Publication:
Developing Islamic finance in the framework of maqasid al-Shari'ah: understanding the ends (maqasid) and the means (wasa'il)
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Date
2013
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Abstract
The paper aims to investigate the dimensions of maqasid al-Shari'ah in 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. Using literature in English and Arabic sources in the area of maqasid 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. 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, the Shari'ah provides means (wasa'il) such as facilitating financial contracts, establishing values and standards and instituting social responsibility. The findings of this paper will give insights on the ends (maqasid) and the means (wasa'il) in Islamic finance based on the maqasid al-Shari'ah discourse. 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 the Shari'ah.
Keywords
Ends (maqasid) , Islamic finance , Maqasid al-Shari'ah , Means (wasa'Il)
Citation
Laldin, Mohamad Akram and Furqani, Hafas. (2013). Developing Islamic finance in the framework of maqasid al-Shari'ah: understanding the ends (maqasid) and the means (wasa'il). International Journal of Islamic and Middle Eastern Finance and Management, 6 (4), pp. 278-289.
Publisher
Emerald Group Publishing Limited