The implications ofMaqasid al-Shari’ahfor integrated sustainability practices among businesses: a qualitative inquiry

Haruna Babatunde Jaiyeoba, Mohammad Aizat Jamaludin, Saheed Abdullahi Busari and Yusuff Jelili Amuda

Qualitative Research in Financial Markets, 2024, vol. 17, issue 3, 511-531

Abstract: Purpose - This study aims to qualitatively examine the implications ofMaqasid al-Shari’ah(objectives of Islamic law) for sustainability practices among businesses. While there is a growing recognition of the importance of adopting an integrated approach to sustainability, several businesses remain focused on profit maximisation at the expense of environmental and social sustainability. As such, there is a need for more studies that emphasise sustainability practices, essentially to expose businesses to the best ways to meet the needs of today without negatively impacting future generations. Design/methodology/approach - This research used a qualitative research design, and data were collected from Shari’ah scholars. To facilitate data collection, semi-structured interview questions were developed and used to conduct interviews with ten Shari’ah scholars in Malaysia. Thematic analysis was used to analyse the interview data collected for this study. Findings - The results demonstrate that there are ample justifications from a Shari’ah perspective for integrated sustainability practices. Additionally, the study reveals a need for increased awareness regarding the importance of businesses adopting a holistic approach to sustainability through the formulation and implementation of suitable sustainability strategies and ensuring compliance with social and environmental standards. Research limitations/implications - While this study has primarily adopted a qualitative method to address the implications ofMaqasid al-Shari’ahfor integrated sustainability practices among businesses, the authors acknowledge that this approach may not capture the full spectrum of quantitative data that could provide a broader statistical perspective on the issue. Hence, future research could incorporate quantitative methods to complement the findings of this study. Originality/value - This research constitutes an innovative addition to the field of corporate sustainability practices. To the best of the authors’ knowledge, no prior studies have extensively explored the intricate intersection ofMaqasid al-Shari’ahand integrated corporate sustainability practices as this study has done.

Keywords: Maqasid al-Shari’ah; Integrated sustainability practices; Environmental sustainability; Social sustainability; Economic sustainability (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:qrfmpp:qrfm-09-2023-0222

DOI: 10.1108/QRFM-09-2023-0222

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