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Islamic Finance In The Context Of Maqasid’Shariah Under: Islamic Jurisprudences

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  • NAHEEDA ALI

    (Assistant Professor, Department of Law, University of the Punjab, Gujranwala Campus, Pakistan610:27 AM 9/23/202454)

Abstract

This research base on the Shariah- acquiescent article and services thorough understanding of the Islamic jurisprudence in the light of Maqasid al shariah, regarding problems based on financial Islamic article and services. it is found to contradict Maqasid al Shariah. This study explores and identifies the concepts of Maslaha and Maqasid al-Shariah in Islamic financing operations with a holistic understanding. This article develops a framework to assess Islamic financial operations, this approach can help overcome the methodological deficiencies in measuring performance in Islamic finance by focusing on the process of decision-making that leads to the outcomes of legality of contracts. The framework outlines the conditions under which an activity that is considered legal and permissible contractually could lead to some suggestions are provided on ways to improve and develop the Shariah Supervisory Board to be more resilient and competitive through the understanding of Maqasid al-Shariah for the well-being of the society. This study is grounded in the principles of Shariah compliance and aims to provide a comprehensive grasp of Islamic jurisprudence about Maqasid al Shariah. It specifically addresses issues related to financial articles and services within an Islamic framework. This research delves into the examination and elucidation of the notions of Maslaha and Maqasid al-Shariah within the context of Islamic financial operations, aiming to provide a comprehensive comprehension. The concept of Maqasid al-Shariah, which refers to the objectives and goals of Islamic jurisprudence is a fundamental aspect of Islamic finance. It serves as a guiding principle for developing and implementing various financial products and services under Shariah. The study also includes a comprehensive examination of the use of these methodologies within the framework of systematic jurisprudence. This methodology has the potential to address the methodological limitations associated with performance measurement in the field of Islamic finance. It does this by emphasizing the decision-making process determining the legitimacy of contracts. The framework delineates the circumstances in which an activity that is deemed lawful and contractually permissible may result in specific recommendations being offered on how to enhance and advance the Shariah Supervisory Board (SSB), which plays a crucial role in overseeing the operations of Islamic banking and ensuring adherence to Islamic principles, in order to become more robust and competitive by comprehending Maqasid al-Shariah for the betterment of society.

Suggested Citation

  • Naheeda Ali, 2023. "Islamic Finance In The Context Of Maqasid’Shariah Under: Islamic Jurisprudences," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 12(3), pages 12-18.
    • Handle: RePEc:rfh:bbejor:v:12:y:2023:i:3:p:12-18
    DOI: https://zenodo.org/records/8306355
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    References listed on IDEAS

    as
    1. Wan Hakimah Wan Ibrahim & Abdul Ghafar Ismail, 2020. "Do Regulation, Maqasid Shariah And Institutional Parameter Improve Islamic Bank Efficiency?," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 6(1), pages 135-162, February.
    2. Wan Hakimah Wan Ibrahim & Abdul Ghafar Ismail, 2020. "Do Regulation, Maqasid Shariah And Institutional Parameter Improve Islamic Bank Efficiency?," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 6(1), pages 135-162.
    3. Farhana Tahmida Newaz & Kim-Shyan Fam & Revti Raman Sharma, 2016. "Muslim religiosity and purchase intention of different categories of Islamic financial products," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 21(2), pages 141-152, June.
    4. Muhammad Shahrul Ifwat Ishak & Fathullah Asni, 2020. "The role ofmaqasid al-Shariʿahin applyingfiqh muamalatinto modern Islamic banking in Malaysia," Journal of Islamic Accounting and Business Research, Emerald Group Publishing Limited, vol. 11(10), pages 2137-2154, November.
    5. Burhanudin Harahap & Tastaftiyan Risfandy & Inas Nurfadia Futri, 2023. "Islamic Law, Islamic Finance, and Sustainable Development Goals: A Systematic Literature Review," Sustainability, MDPI, vol. 15(8), pages 1-21, April.
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