An analysis of maslahah based resolutions issued by Bank Negara Malaysia

Purpose – This study aims to examine the resolutions issued by the Sharīʿah Advisory Council of Bank Negara Malaysia (SAC-BNM), which have recognized maslahah (public interest) as the basis of ruling to see the extent of its usefulness to the public and the extent of its adherence to the Maslahah pa...

Full description

Bibliographic Details
Main Authors:	Haron, Razali, Eldersevi, Suheyib
Format:	Article
Language:	English
Published:	Emerald Publishing Limited 2019
Subjects:	HG3368 Islamic Banking and Finance
Online Access:	http://irep.iium.edu.my/76817/ http://irep.iium.edu.my/76817/ http://irep.iium.edu.my/76817/ http://irep.iium.edu.my/76817/1/76817%20-%20analysis%20of%20maslahah%20based%20resolutions%20issued%20by%20Bank.pdf

id	iium-76817
recordtype	eprints
spelling	iium-768172020-02-20T09:03:50Z http://irep.iium.edu.my/76817/ An analysis of maslahah based resolutions issued by Bank Negara Malaysia Haron, Razali Eldersevi, Suheyib HG3368 Islamic Banking and Finance Purpose – This study aims to examine the resolutions issued by the Sharīʿah Advisory Council of Bank Negara Malaysia (SAC-BNM), which have recognized maslahah (public interest) as the basis of ruling to see the extent of its usefulness to the public and the extent of its adherence to the Maslahah parameters. The study will also look into the opposing opinion to identify the basis of rejection and overall implication on Islamic finance based on opposing opinions of SAC-BNM and other bodies of collective ijtihad (juristic interpretation). Design/methodology/approach – The study uses a qualitative approach by analyzing the SAC-BNM resolutions, which have been resolved based on Maslahah. The study also applies the comparative approach by comparing the fatwa (Sharīʿah pronouncement) issuing bodies of Malaysia and the Gulf Cooperation Council countries. Furthermore, the secondary data is obtained from sources such as usūl al-fiqh (theory of Islamic jurisprudence) books, papers and relevant internet sources. Findings – The study found that SAC-BNM’s resolutions are in line with some of the major Maslahah parameters mentioned in the usūl al-fiqh sources i.e. must not contradict with the Qurʾan and the Sunnah. While looking at the other two criteria of being in line with ijmaʿ (consensus) and having a general impact, such resolutions might not fulfill the criteria of valid Maslahah considering, respectively, the stand of collective ijtihad or the impact on the group of customers and institutions. Originality/value – Most available shari’ah (Islamic law) research considers the perspective of fiqh (Islamic jurisprudence) while analyzing the issue of Maslahah. This study aims to conduct analysis based on usūl al-fiqh. Moreover, Maslahah itself is a broad concept, which can be abused. Hence, this study discusses the parameters of Maslahah to understand the validity of an important juristic tool in Sharīʿah. Emerald Publishing Limited 2019-11-16 Article PeerReviewed application/pdf en http://irep.iium.edu.my/76817/1/76817%20-%20analysis%20of%20maslahah%20based%20resolutions%20issued%20by%20Bank.pdf Haron, Razali and Eldersevi, Suheyib (2019) An analysis of maslahah based resolutions issued by Bank Negara Malaysia. ISRA Journal of Islamic Finance, ahead-of-print no (ahead-of-print no). ISSN 2289-4365 (In Press) https://www.emerald.com/insight/content/doi/10.1108/IJIF-09-2018-0103/full/pdf?title=an-analysis-of-malaah-based-resolutions-issued-by-bank-negara-malaysia DOI 10.1108/IJIF-09-2018-0103
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
spellingShingle	HG3368 Islamic Banking and Finance Haron, Razali Eldersevi, Suheyib An analysis of maslahah based resolutions issued by Bank Negara Malaysia
description	Purpose – This study aims to examine the resolutions issued by the Sharīʿah Advisory Council of Bank Negara Malaysia (SAC-BNM), which have recognized maslahah (public interest) as the basis of ruling to see the extent of its usefulness to the public and the extent of its adherence to the Maslahah parameters. The study will also look into the opposing opinion to identify the basis of rejection and overall implication on Islamic finance based on opposing opinions of SAC-BNM and other bodies of collective ijtihad (juristic interpretation). Design/methodology/approach – The study uses a qualitative approach by analyzing the SAC-BNM resolutions, which have been resolved based on Maslahah. The study also applies the comparative approach by comparing the fatwa (Sharīʿah pronouncement) issuing bodies of Malaysia and the Gulf Cooperation Council countries. Furthermore, the secondary data is obtained from sources such as usūl al-fiqh (theory of Islamic jurisprudence) books, papers and relevant internet sources. Findings – The study found that SAC-BNM’s resolutions are in line with some of the major Maslahah parameters mentioned in the usūl al-fiqh sources i.e. must not contradict with the Qurʾan and the Sunnah. While looking at the other two criteria of being in line with ijmaʿ (consensus) and having a general impact, such resolutions might not fulfill the criteria of valid Maslahah considering, respectively, the stand of collective ijtihad or the impact on the group of customers and institutions. Originality/value – Most available shari’ah (Islamic law) research considers the perspective of fiqh (Islamic jurisprudence) while analyzing the issue of Maslahah. This study aims to conduct analysis based on usūl al-fiqh. Moreover, Maslahah itself is a broad concept, which can be abused. Hence, this study discusses the parameters of Maslahah to understand the validity of an important juristic tool in Sharīʿah.
format	Article
author	Haron, Razali Eldersevi, Suheyib
author_facet	Haron, Razali Eldersevi, Suheyib
author_sort	Haron, Razali
title	An analysis of maslahah based resolutions issued by Bank Negara Malaysia
title_short	An analysis of maslahah based resolutions issued by Bank Negara Malaysia
title_full	An analysis of maslahah based resolutions issued by Bank Negara Malaysia
title_fullStr	An analysis of maslahah based resolutions issued by Bank Negara Malaysia
title_full_unstemmed	An analysis of maslahah based resolutions issued by Bank Negara Malaysia
title_sort	analysis of maslahah based resolutions issued by bank negara malaysia
publisher	Emerald Publishing Limited
publishDate	2019
url	http://irep.iium.edu.my/76817/ http://irep.iium.edu.my/76817/ http://irep.iium.edu.my/76817/ http://irep.iium.edu.my/76817/1/76817%20-%20analysis%20of%20maslahah%20based%20resolutions%20issued%20by%20Bank.pdf
first_indexed	2023-09-18T21:48:30Z
last_indexed	2023-09-18T21:48:30Z
_version_	1777413610813784064

An analysis of maslahah based resolutions issued by Bank Negara Malaysia

Similar Items