Maqasid Syariah in Islamic Finance Context

Abstract

This paper aims at reviewing the Maqasid Shariah. Hence, issues related to the Maqasid Shariah such as its definition, the development of the Maqasid Shariah, the importance of Maqasid Shariah in general and specifically in Islamic Finance and also the fundamental theory of Maqasid Shariah were discussed. The method adopted is essentially literature review, as such the paper is conceptual in nature. It was concluded that the Maqasid Syariah summarises the overall purpose of shariah in a simpler and more easily understood way. Maqasid Syariah principles can be designed as a tool in solving contemporary problems and challenges, which indicates its significance. Finally, the realisation of the Maqasid al-Shari’ah involves serious obligations and personal sacrifices on the part of those involved in the Islamic financial services industry including the financial institutions. Individuals need therefore to always search their own conscience and avoid what is really right or wrong in the moral sense.