Combating money laundering and terrorism financing: perspectives from maqasid al-shariah

Money laundering and terrorism financing are financial crimes which affect the economic stability and integrity of the country. In this respect, the relevant regulator has a duty to preserve and protect the financial stability of the country. This duty is in line with the concept of the protection o...

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Main Authors:	Raja Alias, Raja Madihah, Mohd Yasin, Norhashimah, Ibrahim, Badruddin, Zul Kepli, Mohd Yazid
Other Authors:	Oseni, Umar A.
Format:	Book Chapter
Language:	English
Published:	Emerald Publishing Limited 2019
Subjects:	HG3368 Islamic Banking and Finance KBP Islamic Law
Online Access:	http://irep.iium.edu.my/77725/ http://irep.iium.edu.my/77725/ http://irep.iium.edu.my/77725/1/77725_Combating%20money%20laundering.pdf

id	iium-77725
recordtype	eprints
spelling	iium-777252020-01-29T04:48:54Z http://irep.iium.edu.my/77725/ Combating money laundering and terrorism financing: perspectives from maqasid al-shariah Raja Alias, Raja Madihah Mohd Yasin, Norhashimah Ibrahim, Badruddin Zul Kepli, Mohd Yazid HG3368 Islamic Banking and Finance KBP Islamic Law Money laundering and terrorism financing are financial crimes which affect the economic stability and integrity of the country. In this respect, the relevant regulator has a duty to preserve and protect the financial stability of the country. This duty is in line with the concept of the protection of wealth (hifz al-mal) under the maqāsid al-Sharīʿah or higher objectives of Islamic law framework. The objective of this chapter is to examine the protection of wealth vis-á-vis money laundering and terrorism financing from the maqāsid al-Sharīʿah perspective. This study analyses the primary and secondary legal sources on the laws and regulations on anti-money laundering and counter financing of terrorism while also considering the primary and secondary sources of Islamic law. This study is significant as it makes an exploration of the maqāsid al-Sharīʿah perspectives and discusses the position of unlawful wealth that is acquired from the illicit gain of property from the abuse of money laundering and the financing of terrorist activities. This chapter suggests that Islamic law emphasises on the lawful ownership of wealth and prohibits a person from acquiring illicit wealth. This study will contribute towards the study on the deployment of maqāsid al-Sharīʿah, which is beneficial in safeguarding an individual action as well as the country’s commitment against abuse and misuse of wealth for financial crimes. Emerald Publishing Limited Oseni, Umar A. Hassan, M. Kabir Hassan, Rusni 2019 Book Chapter PeerReviewed application/pdf en http://irep.iium.edu.my/77725/1/77725_Combating%20money%20laundering.pdf Raja Alias, Raja Madihah and Mohd Yasin, Norhashimah and Ibrahim, Badruddin and Zul Kepli, Mohd Yazid (2019) Combating money laundering and terrorism financing: perspectives from maqasid al-shariah. In: Emerging issues in Islamic finance law and practice in Malaysia. Emerald Publishing Limited, United Kingdom, pp. 129-144. ISBN 978-1-78973-546-8 https://www.emerald.com/insight/content/doi/10.1108/978-1-78973-545-120191014/full/html
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG3368 Islamic Banking and Finance KBP Islamic Law
spellingShingle	HG3368 Islamic Banking and Finance KBP Islamic Law Raja Alias, Raja Madihah Mohd Yasin, Norhashimah Ibrahim, Badruddin Zul Kepli, Mohd Yazid Combating money laundering and terrorism financing: perspectives from maqasid al-shariah
description	Money laundering and terrorism financing are financial crimes which affect the economic stability and integrity of the country. In this respect, the relevant regulator has a duty to preserve and protect the financial stability of the country. This duty is in line with the concept of the protection of wealth (hifz al-mal) under the maqāsid al-Sharīʿah or higher objectives of Islamic law framework. The objective of this chapter is to examine the protection of wealth vis-á-vis money laundering and terrorism financing from the maqāsid al-Sharīʿah perspective. This study analyses the primary and secondary legal sources on the laws and regulations on anti-money laundering and counter financing of terrorism while also considering the primary and secondary sources of Islamic law. This study is significant as it makes an exploration of the maqāsid al-Sharīʿah perspectives and discusses the position of unlawful wealth that is acquired from the illicit gain of property from the abuse of money laundering and the financing of terrorist activities. This chapter suggests that Islamic law emphasises on the lawful ownership of wealth and prohibits a person from acquiring illicit wealth. This study will contribute towards the study on the deployment of maqāsid al-Sharīʿah, which is beneficial in safeguarding an individual action as well as the country’s commitment against abuse and misuse of wealth for financial crimes.
author2	Oseni, Umar A.
author_facet	Oseni, Umar A. Raja Alias, Raja Madihah Mohd Yasin, Norhashimah Ibrahim, Badruddin Zul Kepli, Mohd Yazid
format	Book Chapter
author	Raja Alias, Raja Madihah Mohd Yasin, Norhashimah Ibrahim, Badruddin Zul Kepli, Mohd Yazid
author_sort	Raja Alias, Raja Madihah
title	Combating money laundering and terrorism financing: perspectives from maqasid al-shariah
title_short	Combating money laundering and terrorism financing: perspectives from maqasid al-shariah
title_full	Combating money laundering and terrorism financing: perspectives from maqasid al-shariah
title_fullStr	Combating money laundering and terrorism financing: perspectives from maqasid al-shariah
title_full_unstemmed	Combating money laundering and terrorism financing: perspectives from maqasid al-shariah
title_sort	combating money laundering and terrorism financing: perspectives from maqasid al-shariah
publisher	Emerald Publishing Limited
publishDate	2019
url	http://irep.iium.edu.my/77725/ http://irep.iium.edu.my/77725/ http://irep.iium.edu.my/77725/1/77725_Combating%20money%20laundering.pdf
first_indexed	2023-09-18T21:49:37Z
last_indexed	2023-09-18T21:49:37Z
_version_	1777413680907943936

Combating money laundering and terrorism financing: perspectives from maqasid al-shariah

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