Developing Islamic finance in the framework ofmaqasid al-Shari'ah

Mohamad Akram Laldin and Hafas Furqani

International Journal of Islamic and Middle Eastern Finance and Management, 2013, vol. 6, issue 4, 278-289

Abstract: Purpose - – The paper aims to investigate the dimensions ofmaqasid al-Shari'ahin Islamic finance by exploring the ends (maqasid) and the means (wasa'il). Those would clarify the nature and goals of Islamic finance as well as its directional development. Design/methodology/approach - – Using literature in English and Arabic sources in the area ofmaqasid al-Shari'ah, as well as from the reading of the primary sources (the Qur'anic texts/nusus), the paper attempts to delineate the dimensions that would constitute the ends (maqasid) and the means (wasa'il) in Islamic finance. Findings - – The paper explicates three specific ends (maqasid) in Islamic finance, namely wealth circulation, fair and transparent financial practices and justice at the micro- and macro-level. To achieve those ends, theShari'ahprovides means (wasa'il) such as facilitating financial contracts, establishing values and standards and instituting social responsibility. Research limitations/implications - – The paper is a conceptual paper that explores the dimensions ofmaqasid al-Shari'ahin Islamic finance. Practical implications - – The findings of this paper will give insights on the ends (maqasid) and the means (wasa'il) in Islamic finance based on themaqasid al-Shari'ahdiscourse. It could be used as a reference in understanding the nature of Islamic finance and in developing a sound and solid Islamic finance based on theShari'ah. Originality/value - – The paper proposes the ends-and-means criteria in Islamic finance, developed on the basis of themaqasid al-Shari'ahdiscourse as well as from direct reading of the texts (nusus), which is lacking in the Islamic finance literature.

Keywords: Ends (maqasid); Islamic finance; Maqasid al-Shari'ah; Means (wasa'il) (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:eme:imefmp:v:6:y:2013:i:4:p:278-289

DOI: 10.1108/IMEFM-05-2013-0057

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