Maqasid al-Shariah in Islamic Finance: Harmonizing Theory and Reality. The Journal of Muamalat and Islamic Finance Research, 18 (1). pp. 108-119. ISSN 1823-075X (2021)
Abstract
This paper aims to clarify how maqasid al-Shariah (objective of Shariah law) plays its role in Islamic finance, particularly in creating a harmony between Shariah rulings in theory and their application in current circumstances. Based on library research, this study applies inductive approach and descriptive method in analysing various literatures. The finding reveals that the roles of maqasid al-Shariah are identified as the following: harmonizing between the text of revelation and the actual situation; considering unusual circumstances and overcoming current issues. All of them reflect how maqasid al-Shariah could pragmatically adapt Shariah rulings into the real operation of Islamic finance. Since this paper comes up with two cases: replicating conventional products to be Islamic ones and implementing floating rate in Islamic prices, it provides a practical discussion on this topic.
| Item Type: | Article |
|---|---|
| Keywords: | Islamic banking, Islamic finance, Maslahah |
| Taxonomy: | By Niche > Islamic Banking > Banks and Banking > Finance |
| Local Content Hub: | Niche > Islamic Banking |
| Depositing User: | Ilya Nur Fateen Othman |
| Date Deposited: | 29 Nov 2024 09:24 |
| Last Modified: | 29 Nov 2024 09:24 |
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