A CRITICAL APPRAISAL ON THE CHALLENGES OF REALIZING MAQASID AL-SHARIAAH IN ISLAMIC BANKING AND FINANCE

Asyraf Wajdi Dusuki () and Abdulazeem Abozaid ()
Additional contact information
Asyraf Wajdi Dusuki: International Shariah Research Academy for Islamic Finance (ISRA), 2nd Floor Annexe Block, Menara Tun Razak, Jalan Raja Laut, 50350 Kuala Lumpur, Malaysia
Abdulazeem Abozaid: Damascus University, Damascus, Syria

IIUM Journal of Economics and Management, 2007, vol. 15, issue 2, 999-1000

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 shariah, also known as maqasid al-shariah. 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 shariah. This paper examines the challenges of the proper realization of maqasid al-shariah in Islamic banking and finance. These challenges cover various issues: the proper understanding of maqasid al-shariah in Islamic economics; the methods of implementing maqasid al-shariah in Islamic banking and finance; the potential conflicts between macro maqasid and micro maqasid; and the possible abuse of maqasid al-shariah to justify certain financial contracts which in fact contradict the shariah texts. The paper analyses these challenges and provides examples from the current practices of Islamic banks and financial institutions.

Keywords: Islamic economics; Islamic banking; Maqasid al-Shariah. (search for similar items in EconPapers)
JEL-codes: G10 K00 Z12 (search for similar items in EconPapers)
Date: 2007
References: Add references at CitEc
Citations: View citations in EconPapers (13)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ije:journl:v:15:y:2007:i:2:p:999-1000

Access Statistics for this article

More articles in IIUM Journal of Economics and Management from IIUM Journal of Economis and Management Contact information at EDIRC.
Bibliographic data for series maintained by Gairuzazmi Mat Ghani ().