Harmonising legality with morality in Islamic banking and finance: a quest for Maqāṣid al-Sharī‘ah paradigm

Scholars in Islamic Finance Industry (IFI) have been calling for the integration of Islamic morality with legal theories in the industry. Among the reasons for this call is an unethical trend in product innovation. Implementing Islamic banking and financial practices would require adopting their un...

Full description

Bibliographic Details
Main Author:	Zakariyah, Luqman
Format:	Article
Language:	English English
Published:	IIUM Press 2015
Subjects:	HG1501 Banking K Law (General) KBP Islamic Law
Online Access:	http://irep.iium.edu.my/47604/ http://irep.iium.edu.my/47604/ http://irep.iium.edu.my/47604/1/Legality_and_Morality.pdf http://irep.iium.edu.my/47604/4/47604_harmonizing_legality-Scopus.pdf

id	iium-47604
recordtype	eprints
spelling	iium-476042016-07-18T03:08:54Z http://irep.iium.edu.my/47604/ Harmonising legality with morality in Islamic banking and finance: a quest for Maqāṣid al-Sharī‘ah paradigm Zakariyah, Luqman HG1501 Banking K Law (General) KBP Islamic Law Scholars in Islamic Finance Industry (IFI) have been calling for the integration of Islamic morality with legal theories in the industry. Among the reasons for this call is an unethical trend in product innovation. Implementing Islamic banking and financial practices would require adopting their undergirding Islamic legal and moral frameworks. Departing from these foundations of Islamic law could render the activities conducted under its name religiously unacceptable. Many approaches have been put forward to achieve this cause. One of the most complex yet subjective approaches is the quest for Maqāṣid al-Sharī‘ah. This paper critically examines the feasibility of harmonising morality with legality in Islamic finance. In doing so, it will reveal what constitutes morality and legality in Islamic legal theory, and critically examine the approaches of Muslim classical scholars in fusing the two elements together for the realisation and actualisation of the very objectives of Sharī‘ah. Questions of the relationship between morality and legality are raised, and samples of Islamic finance products are evaluated to expose their moral and legal dimensions. Lastly, the role of Maqāṣid al-Sharī‘ah in the process of harmonisation is discussed with some observations and reservations on the practicality of their implementation. IIUM Press 2015-12-30 Article PeerReviewed application/pdf en http://irep.iium.edu.my/47604/1/Legality_and_Morality.pdf application/pdf en http://irep.iium.edu.my/47604/4/47604_harmonizing_legality-Scopus.pdf Zakariyah, Luqman (2015) Harmonising legality with morality in Islamic banking and finance: a quest for Maqāṣid al-Sharī‘ah paradigm. Intellectual Discourse, 23 (Spec.). pp. 355-376. ISSN 0128-4878 E-ISSN 2289-5639 http://journals.iium.edu.my/intdiscourse/index.php/islam/article/view/700
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HG1501 Banking K Law (General) KBP Islamic Law
spellingShingle	HG1501 Banking K Law (General) KBP Islamic Law Zakariyah, Luqman Harmonising legality with morality in Islamic banking and finance: a quest for Maqāṣid al-Sharī‘ah paradigm
description	Scholars in Islamic Finance Industry (IFI) have been calling for the integration of Islamic morality with legal theories in the industry. Among the reasons for this call is an unethical trend in product innovation. Implementing Islamic banking and financial practices would require adopting their undergirding Islamic legal and moral frameworks. Departing from these foundations of Islamic law could render the activities conducted under its name religiously unacceptable. Many approaches have been put forward to achieve this cause. One of the most complex yet subjective approaches is the quest for Maqāṣid al-Sharī‘ah. This paper critically examines the feasibility of harmonising morality with legality in Islamic finance. In doing so, it will reveal what constitutes morality and legality in Islamic legal theory, and critically examine the approaches of Muslim classical scholars in fusing the two elements together for the realisation and actualisation of the very objectives of Sharī‘ah. Questions of the relationship between morality and legality are raised, and samples of Islamic finance products are evaluated to expose their moral and legal dimensions. Lastly, the role of Maqāṣid al-Sharī‘ah in the process of harmonisation is discussed with some observations and reservations on the practicality of their implementation.
format	Article
author	Zakariyah, Luqman
author_facet	Zakariyah, Luqman
author_sort	Zakariyah, Luqman
title	Harmonising legality with morality in Islamic banking and finance: a quest for Maqāṣid al-Sharī‘ah paradigm
title_short	Harmonising legality with morality in Islamic banking and finance: a quest for Maqāṣid al-Sharī‘ah paradigm
title_full	Harmonising legality with morality in Islamic banking and finance: a quest for Maqāṣid al-Sharī‘ah paradigm
title_fullStr	Harmonising legality with morality in Islamic banking and finance: a quest for Maqāṣid al-Sharī‘ah paradigm
title_full_unstemmed	Harmonising legality with morality in Islamic banking and finance: a quest for Maqāṣid al-Sharī‘ah paradigm
title_sort	harmonising legality with morality in islamic banking and finance: a quest for maqāṣid al-sharī‘ah paradigm
publisher	IIUM Press
publishDate	2015
url	http://irep.iium.edu.my/47604/ http://irep.iium.edu.my/47604/ http://irep.iium.edu.my/47604/1/Legality_and_Morality.pdf http://irep.iium.edu.my/47604/4/47604_harmonizing_legality-Scopus.pdf
first_indexed	2023-09-18T21:07:43Z
last_indexed	2023-09-18T21:07:43Z
_version_	1777411045307973632

Harmonising legality with morality in Islamic banking and finance: a quest for Maqāṣid al-Sharī‘ah paradigm

Similar Items