Modernity, the Principles of Public Welfare ( maşlaşa ) and the End Goals of Shari ¥ ˛a ( maqa ¥ şid ) in Muslim Legal Thought

Abdelkader, Deina

doi:10.1080/0959641032000057298

Cited by 9 publications

(2 citation statements)

References 9 publications

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“…To clarify, the essence of maqāṣid and maṣlaḥaḥ is similar, and both terms are not two different principles. Instead, their function is analogous, and they are sometimes used interchangeably (Abdelkader, 2003; ʿAwdah, 2006; Auda, 2007). Kamali (2008) also has a similar view as he joins both terms while discussing the categories of maqāṣid .…”

Section: Common Flaws In Understanding Maqāṣid Al-sharīʿah and Financ...mentioning

confidence: 99%

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

Al-‎Nahari

Monawer

Abdullah

et al. 2022

IJIF

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PurposeThis paper aims to scrutinize the misconceptions about maqāṣid al-Sharīʿah (objectives of Islamic law) that complicate its actualization, particularly in Islamic finance.Design/methodology/approachThis 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.FindingsThis 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/implicationsThis 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 implicationsThis 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/valueThis 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.

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Section: Common Flaws In Understanding Maqāṣid Al-sharīʿah and Financ...mentioning

confidence: 99%

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

Al-‎Nahari

Monawer

Abdullah

et al. 2022

IJIF

View full text Add to dashboard Cite

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“…Maslahah (public interest) sometimes connotes the same meaning as maqasid , and scholars have used the two terms almost interchangeably. 6 Moreover, maslahah is one of the juristic devices that have always been used in Islamic legal theory to promote public benefi t and prevent social evils or corruption. The Arabic word maslahah (pl.…”

Section: Islamic Finance and Maqasid Al-shariahmentioning

confidence: 99%

Do equity-based Sukuk structures in Islamic capital markets manifest the objectives of Shariah??

Dusuki

2010

J Financ Serv Mark

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The Islamic capital market is an important component of the overall Islamic fi nancial system especially in providing an element of liquidity to the otherwise illiquid assets. Like its conventional counterpart, Islamic capital markets complement the investment role of the Islamic banking sector in raising funds for long-term investment. These long-term investments are facilitated through various Shariah contracts and instruments ensuring effi cient mobilisation of resources and their optimal allocation. This article aims at reviewing equitybased Sukuk structure, which is one of the most popular instruments used in Islamic capital market today. This article argues that some innovations made in structuring Sukuk , which try to achieve the same economic outcome like conventional instruments, distort the vision of Islamic economics based on justice and equitability. These visions are deeply inscribed in the objectives of Shariah, also known as Maqasid al-Shariah . This distortion stems from the restricted view of understanding Shariah, by only focussing on the legal forms of a contract rather than the substance especially when structuring a fi nancial product. The overemphasis on form over substance leads to potential abuse of Shariah principles in justifying certain contracts, which in fact are contradictory to the Shariah text and ultimately undermining the higher objectives of Shariah. In the fi nal analysis, this article concludes that the substance of a contract that has greater implications to the realisation of Maqasid al-Shariah should be equally looked into. Otherwise, Islamic fi nance just appears as an exercise of semantics; the functions and operations are really no different from conventional banks, except in the use of euphemisms to disguise interest and circumvent the many Shariah prohibitions.

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Maqāṣid al-Sharīʿah for Socioeconomic Development Index: A Statistical Approach

Esen

2019

Palgrave Studies in Islamic Banking, Finance, and Economics

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Modernity, the Principles of Public Welfare ( maşlaşa ) and the End Goals of Shari ¥ ˛a ( maqa ¥ şid ) in Muslim Legal Thought

Cited by 9 publications

References 9 publications

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

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

Do equity-based Sukuk structures in Islamic capital markets manifest the objectives of Shariah??

Maqāṣid al-Sharīʿah for Socioeconomic Development Index: A Statistical Approach

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