Monawer's Academic Activities: 2022

Thursday, April 21, 2022

ISSN: 2289-4365. Article publication date: 22 April 2022

Abstract

Purpose

This paper aims to scrutinize the misconceptions about maqāṣid al-Sharīʿah (objectives of Islamic law) that complicate its actualization, particularly in Islamic finance.

Design/methodology/approach

This study adopts a qualitative inductive method to identify the flaws in understanding maqāṣid al-Sharīʿah vis-à-vis Islamic finance. It uses the views of classical and modern maqāṣid scholars to critically examine the flaws.

Findings

This study concludes that the five objectives of the Sharīʿah constitute the framework of maṣlaḥah (well-being). The levels of maṣlaḥah ― namely ḍarūriyyāt (essentials), ḥājiyyāt (needs) and taḥsīniyyāt (embellishments) ― are the categories of the means to ends. The demand for financial products falls under the ḥājiyyāt and taḥsīniyyāt categories, not ḍarūriyyāt. The maqāṣid (objectives) are derived from aḥkām (provisions) being verified by the parameters, while aḥkām are guided by maqāṣid.

Research limitations/implications

This study recommends further research to theorize the concepts of ḍarūriyyāt, ḥājiyyāt, taḥsīniyyat and mukammilāt (complements); to harmonize the maqāṣid with their essential elements and to formulate a conceptual framework for actualizing maqāṣid al-Sharīʿah in Islamic finance.

Practical implications

This paper will improve perceptions and bridge gaps between the understanding of maqāṣid theory and existing practices. It suggests that instead of ḍarūriyyāt, Islamic financial institutions (IFIs) should refer to ḥājiyyāt and taḥsīniyyāt.

Originality/value

This paper identifies and clarifies the misconceptions about maqāṣid al-Sharīʿah vis-à-vis Islamic finance in the existing literature. The findings align with the views of leading maqāṣid scholars in understanding the idea.

Keywords Islamic finance, Maqāṣid al-Sharīʿah, Maṣlaḥah, Parameters, Provisions

Paper type Literature review

DOWNLOAD: Click on The Link (EarlyCite version)

Citation

Al-Nahari, A.A.A.Q., Monawer, A.T.M., Haji Abdullah, L.B., Ali, A.K.B., Abdul Rahman, N.N.B. and Achour, M. (2022), "Common conceptual flaws in realizing maqāṣid al-Sharīʿah vis-à-vis Islamic finance", ISRA International Journal of Islamic Finance, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IJIF-12-2020-0259

Friday, January 7, 2022

The actualization of maqāṣid al-Sharīʿah in Islamic finance: a conceptual framework

Abu Talib Mohammad Monawer, Noor Naemah Abdul Rahman, Ameen Ahmed Abdullah Qasem Al-‎Nahari, Luqman Haji Abdullah, Abdul Karim Ali, Achour Meguellati

International Journal of Islamic and Middle Eastern Finance and Management

ISSN: 1753-8394. Article publication date: 21 December 2021

Abstract

Purpose

This paper aims to formulate a conceptual framework that will facilitate the actualization of maqāṣid al-Sharīʿah in product design and consumption within Islamic financial institutions (IFIs).

Design/methodology/approach

This paper relies on the classical and contemporary literature on maqāṣid al-Sharīʿah and Islamic finance and adopts a qualitative content analysis method and an inductive approach to outline the constituent elements that formulate the framework.

Findings

This study determines six vital constituents of maqāṣid al-Sharīʿah, namely, parameters of maqāṣid, particular objectives, appropriate means, micro provisions, level of need and legal maxims to develop a conceptual framework of actualizing maqāṣid al-Sharīʿah in Islamic finance. The framework covers the following three stages: identification of maqāṣid, operationalization of maqāṣid in product design and consumption based on maqāṣid.

Research limitations/implications

This paper proposes a conceptual framework without investigating the practice of any particular industry or products. Further research would focus on formulating a practical framework based on a focus group discussion with industry experts, elaborating the parameters of maqāṣid, scrutinizing the maqāṣid available in the literature by the parameters of maqāṣid and assessing the IFIs’ products and services using the proposed framework.

Practical implications

This paper provides insights into the importance of maqāṣid elements and the effects of overlooking them on IFIs and customers’ product consumption. Furthermore, a major implication of the proposed framework is to learn how to use the maqāṣid approach as the baseline for designing new financial products.

Originality/value

The novelty of this paper lies in its pioneering attempt of harmonizing all essential maqāṣid elements and using them as constituents to formulate a comprehensive framework that actualizes maqāṣid al-Sharīʿah in the Islamic finance industry.Keywords Islamic finance, Maqāṣid al-Sharīʿah, Maṣlaḥah, Parameters, Provisions

Paper type Literature review

DOWNLOAD: Click on The Link (EarlyCite version)

Citation

Monawer, A.T.M., Abdul Rahman, N.N., Qasem Al-‎Nahari, A.A.A., Haji Abdullah, L., Ali, A.K. and Meguellati, A. (2021), "The actualization of maqāṣid al-Sharīʿah in Islamic finance: a conceptual framework", International Journal of Islamic and Middle Eastern Finance and Management, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IMEFM-06-2020-0293