Maqāsid al-Sharī‘a in Islamic Finance: A Critical Analysis of Modern Discourses
This study delves into the complexities surrounding the determination, interpretation, and application of maqāsid al-sharī‘a within modern Islamic economics and finance. By conducting an extensive review of classical and contemporary literature, this research explores the diverse methods and criteri...
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| Format: | Electronic Article |
| Language: | English |
| Check availability: | HBZ Gateway |
| Journals Online & Print: | Drawer...
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| Fernleihe: | Fernleihe für die Fachinformationsdienste |
| Published: |
MDPI
2024
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| In: |
Religions
Year: 2024, Volume: 15, Issue: 1 |
| Further subjects: | B
Islamic Finance
B Islamic Economics B maqāsid theory B modern financial transactions B Islamic jurisprudence |
| Online Access: |
Volltext (kostenfrei) Volltext (kostenfrei) |
| Summary: | This study delves into the complexities surrounding the determination, interpretation, and application of maqāsid al-sharī‘a within modern Islamic economics and finance. By conducting an extensive review of classical and contemporary literature, this research explores the diverse methods and criteria employed for ascertaining maqāsid. It critically examines the inherent subjectivity involved in categorizing maqāsid, shedding light on the ambiguity in delineating their boundaries. Additionally, the study scrutinizes the unintended consequences of broader utilization of maqāsid, particularly in transactions such as bay‘ al-‘īnah, and evaluates the risks associated with prioritizing maslaha (utility) over textual evidence. The findings underscore the challenges posed by the subjective nature of maqāsid interpretation, illustrating how diverse perspectives can lead to differing conclusions. They emphasize the potential misuse of maqāsid for legitimizing practices contrary to the core principles of sharia. This research underscores the preservation of legislative intent and advocates a cautious approach to integrating maqāsid al-sharī‘a into Islamic economics and finance. The objective is to strike a balance that upholds Islamic principles. It highlights the essential need for collectively establishing standards for both macro and micro maqāsid and their usage in ijtihād, promoting responsible applications within contemporary Islamic finance for informed and ethical solutions. |
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| ISSN: | 2077-1444 |
| Contains: | Enthalten in: Religions
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| Persistent identifiers: | DOI: 10.3390/rel15010114 |