Monawer, Abu Talib Mohammad;
Abdul Rahman, Noor Naemah;
Qasem Al-Nahari, Ameen Ahmed Abdullah;
Haji Abdullah, Luqman;
Ali, Abdul Karim;
Meguellati, Achour
The actualization of maqāṣid al-Sharīʿah in Islamic finance: a conceptual framework
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Medientyp:
E-Artikel
Titel:
The actualization of maqāṣid al-Sharīʿah in Islamic finance: a conceptual framework
Beteiligte:
Monawer, Abu Talib Mohammad;
Abdul Rahman, Noor Naemah;
Qasem Al-Nahari, Ameen Ahmed Abdullah;
Haji Abdullah, Luqman;
Ali, Abdul Karim;
Meguellati, Achour
Erschienen:
Emerald, 2022
Erschienen in:
International Journal of Islamic and Middle Eastern Finance and Management, 15 (2022) 5, Seite 847-864
Beschreibung:
<jats:sec>
<jats:title content-type="abstract-subheading">Purpose</jats:title>
<jats:p>This paper aims to formulate a conceptual framework that will facilitate the actualization of <jats:italic>maqāṣid al-Sharīʿah</jats:italic> in product design and consumption within Islamic financial institutions (IFIs).</jats:p>
</jats:sec>
<jats:sec>
<jats:title content-type="abstract-subheading">Design/methodology/approach</jats:title>
<jats:p>This paper relies on the classical and contemporary literature <jats:italic>on maqāṣid al-Sharīʿah</jats:italic> and Islamic finance and adopts a qualitative content analysis method and an inductive approach to outline the constituent elements that formulate the framework.</jats:p>
</jats:sec>
<jats:sec>
<jats:title content-type="abstract-subheading">Findings</jats:title>
<jats:p>This study determines six vital constituents of <jats:italic>maqāṣid al-Sharīʿah</jats:italic>, namely, parameters of <jats:italic>maqāṣid</jats:italic>, particular objectives, appropriate means, micro provisions, level of need and legal maxims to develop a conceptual framework of actualizing <jats:italic>maqāṣid al-Sharīʿah</jats:italic> in Islamic finance. The framework covers the following three stages: identification of <jats:italic>maqāṣid</jats:italic>, operationalization of <jats:italic>maqāṣid</jats:italic> in product design and consumption based on <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 paper proposes a conceptual framework without investigating the practice of any particular industry or products. Further research would focus on formulating a practical framework based on a focus group discussion with industry experts, elaborating the parameters of <jats:italic>maqāṣid</jats:italic>, scrutinizing the <jats:italic>maqāṣid</jats:italic> available in the literature by the parameters of <jats:italic>maqāṣid</jats:italic> and assessing the IFIs’ products and services using the proposed framework.</jats:p>
</jats:sec>
<jats:sec>
<jats:title content-type="abstract-subheading">Practical implications</jats:title>
<jats:p>This paper provides insights into the importance of <jats:italic>maqāṣid</jats:italic> elements and the effects of overlooking them on IFIs and customers’ product consumption. Furthermore, a major implication of the proposed framework is to learn how to use the <jats:italic>maqāṣid</jats:italic> approach as the baseline for designing new financial products.</jats:p>
</jats:sec>
<jats:sec>
<jats:title content-type="abstract-subheading">Originality/value</jats:title>
<jats:p>The novelty of this paper lies in its pioneering attempt of harmonizing all essential <jats:italic>maqāṣid</jats:italic> elements and using them as constituents to formulate a comprehensive framework that actualizes <jats:italic>maqāṣid al-Sharīʿah</jats:italic> in the Islamic finance industry.</jats:p>
</jats:sec>