Application of Sharī‘ah contracts in contemporary Islamic finance: a maqāṣid perspective

Application of Sharī‘ah contracts in contemporary Islamic finance: a maqāṣid perspective

This research exposes the underlying maqāṣid embedded in Sharī‘ah contracts as applied in Islamic banking and finance. It addresses the problem of not observing maqāṣid in nominated and combined Sharī‘ah contracts as well as the problem of not sufficiently imbuing maqāṣid in products developed by Is...

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Main Author: Soualhi, Younes
Format: Article
Language:English
Published: IIUM Press 2015
Subjects:
HG1501 Banking
KBP Islamic Law
Online Access:http://irep.iium.edu.my/49635/
http://irep.iium.edu.my/49635/
http://irep.iium.edu.my/49635/1/49635.pdf
id iium-49635
recordtype eprints
spelling iium-496352019-10-14T02:06:52Z http://irep.iium.edu.my/49635/ Application of Sharī‘ah contracts in contemporary Islamic finance: a maqāṣid perspective Soualhi, Younes HG1501 Banking KBP Islamic Law This research exposes the underlying maqāṣid embedded in Sharī‘ah contracts as applied in Islamic banking and finance. It addresses the problem of not observing maqāṣid in nominated and combined Sharī‘ah contracts as well as the problem of not sufficiently imbuing maqāṣid in products developed by Islamic financial institutions. As a benchmark of the maqāṣid of wealth, the research adopts Ibn ‘Āshūr’s classification of maqāṣid to evaluate the conformity of Sharī‘ah contracts to Maqāṣid al-Sharī‘ah namely, justice, circulation, transparency, and firmness. The study focuses on three markets related to the application of Sharī‘ah contracts, namely, banking, Islamic capital market, and takāful. The study concludes that, by and large, the application of Sharī‘ah contracts has observed Maqāṣid al-Sharī‘ah during its development and initial application stages of Islamic finance products; however, offering such products in the market has raised economic questions as to their viability and economic values. In addition, the malpractice of some Sharī‘ah contracts has long raised concerns as to the maqāṣid compliance of such products. The research recommends a de-sophistication of Islamic financial engineering to minimise the possibility of convergence with conventional finance. The research also emphasises product differentiation based on less complicated combined Sharī‘ah contracts. IIUM Press 2015-12 Article PeerReviewed application/pdf en http://irep.iium.edu.my/49635/1/49635.pdf Soualhi, Younes (2015) Application of Sharī‘ah contracts in contemporary Islamic finance: a maqāṣid perspective. Intellectual Discourse, 23 (Spec.). pp. 333-354. ISSN 0128-4878 E-ISSN 2289-5639 http://journals.iium.edu.my/intdiscourse/index.php/islam/article/view/689
repository_type Digital Repository
institution_category Local University
institution International Islamic University Malaysia
building IIUM Repository
collection Online Access
language English
topic HG1501 Banking
KBP Islamic Law
spellingShingle HG1501 Banking
KBP Islamic Law
Soualhi, Younes
Application of Sharī‘ah contracts in contemporary Islamic finance: a maqāṣid perspective
description This research exposes the underlying maqāṣid embedded in Sharī‘ah contracts as applied in Islamic banking and finance. It addresses the problem of not observing maqāṣid in nominated and combined Sharī‘ah contracts as well as the problem of not sufficiently imbuing maqāṣid in products developed by Islamic financial institutions. As a benchmark of the maqāṣid of wealth, the research adopts Ibn ‘Āshūr’s classification of maqāṣid to evaluate the conformity of Sharī‘ah contracts to Maqāṣid al-Sharī‘ah namely, justice, circulation, transparency, and firmness. The study focuses on three markets related to the application of Sharī‘ah contracts, namely, banking, Islamic capital market, and takāful. The study concludes that, by and large, the application of Sharī‘ah contracts has observed Maqāṣid al-Sharī‘ah during its development and initial application stages of Islamic finance products; however, offering such products in the market has raised economic questions as to their viability and economic values. In addition, the malpractice of some Sharī‘ah contracts has long raised concerns as to the maqāṣid compliance of such products. The research recommends a de-sophistication of Islamic financial engineering to minimise the possibility of convergence with conventional finance. The research also emphasises product differentiation based on less complicated combined Sharī‘ah contracts.
format Article
author Soualhi, Younes
author_facet Soualhi, Younes
author_sort Soualhi, Younes
title Application of Sharī‘ah contracts in contemporary Islamic finance: a maqāṣid perspective
title_short Application of Sharī‘ah contracts in contemporary Islamic finance: a maqāṣid perspective
title_full Application of Sharī‘ah contracts in contemporary Islamic finance: a maqāṣid perspective
title_fullStr Application of Sharī‘ah contracts in contemporary Islamic finance: a maqāṣid perspective
title_full_unstemmed Application of Sharī‘ah contracts in contemporary Islamic finance: a maqāṣid perspective
title_sort application of sharī‘ah contracts in contemporary islamic finance: a maqāṣid perspective
publisher IIUM Press
publishDate 2015
url http://irep.iium.edu.my/49635/
http://irep.iium.edu.my/49635/
http://irep.iium.edu.my/49635/1/49635.pdf
first_indexed 2023-09-18T21:10:09Z
last_indexed 2023-09-18T21:10:09Z
_version_ 1777411198319329280

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