Mitigation of money laundering risk in Malaysia: a Maqasid al-Shari‘Ah perspective / Muhammad Nazmul Hoque ... [et al.]
This study aimed to explore the role of maqasid al-Shari‘ah towards mitigating money laundering risk in Malaysia. This study adopted a qualitative approach to fulfil its objective. The data were collected through document analysis and semi-structured interviews with the experts. This study revealed...
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| Format: | Article |
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Accounting Research Institute (ARI) and UiTM Press, Universiti Teknologi MARA
2024
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| Online Access: | https://ir.uitm.edu.my/id/eprint/111193/1/111193.pdf https://ir.uitm.edu.my/id/eprint/111193/ |
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| _version_ | 1863791413313929216 |
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| author | Hoque, Muhammad Nazmul Abdullah, Md. Faruk Mat Isa, Yusarina Hasnan, Suhaily Mohamed, Norhayati |
| author_facet | Hoque, Muhammad Nazmul Abdullah, Md. Faruk Mat Isa, Yusarina Hasnan, Suhaily Mohamed, Norhayati |
| author_sort | Hoque, Muhammad Nazmul |
| building | Tun Abdul Razak Library |
| collection | Institutional Repository |
| content_provider | Universiti Teknologi Mara |
| content_source | UiTM Institutional Repository |
| continent | Asia |
| country | Malaysia |
| description | This study aimed to explore the role of maqasid al-Shari‘ah towards mitigating money laundering risk in Malaysia. This study adopted a qualitative approach to fulfil its objective. The data were collected through document analysis and semi-structured interviews with the experts. This study revealed that money laundering goes against the principles of Shariah as it leads to consuming other’s property illegally and disregarding justice and welfare among the people. Maqasid al-Shari‘ah plays a vital role in preventing money laundering through several ways, which includes the condition of (1) circulation (rawaj) of wealth among people, (2) transparency (wuduh) in transaction, and (3) justice (‘adl) among transacting parties. To mitigate money laundering, maqasid al-Shariah suggests the reporting of suspicious transactions and proper documentation to be practised among bankers. The outcome of this study may help motivate bankers and their clients to be more aware of the role of maqasid al-Shari‘ah in combating money laundering. Moreover, it may help policymakers and financial institutions look for alternative ways to mitigate money laundering risks. |
| format | Article |
| id | my.uitm.ir-111193 |
| institution | Universiti Teknologi Mara |
| language | en |
| publishDate | 2024 |
| publisher | Accounting Research Institute (ARI) and UiTM Press, Universiti Teknologi MARA |
| record_format | eprints |
| spelling | my.uitm.ir-1111932026-04-24T04:24:25Z https://ir.uitm.edu.my/id/eprint/111193/ Mitigation of money laundering risk in Malaysia: a Maqasid al-Shari‘Ah perspective / Muhammad Nazmul Hoque ... [et al.] apmaj Hoque, Muhammad Nazmul Abdullah, Md. Faruk Mat Isa, Yusarina Hasnan, Suhaily Mohamed, Norhayati HV Social pathology. Social and public welfare. Criminology This study aimed to explore the role of maqasid al-Shari‘ah towards mitigating money laundering risk in Malaysia. This study adopted a qualitative approach to fulfil its objective. The data were collected through document analysis and semi-structured interviews with the experts. This study revealed that money laundering goes against the principles of Shariah as it leads to consuming other’s property illegally and disregarding justice and welfare among the people. Maqasid al-Shari‘ah plays a vital role in preventing money laundering through several ways, which includes the condition of (1) circulation (rawaj) of wealth among people, (2) transparency (wuduh) in transaction, and (3) justice (‘adl) among transacting parties. To mitigate money laundering, maqasid al-Shariah suggests the reporting of suspicious transactions and proper documentation to be practised among bankers. The outcome of this study may help motivate bankers and their clients to be more aware of the role of maqasid al-Shari‘ah in combating money laundering. Moreover, it may help policymakers and financial institutions look for alternative ways to mitigate money laundering risks. Accounting Research Institute (ARI) and UiTM Press, Universiti Teknologi MARA 2024-12 Article PeerReviewed text en https://ir.uitm.edu.my/id/eprint/111193/1/111193.pdf Hoque, Muhammad Nazmul and Abdullah, Md. Faruk and Mat Isa, Yusarina and Hasnan, Suhaily and Mohamed, Norhayati (2024) Mitigation of money laundering risk in Malaysia: a Maqasid al-Shari‘Ah perspective / Muhammad Nazmul Hoque ... [et al.]. (2024) Asia-Pacific Management Accounting Journal (APMAJ) <https://ir.uitm.edu.my/view/publication/Asia-Pacific_Management_Accounting_Journal_=28APMAJ=29.html>, 19 (3): 7. pp. 165-194. ISSN 2550-1631 10.24191/apmaj.v19i3-07 10.24191/apmaj.v19i3-07 10.24191/apmaj.v19i3-07 |
| spellingShingle | HV Social pathology. Social and public welfare. Criminology Hoque, Muhammad Nazmul Abdullah, Md. Faruk Mat Isa, Yusarina Hasnan, Suhaily Mohamed, Norhayati Mitigation of money laundering risk in Malaysia: a Maqasid al-Shari‘Ah perspective / Muhammad Nazmul Hoque ... [et al.] |
| title | Mitigation of money laundering risk in Malaysia: a Maqasid al-Shari‘Ah perspective / Muhammad Nazmul Hoque ... [et al.] |
| title_full | Mitigation of money laundering risk in Malaysia: a Maqasid al-Shari‘Ah perspective / Muhammad Nazmul Hoque ... [et al.] |
| title_fullStr | Mitigation of money laundering risk in Malaysia: a Maqasid al-Shari‘Ah perspective / Muhammad Nazmul Hoque ... [et al.] |
| title_full_unstemmed | Mitigation of money laundering risk in Malaysia: a Maqasid al-Shari‘Ah perspective / Muhammad Nazmul Hoque ... [et al.] |
| title_short | Mitigation of money laundering risk in Malaysia: a Maqasid al-Shari‘Ah perspective / Muhammad Nazmul Hoque ... [et al.] |
| title_sort | mitigation of money laundering risk in malaysia: a maqasid al-shari‘ah perspective / muhammad nazmul hoque ... [et al.] |
| topic | HV Social pathology. Social and public welfare. Criminology |
| url | https://ir.uitm.edu.my/id/eprint/111193/1/111193.pdf https://ir.uitm.edu.my/id/eprint/111193/ |
| url_provider | http://ir.uitm.edu.my/ |