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The role of Majallah Ahkam Al-Adliyyah in developing conceptual sukuk model based on maqasid shariah: A qualitative study

The objective of the Islamic capital market is to mobilize and transfer the funds from one sector to one sector of the economy for benefit of human life. Its main objectives are to eliminate the riba and develops the Islamic global economy. (Securities Commission, 2009). These two objectives are the...

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Main Authors: Muhammad Azizur Rahman, Ramli, Mansor, Sulaiman, Noor Faezah, Basary
Format: Article
Language:English
Published: Asian Scholars Network 2019
Subjects:
BP Islam. Bahaism. Theosophy, etc
HG Finance
Online Access:http://umpir.ump.edu.my/id/eprint/27540/1/The%20role%20of%20Majallah%20Ahkam%20Al-Adliyyah%20in%20developing.pdf
http://umpir.ump.edu.my/id/eprint/27540/
http://myjms.moe.gov.my/index.php/ijaref/article/view/5757
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spelling my.ump.umpir.275402020-03-30T02:08:55Z http://umpir.ump.edu.my/id/eprint/27540/ The role of Majallah Ahkam Al-Adliyyah in developing conceptual sukuk model based on maqasid shariah: A qualitative study Muhammad Azizur Rahman, Ramli Mansor, Sulaiman Noor Faezah, Basary BP Islam. Bahaism. Theosophy, etc HG Finance The objective of the Islamic capital market is to mobilize and transfer the funds from one sector to one sector of the economy for benefit of human life. Its main objectives are to eliminate the riba and develops the Islamic global economy. (Securities Commission, 2009). These two objectives are the same meaning in the Maqasid Shariah framework. Sukuk is an Islamic investment certificate that funds large scale projects which is Sukuk Ijarah, Sukuk Mudarabah and Musyarakah is the most issued in Islamic countries. Maqasid shariah can be implemented through the framework of fiqh awlawiyat (priority) either in the stage (dhoururi) or stage of need (hajiyat) or stage of perfection (tahsiniyat). Asyraf Wajdi (2008). The general purpose of the study is to develop a new sukuk model based on Maqasid Shariah via the code of Majallah ahkam al-adliyyah. The research found the 4 main themes appear. Firstly, the understanding of the contracting parties is important to avoid misuse and raising distress (raf'ul haraj) via the maddah 2-3. Secondly, implementation of the method Dar’ul Mafasid inside sukuk model to preserve the maslahah daruriyat via the maddah 30. Thirdly, implementation of method Al- Ghurumu Bil Ghunmi and Al-Kharaj Bi Daman In the Sukuk Musyarakah to preserve the maslahah Hajiyat via the maddah 85 – 87. Lastly, implementation of elimination of the harmful matter inside the sukuk model that can keep the justice between the sukuk issuer and the investor via the maddah 25-27. As a conclusion, the legal maxim inside the majallah ahkam al-adliyyah could explain further more how to achieve maslahah and keep away from mafsadah in the future sukuk model. Asian Scholars Network 2019-04-15 Article PeerReviewed pdf en http://umpir.ump.edu.my/id/eprint/27540/1/The%20role%20of%20Majallah%20Ahkam%20Al-Adliyyah%20in%20developing.pdf Muhammad Azizur Rahman, Ramli and Mansor, Sulaiman and Noor Faezah, Basary (2019) The role of Majallah Ahkam Al-Adliyyah in developing conceptual sukuk model based on maqasid shariah: A qualitative study. International Journal of Advanced Research in Economics and Finance, 1 (1). pp. 29-37. ISSN 2682 - 812X http://myjms.moe.gov.my/index.php/ijaref/article/view/5757
institution Universiti Malaysia Pahang
building UMP Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Pahang
content_source UMP Institutional Repository
url_provider http://umpir.ump.edu.my/
language English
topic BP Islam. Bahaism. Theosophy, etc
HG Finance
spellingShingle BP Islam. Bahaism. Theosophy, etc
HG Finance
Muhammad Azizur Rahman, Ramli
Mansor, Sulaiman
Noor Faezah, Basary
The role of Majallah Ahkam Al-Adliyyah in developing conceptual sukuk model based on maqasid shariah: A qualitative study
description The objective of the Islamic capital market is to mobilize and transfer the funds from one sector to one sector of the economy for benefit of human life. Its main objectives are to eliminate the riba and develops the Islamic global economy. (Securities Commission, 2009). These two objectives are the same meaning in the Maqasid Shariah framework. Sukuk is an Islamic investment certificate that funds large scale projects which is Sukuk Ijarah, Sukuk Mudarabah and Musyarakah is the most issued in Islamic countries. Maqasid shariah can be implemented through the framework of fiqh awlawiyat (priority) either in the stage (dhoururi) or stage of need (hajiyat) or stage of perfection (tahsiniyat). Asyraf Wajdi (2008). The general purpose of the study is to develop a new sukuk model based on Maqasid Shariah via the code of Majallah ahkam al-adliyyah. The research found the 4 main themes appear. Firstly, the understanding of the contracting parties is important to avoid misuse and raising distress (raf'ul haraj) via the maddah 2-3. Secondly, implementation of the method Dar’ul Mafasid inside sukuk model to preserve the maslahah daruriyat via the maddah 30. Thirdly, implementation of method Al- Ghurumu Bil Ghunmi and Al-Kharaj Bi Daman In the Sukuk Musyarakah to preserve the maslahah Hajiyat via the maddah 85 – 87. Lastly, implementation of elimination of the harmful matter inside the sukuk model that can keep the justice between the sukuk issuer and the investor via the maddah 25-27. As a conclusion, the legal maxim inside the majallah ahkam al-adliyyah could explain further more how to achieve maslahah and keep away from mafsadah in the future sukuk model.
format Article
author Muhammad Azizur Rahman, Ramli
Mansor, Sulaiman
Noor Faezah, Basary
author_facet Muhammad Azizur Rahman, Ramli
Mansor, Sulaiman
Noor Faezah, Basary
author_sort Muhammad Azizur Rahman, Ramli
title The role of Majallah Ahkam Al-Adliyyah in developing conceptual sukuk model based on maqasid shariah: A qualitative study
title_short The role of Majallah Ahkam Al-Adliyyah in developing conceptual sukuk model based on maqasid shariah: A qualitative study
title_full The role of Majallah Ahkam Al-Adliyyah in developing conceptual sukuk model based on maqasid shariah: A qualitative study
title_fullStr The role of Majallah Ahkam Al-Adliyyah in developing conceptual sukuk model based on maqasid shariah: A qualitative study
title_full_unstemmed The role of Majallah Ahkam Al-Adliyyah in developing conceptual sukuk model based on maqasid shariah: A qualitative study
title_sort role of majallah ahkam al-adliyyah in developing conceptual sukuk model based on maqasid shariah: a qualitative study
publisher Asian Scholars Network
publishDate 2019
url http://umpir.ump.edu.my/id/eprint/27540/1/The%20role%20of%20Majallah%20Ahkam%20Al-Adliyyah%20in%20developing.pdf
http://umpir.ump.edu.my/id/eprint/27540/
http://myjms.moe.gov.my/index.php/ijaref/article/view/5757
_version_ 1662754771658866688
score 13.211869

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