>maqāṣid al-Sharīʿah</jats:italic> vis-à-vis Islamic finance in the existing literature. The findings align with the views of leading <jats:italic>maqāṣid</jats:italic> scholars in understanding the idea.</jats:p></jats:sec>
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