The Engineering of Islamic Financial Products Through the Fundamental of the Maqasid Al-Shari‘ah

Abstract

The purpose of this study is to identifying the perception on the Shari„ah Advisory Boards (SABs) in Islamic financial institutions in order to verify and validate of the basic fundamentals of the Maqasid al-Shari„ah Framework (MSF), which include the Islamic Financial transactions (Fiqh al-Mu„amalat), fiqh maxims (Qawa‟id al-Fiqhiyyah) and fiqh priorities (Fiqh al-Aulawiyyat). The objectives of Shari„ah (Maqasid al-Shari„ah) are the key to better understand the Shari„ah in its true perspective. Hence, this paper will explain the basis fundamentals of the Maqasid Shari„ah as a guideline for Shari„ah scholars to arrive at a more precise ijtihad in their assessment of Islamic financial products development. Hence, this study give recommendation the distinctive fundamentals of Maqasid Shari„ah model should have an Islamic financial transactions (fiqh almu„amalat), fiqh maxims (qawa„id al-fiqhiyyah) and fiqh of priorities (fiqh al-aulawiyyat), in assisting the Shari'ah scholars producing more appropriate ijtihad in Islamic banking and finance products matters, which contribute towards promoting justice and welfare of public interest (maslahah) as well as in promoting awareness of people‟s needs.