Perception of IIUM Staff towards the ethicality of Islamic banking products and services in the light of Maqasid al-shari‘ah

Ethics is a discipline that deals with “the science of conduct”, which is concerned with two opposing dimensions of moral action such as right or wrong, good or bad, and virtue or vice. In the context of Islamic finance, ethics has become a vital component in the financial services sectors in order...

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Main Authors: Sumairi, Nor Sazwana, Musa, Muhammad Adli, Ahmad, Nadzrah
Format: Conference or Workshop Item
Language:English
Published: International Islamic University Malaysia 2017
Subjects:
Online Access:http://irep.iium.edu.my/56203/
http://irep.iium.edu.my/56203/
http://irep.iium.edu.my/56203/1/56203_Perception%20of%20IIUM%20Staff%20towards%20the%20Ethicality.pdf
id iium-56203
recordtype eprints
spelling iium-562032017-11-03T08:28:23Z http://irep.iium.edu.my/56203/ Perception of IIUM Staff towards the ethicality of Islamic banking products and services in the light of Maqasid al-shari‘ah Sumairi, Nor Sazwana Musa, Muhammad Adli Ahmad, Nadzrah HG1501 Banking Ethics is a discipline that deals with “the science of conduct”, which is concerned with two opposing dimensions of moral action such as right or wrong, good or bad, and virtue or vice. In the context of Islamic finance, ethics has become a vital component in the financial services sectors in order to provide “value” for consumers. Unfortunately, the current practices of Islamic financial institutions have been criticised for their failure to promote such values. The products and services offered by Islamic financial institutions must meet the requirement of the shari’ah, where all transactions are void of any illegal and unethical elements. There are numerous Qur’anic injunctions and Prophetic traditions concerning ethical principles pertaining to Islamic finance, particularly those related to ethics of business transactions. Ethics should be uncompromisingly infused in financial transactions to curb corruption, injustice, and exploitation, and this is all consistent with objectives of the Shari’ah (maqasid al-Shari‘ah). This study employs a quantitative method by surveying consumer perception on the ethicality and “Islamicness” of Islamic finance products and services through a structured questionnaire comprising close-ended questions. It is thus important to educate consumers about ethical finance, enhance ethicality of Islamic finance through specific standards, and encourage Islamic financial institutions to demonstrate their commitment and efforts in providing added values to consumers. International Islamic University Malaysia 2017-03-21 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/56203/1/56203_Perception%20of%20IIUM%20Staff%20towards%20the%20Ethicality.pdf Sumairi, Nor Sazwana and Musa, Muhammad Adli and Ahmad, Nadzrah (2017) Perception of IIUM Staff towards the ethicality of Islamic banking products and services in the light of Maqasid al-shari‘ah. In: 6th International Conference on Islamic Jurisprudence (ICIJ 2017), 21st-23rd Feb. 2017, Kuala Lumpur. http://www3.iium.edu.my/irkhs/icij2017/
repository_type Digital Repository
institution_category Local University
institution International Islamic University Malaysia
building IIUM Repository
collection Online Access
language English
topic HG1501 Banking
spellingShingle HG1501 Banking
Sumairi, Nor Sazwana
Musa, Muhammad Adli
Ahmad, Nadzrah
Perception of IIUM Staff towards the ethicality of Islamic banking products and services in the light of Maqasid al-shari‘ah
description Ethics is a discipline that deals with “the science of conduct”, which is concerned with two opposing dimensions of moral action such as right or wrong, good or bad, and virtue or vice. In the context of Islamic finance, ethics has become a vital component in the financial services sectors in order to provide “value” for consumers. Unfortunately, the current practices of Islamic financial institutions have been criticised for their failure to promote such values. The products and services offered by Islamic financial institutions must meet the requirement of the shari’ah, where all transactions are void of any illegal and unethical elements. There are numerous Qur’anic injunctions and Prophetic traditions concerning ethical principles pertaining to Islamic finance, particularly those related to ethics of business transactions. Ethics should be uncompromisingly infused in financial transactions to curb corruption, injustice, and exploitation, and this is all consistent with objectives of the Shari’ah (maqasid al-Shari‘ah). This study employs a quantitative method by surveying consumer perception on the ethicality and “Islamicness” of Islamic finance products and services through a structured questionnaire comprising close-ended questions. It is thus important to educate consumers about ethical finance, enhance ethicality of Islamic finance through specific standards, and encourage Islamic financial institutions to demonstrate their commitment and efforts in providing added values to consumers.
format Conference or Workshop Item
author Sumairi, Nor Sazwana
Musa, Muhammad Adli
Ahmad, Nadzrah
author_facet Sumairi, Nor Sazwana
Musa, Muhammad Adli
Ahmad, Nadzrah
author_sort Sumairi, Nor Sazwana
title Perception of IIUM Staff towards the ethicality of Islamic banking products and services in the light of Maqasid al-shari‘ah
title_short Perception of IIUM Staff towards the ethicality of Islamic banking products and services in the light of Maqasid al-shari‘ah
title_full Perception of IIUM Staff towards the ethicality of Islamic banking products and services in the light of Maqasid al-shari‘ah
title_fullStr Perception of IIUM Staff towards the ethicality of Islamic banking products and services in the light of Maqasid al-shari‘ah
title_full_unstemmed Perception of IIUM Staff towards the ethicality of Islamic banking products and services in the light of Maqasid al-shari‘ah
title_sort perception of iium staff towards the ethicality of islamic banking products and services in the light of maqasid al-shari‘ah
publisher International Islamic University Malaysia
publishDate 2017
url http://irep.iium.edu.my/56203/
http://irep.iium.edu.my/56203/
http://irep.iium.edu.my/56203/1/56203_Perception%20of%20IIUM%20Staff%20towards%20the%20Ethicality.pdf
first_indexed 2023-09-18T21:19:17Z
last_indexed 2023-09-18T21:19:17Z
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