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The objective of islamic economic and islamic banking in light of maqasid al-shari’ah

There has been variation in the objectives of Islamic economics. It is also assumed that the objectives of Islamic economics are supposed to guide the objective of Islamic banking and Finance. Over the years, there seem to be widening gap between the two Islamic disciplines in terms of their objecti...

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Main Authors: Mustafa Omar, Mohammed, Syahidawati , Shahwan
Format: Article
Language:English
Published: IDOSI Publications 2013
Subjects:
HB Economic Theory
HB131 Methodology.Mathematical economics. Quantitative methods
HB846 Welfare theory
Online Access:http://irep.iium.edu.my/47106/1/47106_-_The_objective_of_islamic_economic_and_islamic_banking_in_light_of_maqasid_al-shari%E2%80%99ah.pdf
http://irep.iium.edu.my/47106/
http://www.idosi.org/mejsr/online.htm
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spelling my.iium.irep.471062016-04-17T15:06:48Z http://irep.iium.edu.my/47106/ The objective of islamic economic and islamic banking in light of maqasid al-shari’ah Mustafa Omar, Mohammed Syahidawati , Shahwan HB Economic Theory HB131 Methodology.Mathematical economics. Quantitative methods HB846 Welfare theory There has been variation in the objectives of Islamic economics. It is also assumed that the objectives of Islamic economics are supposed to guide the objective of Islamic banking and Finance. Over the years, there seem to be widening gap between the two Islamic disciplines in terms of their objectives. There are hardly any studies that have formally documented the issues that have contributed to the widening gap between the two disciplines and whether these differences are reconcilable. This paper therefore is a critical survey of the literature on the subject, using Maqasid al-Shari’ah as a benchmark for examining the variations and relationship between both disciplines. The issues of theories versus practice was given due emphasis. The study, which is exploratory in nature, adopted content analysis and inductive method to achieve its objectives aforementioned. The study has concluded from the observation of the selected literatures that the five elements of Maqasid al-Shari’ah were fully observed in the objectives of Islamic economics and Islamic bank. However, it is also found that the objectives of Islamic banks mostly aimed towards profit-oriented entity rather than social-based entity. Thus, it is suggested that Islamic banks’ objectives should promote the objectives of Islamic economics thus inculcating as well Maqasid al-Shari’ah in its holistic direction. IDOSI Publications 2013 Article REM application/pdf en http://irep.iium.edu.my/47106/1/47106_-_The_objective_of_islamic_economic_and_islamic_banking_in_light_of_maqasid_al-shari%E2%80%99ah.pdf Mustafa Omar, Mohammed and Syahidawati , Shahwan (2013) The objective of islamic economic and islamic banking in light of maqasid al-shari’ah. Middle East Journal of Scientific Research (MEJSR), 13 (13). pp. 75-84. ISSN 1990-9233 http://www.idosi.org/mejsr/online.htm DOI: 10.5829/idosi.mejsr.2013.13.1885
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
topic HB Economic Theory
HB131 Methodology.Mathematical economics. Quantitative methods
HB846 Welfare theory
spellingShingle HB Economic Theory
HB131 Methodology.Mathematical economics. Quantitative methods
HB846 Welfare theory
Mustafa Omar, Mohammed
Syahidawati , Shahwan
The objective of islamic economic and islamic banking in light of maqasid al-shari’ah
description There has been variation in the objectives of Islamic economics. It is also assumed that the objectives of Islamic economics are supposed to guide the objective of Islamic banking and Finance. Over the years, there seem to be widening gap between the two Islamic disciplines in terms of their objectives. There are hardly any studies that have formally documented the issues that have contributed to the widening gap between the two disciplines and whether these differences are reconcilable. This paper therefore is a critical survey of the literature on the subject, using Maqasid al-Shari’ah as a benchmark for examining the variations and relationship between both disciplines. The issues of theories versus practice was given due emphasis. The study, which is exploratory in nature, adopted content analysis and inductive method to achieve its objectives aforementioned. The study has concluded from the observation of the selected literatures that the five elements of Maqasid al-Shari’ah were fully observed in the objectives of Islamic economics and Islamic bank. However, it is also found that the objectives of Islamic banks mostly aimed towards profit-oriented entity rather than social-based entity. Thus, it is suggested that Islamic banks’ objectives should promote the objectives of Islamic economics thus inculcating as well Maqasid al-Shari’ah in its holistic direction.
format Article
author Mustafa Omar, Mohammed
Syahidawati , Shahwan
author_facet Mustafa Omar, Mohammed
Syahidawati , Shahwan
author_sort Mustafa Omar, Mohammed
title The objective of islamic economic and islamic banking in light of maqasid al-shari’ah
title_short The objective of islamic economic and islamic banking in light of maqasid al-shari’ah
title_full The objective of islamic economic and islamic banking in light of maqasid al-shari’ah
title_fullStr The objective of islamic economic and islamic banking in light of maqasid al-shari’ah
title_full_unstemmed The objective of islamic economic and islamic banking in light of maqasid al-shari’ah
title_sort objective of islamic economic and islamic banking in light of maqasid al-shari’ah
publisher IDOSI Publications
publishDate 2013
url http://irep.iium.edu.my/47106/1/47106_-_The_objective_of_islamic_economic_and_islamic_banking_in_light_of_maqasid_al-shari%E2%80%99ah.pdf
http://irep.iium.edu.my/47106/
http://www.idosi.org/mejsr/online.htm
_version_ 1643613128151269376
score 13.211869

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