Applications of Maqasid al-Shari’ah and Maslahah in Islamic Banking practices: an analysis

Islamic Banking system has developed more than thirty years ago. Throughout its history, beside its successes, it assumed much controversies and criticism in its run to win the hearts of the Muslim clients. Established with the objective of providing an interest-free (riba-free) banking service, it...

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Main Authors:	Al-Mubarak, Tawfique, Osmani, Noor Mohammad
Format:	Conference or Workshop Item
Language:	English
Published:	2010
Subjects:	KBP173.25 Islamic law and other disciplines or subjects
Online Access:	http://irep.iium.edu.my/4251/ http://irep.iium.edu.my/4251/ http://irep.iium.edu.my/4251/1/Applications_of_Maqasid_Shari%60ah.pdf

id	iium-4251
recordtype	eprints
spelling	iium-42512013-03-28T23:49:13Z http://irep.iium.edu.my/4251/ Applications of Maqasid al-Shari’ah and Maslahah in Islamic Banking practices: an analysis Al-Mubarak, Tawfique Osmani, Noor Mohammad KBP173.25 Islamic law and other disciplines or subjects Islamic Banking system has developed more than thirty years ago. Throughout its history, beside its successes, it assumed much controversies and criticism in its run to win the hearts of the Muslim clients. Established with the objective of providing an interest-free (riba-free) banking service, it has so far been criticized to open several other back-doors to riba-based transactions, despite its immense success in creating an alternative to the conventional banking system. This paper aims to analyze some of the contemporary Islamic Banking products and practices in the light of maslahah and maqasid al-Shari’ah in order to propose a better banking system for the Muslims. It also shows how the preference of ‘macro- maqasid’ over the ‘micro-maqasid’ is not a perfect justification for many such Islamic Banking practices. The paper suggests that Bai’ al-‘Inah, along with few other contemporary practices like Bai’ Bithaman Aajil (BBA) and ijarah Sukuk needs to be thoroughly revised before being offered as a riba-free product, as it does not comply with the maqasid of Islamic Economic and Banking principles – economic development, social wellbeing, individual freedom and equality, elimination of injustice and poverty, etc. 2010 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/4251/1/Applications_of_Maqasid_Shari%60ah.pdf Al-Mubarak, Tawfique and Osmani, Noor Mohammad (2010) Applications of Maqasid al-Shari’ah and Maslahah in Islamic Banking practices: an analysis. In: International Seminar on Islamic Finance in India, 4 - 6 October 2010, Kochi, India. (Unpublished) http://www.isifk.com/programs/
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	KBP173.25 Islamic law and other disciplines or subjects
spellingShingle	KBP173.25 Islamic law and other disciplines or subjects Al-Mubarak, Tawfique Osmani, Noor Mohammad Applications of Maqasid al-Shari’ah and Maslahah in Islamic Banking practices: an analysis
description	Islamic Banking system has developed more than thirty years ago. Throughout its history, beside its successes, it assumed much controversies and criticism in its run to win the hearts of the Muslim clients. Established with the objective of providing an interest-free (riba-free) banking service, it has so far been criticized to open several other back-doors to riba-based transactions, despite its immense success in creating an alternative to the conventional banking system. This paper aims to analyze some of the contemporary Islamic Banking products and practices in the light of maslahah and maqasid al-Shari’ah in order to propose a better banking system for the Muslims. It also shows how the preference of ‘macro- maqasid’ over the ‘micro-maqasid’ is not a perfect justification for many such Islamic Banking practices. The paper suggests that Bai’ al-‘Inah, along with few other contemporary practices like Bai’ Bithaman Aajil (BBA) and ijarah Sukuk needs to be thoroughly revised before being offered as a riba-free product, as it does not comply with the maqasid of Islamic Economic and Banking principles – economic development, social wellbeing, individual freedom and equality, elimination of injustice and poverty, etc.
format	Conference or Workshop Item
author	Al-Mubarak, Tawfique Osmani, Noor Mohammad
author_facet	Al-Mubarak, Tawfique Osmani, Noor Mohammad
author_sort	Al-Mubarak, Tawfique
title	Applications of Maqasid al-Shari’ah and Maslahah in Islamic Banking practices: an analysis
title_short	Applications of Maqasid al-Shari’ah and Maslahah in Islamic Banking practices: an analysis
title_full	Applications of Maqasid al-Shari’ah and Maslahah in Islamic Banking practices: an analysis
title_fullStr	Applications of Maqasid al-Shari’ah and Maslahah in Islamic Banking practices: an analysis
title_full_unstemmed	Applications of Maqasid al-Shari’ah and Maslahah in Islamic Banking practices: an analysis
title_sort	applications of maqasid al-shari’ah and maslahah in islamic banking practices: an analysis
publishDate	2010
url	http://irep.iium.edu.my/4251/ http://irep.iium.edu.my/4251/ http://irep.iium.edu.my/4251/1/Applications_of_Maqasid_Shari%60ah.pdf
first_indexed	2023-09-18T20:12:24Z
last_indexed	2023-09-18T20:12:24Z
_version_	1777407565511000064

Applications of Maqasid al-Shari’ah and Maslahah in Islamic Banking practices: an analysis

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