A critical appraisal on the challenges of realizing maqasid al-shariah in Islamic banking and finance. Journal of Economics and Management, 15 (2). pp. 413-165. ISSN 1394-7681 (2007)
Abstract
Islam harbours an economic vision that holds the key to a social order capable of providing social justice along with economic prosperity. This vision is deeply inscribed in the objectives of shar¥cah, also known as maqOE§id alshar¥cah. Consequently the doctrine of Islamic economics entered debates over the social-welfare role of Islam. It has somehow pursued the goal of restructuring economies according to perceived Islamic teachings and principles. Its most visible practical achievement is the establishment of Islamic banks meant to avoid interest and promote Islamic norms of economic behaviour and ultimately realizing the noble objectives of shar¥cah. This paper examines the challenges of the proper realization of maqOE§id al-shar¥cah in Islamic banking and finance. These challenges cover various issues: the proper understanding of maqOE§id al-shar¥cah in Islamic economics; the methods of implementing maqOE§id al-shar¥cah in Islamic banking and finance; the potential conflicts between macro maqOE§id and micro maqOE§id; and the possible abuse of maqOE§id al-shar¥cah to justify certain financial contracts which in fact contradict the shar¥cah texts. The paper analyses these challenges and provides examples from the current practices of Islamic banks and financial institutions.
| Item Type: | Article |
|---|---|
| Keywords: | Islamic banking, Islamic economics, Maqasid al-Shariah |
| Taxonomy: | By Niche > Islamic Banking > Banks and Banking > Finance By Niche > Islamic Banking > Banks and Banking > Religious Aspects By Niche > Islamic Banking > Banks and Banking > Research |
| Local Content Hub: | Niche > Islamic Banking |
| Depositing User: | Ilya Nur Fateen Othman |
| Date Deposited: | 02 Feb 2024 09:27 |
| Last Modified: | 02 Feb 2024 09:27 |
| Related URLs: |
Actions (login required)
 |
View Item |