The Scientific of Macro Maqasid in Developing of Social Financing Products
Keywords:
macro maqasid (Islamic economics objectives), maqasid-cum-masalih, social financing, Islamic financial products.Abstract
The maqasid-cum-masalih theory has been developed to facilitate the Shari‘ah scholars in deducing more appropriate Islamic legal opinion(ijtihad) in Islamic banking and finance matters in light of the objectives of Shari‘ah (maqasid al-Shari‘ah). The purpose of this paper is to study the macro maqasid based on the maqasid-cum-masalih theory that are used in the development of Islamic financial products as well as social financing products. Research methodology is a fundamental part of any research work and is vital for the success of research. The research design to be utilized the quantitative method by using questionnaire method. This method has been used to obtain perceptions of the Shari’ah advisory and supervisory boards’ members on viability and applicability of macro maqasid perspective based on the maqasid-cum- masalih theory. The macro maqasid (Islamic economics objectives) should be in conformity with the maqasid-cum-masalih theory as well as the objectives of Shari‘ah (maqasid al-Shari‘ah) in developing more social financing products in Islamic banking and financial institutions. The paper shows that the using of macro maqasid based on the maqasid-cum-masalih theory can be used by the Shari’ah advisory and supervisory boards’ members to developing more social financing products in Islamic banking and financial institutions.
Downloads
References
Sayf al-Din al-Amidi (1984) al-Ihkam fi Usul al-Ahkam, ed. Syed al-Jamili. Beirut: Dar al-Kutub. Vol. 3. pp. 296 ( مضرة دفع أو مصلحة جلب من )
Kamali, M. H (1991). The Principles of Islamic Jurisprudence. Kuala Lumpur: Pelanduk. pp. 397
Daniel Read (2004). Utility theory from Jeremy Bentham to Daniel Kahneman. Working Paper No: LSEOR 04-64. ISBN No: 07530 1689 9. Copyright © The London School of Economics and Political Science.
Al-Ghazali, M. (1998). al-Mustasfa min ‘ilm al-usul. Beirut: Dar al-Kutub al-‘Islamiyyah. Vol. 1. pp. 179
Zuhaili, W. (1996). Usul al-Fiqh al-Islami, Vol.2, Damascus: Dar al-Fikr, pp.1017
Tantawi, M. S. (1998). Al-Tafsir al-Wasit li al-Quran al-Karim. Qaherah: Dar al-Nahdah. Al-Maktabah al- Shamilah.
Abu al-Husayn al-Basri,(1983). Al-Mu‘tamad fi usul al-fiqh. Beirut: Dar al-Kutub al-‘Ilmiyyah.
Al-Juwayni. (1998). al-Burhan fi Usul al-Fiqh, ed. Dr. ‘Abd al-‘Azim al-Dib. Egypt: Dar al-Wafa’., Vol. 1. pp. 80; Vol. 2. pp. 512
Al-Ghazali, M. (1998). al-Mustasfa min ‘ilm al-usul. Beirut: Dar al-Kutub al-‘Islamiyyah.
Al-Razi, M. U. H (1981). Al-Mahsul fi ‘Ilm al-’Usul, ed. Taha Jabir al-‘Alwani. Riyadh: Jami‘ah al-’Imam Muhammad Sa‘ud al-Islamiyyah.
Qaradawi, Y. A. (1993). Madkhal li-Dirasat al-Shariah al-Islamiyyah. Beirut: Muassasah al-risalah.
Al-Zuhaili, W. (1999). Al-Wajiz fi Usul al-Fiqh. Damascus: Dar al-Fikr. pp. 92
Chapra, M. U. (1979). Objectives of the Islamic Economic Order. Derbyshire Print, Station Road Chesterfields, Derbyshire.
Kahf, M. (2006). Maqasid al-Shari ‘ah in the Prohibition of Riba and Their Implications for Modern Islamic Finance. Paper prepared for the IIUM International Conference on Maqasid al Shari’ah.
Mohammed, M. O. (2006). The Objectives of Islamic Banking: A Maqasid Approach. IIUM International Conference on Maqasid al-Shari’ah.
Dusuki, A., W and Abdullah, N., I. (2007), Maqasid al-Shari`ah, Maslahah, and Corporate Social Responsibility. The American Journal of Islamic Social Sciences 24:1
Ahmad, R. (2008). Metode Pentarjihan Maslahah Dan Mafsadah Dalam Hukum Islam Semasa. Malaya University, Malaysia. Shari‘ah Journal. Vol. 16. No. 1. pp. 107-143
Chapra, M. U. (2009). The Islamic of Development in the Light of the Maqasid al-Shari`ah. The 1st Insaniah-IRTI International Conference on Islamic Economics, Financial 2009.
Dusuki, A. W (2009). Challenges of Realizing Maqasid al-Shariah (Objectives ofShariah) in Islamic Capital Market: Special Focus on Equity-Based Sukuk. Keynote Address at the 3rd USM-ISDEV International Islamic Management onference on Islamic Capital Market, Organised by Centre for Islamic Management Studies University Sains Malaysia
Asim Anwar Kamal, Ezry Fahmy Bin Eddy Yusof & Jhordy Kashoogie, (2009). Islamic Finance: Debt versus Equity Financing in the Light of Maqasid al-Shari'ah. MPRA Paper No. 20722, posted 16. February 2010 / 07:44
Mohammed, M. O. & Taib, M. O. (2009). The Objectives, Operation and Performance of Islamic Banking Based on the Maqasid Framework. Paper presented at the Insaniah-IRTI International Conference on Islamic Economics, Financial 2009, Malai Porto Hotel, Langkawi, Kedah, 18-19 August 2009.
Mustafa, O. M. and Taib, Fauziah Md (2010), Testing the Performance Measures Based on Maqasid al- Shari’ah (PMMS) Model on 24 selected Islamic and Conventional Banks.
Rosly, S., A. (2010). Shariah parameters reconsidered. International Journal of Islamic and Middle Eastern Finance and Management Vol. 3 No. 2, 2010pp. 132-146q Emerald Group Publishing Limited 1753-8394
Habeb, A. (2011). Maqasid Al-Shari‘ah and Islamic Financial Products: A Framework For Assessment. ISRA International Journal of Islamic Finance, Vol. 3, Issue 1
Dusuki, A. W. & Bouheraoua, S. (2011). The Framework of Maqasid al-Shari‘ah (Objectives of the Shari‘ah) and its Implications for Islamic Finance. International Shari‘ah Research Academy for Islamic Finance (ISRA), Research Paper (No: 22/2011).
Omar Javaid (2011). Why Prevailing Framework of Islamic Banks is incoherent with philosophy of Islamic Finance and Economics? Social Science Research Network 1812484
Mohammad, M. O & Shahwan, S. (2013). The Objective of Islamic Economic and Islamic Banking in Light of maqasid al-Shari‘ah: A Critical Review. Middle-East Journal of Scentific Research 13 (Research in Contemporary Islamic Finance and Wealth Management): 75-84, 2013; ISSN 1990-9233
Siddiqi, M. N. (2007). Economics of Tawarruq: How its Mafasid overwhelm the Masalih. A position paper to be presented at the Workshop on Tawarruq: A Methodological issue in Sharī`a-Compliant Finance.
Chapra, M. U. (1979). Objectives of the Islamic Economic Order. Derbyshire Print, Station Road Chesterfields, Derbyshire.
Ibn Qayyim (1973). I‘lam al-Muwaqqi‘in min Rabb al-‘Alamin, ed. Muhammad bin Abi Bakr Ayyub al- Zar‘i Abu ‘Abdullah. Beirut: Dar al-Jil. Vol. 3. pp. 3
Ibn Majjah. Vol. 2. pp. 725, 2144.
Bukhari, pp. 113: 301
Chapra, M. U. (1979). Objectives of the Islamic Economic Order. Derbyshire Print, Station
Road Chesterfields, Derbyshire. pp. 18. Cited: Abu ‘Ubaid Kitab al-Amwal. Cairo. 1353 A.D. pp. 595
Sekaran, U. (2003). Research Methods for Business: A Skill Building Approach (4th ed.). John Wiley & Sons, Inc.
Roscoe, J. T. (1975). Fundamental research statistics for the behavioral sciences (2nd ed.). New York: Holt, Rinehart and Winston.
Sekaran, U. (2003). Research Methods for Business: A Skill Building Approach (4th ed.). John Wiley & Sons, Inc.
Downloads
Published
How to Cite
Issue
Section
License
You are free to:
- Share — copy and redistribute the material in any medium or format for any purpose, even commercially.
- Adapt — remix, transform, and build upon the material for any purpose, even commercially.
- The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
- Attribution — You must give appropriate credit , provide a link to the license, and indicate if changes were made . You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Notices:
You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation .
No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.
