Enhancing Halal Sustainability Through Maqasid Shariah Framework In Malaysian Islamic Public Equity Funds

Abstract

Capital market investors in Malaysia have the choice of whether to invest in conventional funds or in Shari'ah compliant funds. However, Islamic law (Shari'ah) is concerned with the moral or ethical value of commercial transactions. Basically the Muslims are overned by the rules and regulations in respect of halal (permissible) and haram (prohibited). Hence, the objective of the study has been explored the compliant funds products which based on the Maqasid Shari'ah framework due to the five preservations or protections (Protection of Religion, Protection of Life, Protection of Intellect, Protection of Progeny and Protection of wealth). Most of the products offered and developed in should be in line with the Maqasid Shari'ah perspective as sustainable of financial planning which bring to the social well-being and impartiality for the public interest (maslahah) by taking into consideration of five preservation, namely the preservation of religion (al-ddin), the preservation of life (al-nafs), the preservation of intellect (al-'aql), the preservation of progeny (al-nasl) and the preservation of wealth (al-mal). Therefore, it is an important not only in developing Islamic equity funds as a part of industry growing but then beyond than that to fulfill the needs of Muslim as well for all the others as well as enhancing halal sustainability through Islamic equity funds products development.