Applications of maqasid al-shariah in Islamic finance an analysis
Considering the indispensability of wealth in human life, Islam instead of negating puts special emphasis on wealth. Even preservation of wealth is regarded as one of the ma q āsid al Sharīʻah (objectives of Sharīʻah) in Islam. To guide human being in this regard, Islam has prescribed as well...
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| Main Author: | |
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| Format: | Article |
| Language: | en |
| Published: |
2019
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| Subjects: | |
| Online Access: | http://eprints.unisza.edu.my/6321/1/FH02-FPP-19-27970.pdf http://eprints.unisza.edu.my/6321/ |
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| Summary: | Considering the indispensability of wealth in human life, Islam
instead of negating puts special emphasis on wealth. Even
preservation of wealth is regarded as one of the ma
q
āsid al
Sharīʻah (objectives of Sharīʻah) in Islam. To guide human being
in this regard, Islam has prescribed as well as proscribed
necessary injunctions. This paper aims to shed light on three
crucial sectors pertaining to Islamic Finance namely Islamic
Banking, Islamic Capital Market and Takaful (Insurance) in the
light of maq
āsid al Sharīʻah. The author painstakingly
endeavors to prove that Islamic jurists, in delineating maq
āsid al
Sharīʻah regarding property, has intensely explicated the issues
of acquisition, investment, mobilization and expenditure of
property with special emphasis on justice, transparency,
proscription against illegal grabbing etc. He advances the
argument that proper compliance with the principles of Islamic
Finance inevitably ensures the realization of both specific and
general maq
āsid al Sharīʻah. Moreover, the paper splendidly
spells out that edicts of Islamic Finance encompass the
dynamism to warrant mobility in investment and mobilization of
Sharīʻah permitted property, ensure justice and fair distribution
of property, sweep away illegal grabbing, preserve property and
improve the faith and character of concerned persons. |
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