Social impact bonds in light of maqasid al-shari‘ah and maslahah
This paper looks into the concept of Social Impact Bond (SIB) and its underlying principles with regards to the Islamic values embodied within the components of maqasid al-Shari‘ah and maslahah. Using various literatures related to the study of maqasid al-Shari’ah and maslahah, as well as researc...
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| Format: | Article |
| Language: | English |
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Islami Bank Training and Research Academy
2015
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| Online Access: | http://irep.iium.edu.my/68348/ http://irep.iium.edu.my/68348/ http://irep.iium.edu.my/68348/ http://irep.iium.edu.my/68348/1/68348-Social%20impact%20bonds%20in%20light%20of%20maqasid%20al-Shari%27ah%20and%20Maslahah.pdf |
| Summary: | This paper looks into the concept of Social Impact Bond (SIB) and its underlying
principles with regards to the Islamic values embodied within the components of
maqasid al-Shari‘ah and maslahah. Using various literatures related to the study
of maqasid al-Shari’ah and maslahah, as well as researches related to SIB, the
paper attempts to delineate the elements embedded within the theoretical practice
of SIB and look at them from an Islamic perspective.
The paper explicates that the SIB is a model that epitomises the ethical and moral
framework of Islamic law, as the elements of SIB are congruent with the concepts
within maqasid al-Shari’ah and maslahah. The paper provides some insight of
the concept of SIB as an alternative social financing model. As SIB embody the
values that Islam teaches, this model should be looked into by organisations such
as Islamic banks and Islamic financial institutions whose philosophical foundation
is built upon the principles of maqasid al-Shari’ah and maslahah. |
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