The actualization of maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah in Islamic finance: A conceptual framework

• Main Authors: Monawer, Abu Talib Mohammad, Abdul Rahman, Noor Naemah, Qasem Al-Nahari, Ameen Ahmed Abdullah, Abdullah, Luqman, Ali, Abdul Karim, Meguellati, Achour
• Format: Article
• Published: Emerald 2022
• Subjects: General; HG Finance
• Online Access: http://eprints.um.edu.my/41502/
• Institution: Universiti Malaya

Purpose This paper aims to formulate a conceptual framework that will facilitate the actualization of maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah in product design and consumption within Islamic financial institutions (IFIs). Design/methodology/approach This paper relies on the classical and contemporary literature on maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah 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 maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah, namely, parameters of maqasid, particular objectives, appropriate means, micro provisions, level of need and legal maxims to develop a conceptual framework of actualizing maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah in Islamic finance. The framework covers the following three stages: identification of maqasid, operationalization of maqasid in product design and consumption based on maqasid. 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 maqasid, scrutinizing the maqasid available in the literature by the parameters of maqasid and assessing the IFIs' products and services using the proposed framework. Practical implications This paper provides insights into the importance of maqasid 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 maqasid 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 maqasid elements and using them as constituents to formulate a comprehensive framework that actualizes maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah in the Islamic finance industry.