The maqasid filter in takaful audit
Introduction : Islamic financial institutions in conducting regular audits must look for evidences in their contracts, processes and activities that genuinely support the goals and objectives of the Shari'ah (maqasid al-Shari'ah). The maqasid of the Shari'ah concerning all kinds of...
| Main Authors: | , |
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| Format: | Book Chapter |
| Language: | English |
| Published: |
The Malaysian Current Law Journal Sdn Bhd
2012
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/24358/ http://irep.iium.edu.my/24358/ http://irep.iium.edu.my/24358/1/the_Maqasid_filter_in_Takaful_-_C28.pdf |
| Summary: | Introduction : Islamic financial institutions in conducting regular audits must
look for evidences in their contracts, processes and activities that genuinely
support the goals and objectives of the Shari'ah (maqasid al-Shari'ah). The
maqasid of the Shari'ah concerning all kinds of economic wealth can be
summarised under five parameters/criteria: 'adl (justice) in handling it;
wuduh (transparency); hifz (preservation); thabat (durability); and rawaj
(marketability) or a fair circulation of wealth in the hands of as many
people as possible. Specific issues identified in family takaful operations
are used to determine whether the application of the maqasid filter based
on the above criteria can help assure halal and wholesome profits that are
enhanced by the maslahah or public benefit of growth and preservation
and just distribution of wealth and the attainment of sustainability goals
to support future generations. |
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