Protection and Distribution of Wealth, Islamic Commercial and Financial Transactions: A Maqasid Al-Shariah perspective

Authors

  • Mudeer Ahmed Khattak Universiti Kuala Lumpur

DOI:

https://doi.org/10.13135/2421-2172/2570

Keywords:

Maqasid Al-Shari’ah, Wealth, Islamic Finance, Commercial and Financial Transactions, Implications of Maqasid in Islamic Finance

Abstract

The purpose of this research is to discuss briefly about the Maqasid Al-Shari’ah, in the context of protection and distribution of wealth in society as well as its relevance in commercial and financial transactions in Islamic Finance and on society. The paper will cover specifically the major facet of Maqasid that are essential in the transactions and as well as the application of Maqasid in preservation and distribution of wealth for Islamic financial practices.  Maqasid Al-Sharia’s role in consonance to Islamic financial services industry will also be discussed in brief to undermine the importance and to enlighten the relevance where Maqasid play a vital role in harmonizing Shari’ah rulings for the just and fair distribution of wealth in the society and to involve it under strategical behaviour of businesses, firms and banks, commercially and financially.

Author Biography

Mudeer Ahmed Khattak, Universiti Kuala Lumpur

Mudeer Ahmed is currently in his second year of his PhD in Management (Islamic Finance) at Universiti Kuala Lumpur. He holds a Master in Islamic Finance from INCEIF, Malaysia. His research interests centre around Islamic Business and Finance. He obtained his Bachelor in Economics from International Islamic University, Pakistan.  His current research is an empirical research into Banking Competition and its shifting role in relation to financial crises. He can be contacted at mudeerkhattak@gmail.com.

References

Endnotes and references

Abubakar YS (2016) Corporate Social Responsibility of Islamic Financial Institutions: A Look from the Maqasid Al-Shariah (Purpose of Shariah) Approach. Bus Eco J 7: 255

Islahi, A. A., & Ghazanfar, S. M. (1998). Economic Thought of al-Ghazali

a. Ahmed, Habib. 2011. “Maqasid Al-Shariah and Islamic Financial Products: A Framework for Assessment.” ISRA International Journal of Islamic Finance 3 (1): 149–60.

b. Al-Suwailem, Sami. 2011. “Financial Engineering: An Islamic Perspective.” In Islamic Capital Markets: Products and Strategies. Vol. 9.

c. Lahsasna, Ahcene, and M. Kabir Hassan. 2011. “The Shariah Process in Product Development and Approval in ICM.” In Islamic Capital Markets: Products and Strategies, 23–68.

d. Muda, Muhamad, and Abdullah Jalil. 2007. “Islamic Financial Product Development: Shariah Analysis.” IIUM International Conference on Islamic Banking and Finance, no. 606: 1–16.

e. Suwailem, Sami Al. 2007. “Financial Engineering: An Islamic Perspective .” Sinergi Kajian Bisnis Dan Manajamen Vol. 9 (No. 1): 87–102.

Kamali, Hashim. 2000. “Issues in the Legal Theory of Usul and Prospects for Reform.” 69-70. IIUM .

Dusuki, A. W. (2008). “Understanding the Objectives of Islamic Banking: A Survey of Stakeholders’ Perspectives.” International Journal of Islamic and Middle Eastern Finance and Management, 1, no. 2 132-48.

Abul Hassan, Hjh Salma Binti Abdul Latiff,. (2009). “ "Corporate social responsibility of Islamic financial institutions and businesses: Optimizing charity value",.” Emerald Insight, Humanomics, Vol. 25 Iss: 3 pp.177 - 188.

Vejzagic, M., & Smolo, E. (2011). Maqasid al-Shariah in Islamic finance: an overview. In 4th Islamic Economic System Conference. Kuala Lumpur, Malaysia, October (pp. 4-5).

Mohammed, M. O. (2009). The objectives of Islamic banking: A maqasid approach. IIUM Institute of Islamic Banking and Finance.

Bibliography

Atmeh, Wasim K. Al-Shattarat & Muhannad. t.t. “Profit-Sharing Investment Accounts in Islamic Banks or Mutualization, Accounting Perspective .” www.glofin.org. Diakses March 26, 2014.

Bank Negara Malaysia. 2006. Capital Adequacy. Diakses March 20, 2014. http://www.bnm.gov.my/guidelines/01_banking/01_capital_adequacy/06_psia.pdf.

BNM. 2009. Guidelines on Musharakah and Mudharabah Contracts for Islamic Banks. Diakses March 18, 2014. http://www.bnm.gov.my/guidelines/01_banking/04_prudential_stds/15_mnm.pdf.

Ghafoor, A.L.M Abdul. 1995. Interest free Commercial Banking.

Iqbal, Mohammed Arif and Munawar. 2011. The foundations of Islamic Banking-Theory,procedure and educaton.

Macmillan, Palgrave. 2009. “Profit-sharing investment accounts in Islamic banks: Regulatory problems and possible solutions.” Journal of Banking regulation 300-306.

Rosly, Saif ul Azhar. 2008. critical issues on islamic banking and finanial markets.

Siddiqui, Dr.Muhammad Nejatullah. 1981. “Rationale of Islamic Banking.”

Yahya, Ismail Oriyomi. 2013. “Profit Sharing Investment Accounts: Implicationsfor Liquidity Risk Management.” Academia. May. Diakses February 2014.

Downloads

Published

2018-07-31

How to Cite

Khattak, M. A. (2018). Protection and Distribution of Wealth, Islamic Commercial and Financial Transactions: A Maqasid Al-Shariah perspective. European Journal of Islamic Finance, (10). https://doi.org/10.13135/2421-2172/2570

Issue

No. 10 (2018): EJIF - European Journal of Islamic Finance, 10, 2018

Section

Peer-reviewed Articles

License

Authors keep the copyrights for their work and give the journal the work's first publication copyright, which is at the same time licensed under a Creative Commons License – Attribution, which in turn allows other parties to share the work with an acknowledgement of the work's authorship and initial publication in this journal.

Similar Articles

<< < 3 4 5 6 7 8 9 10 11 12 > >> 

You may also start an advanced similarity search for this article.