The Scientific of the Fundamentals of Maqasid in Islamic Financial Products Development

Abstract

The objectives of Shari‘ah (Maqasid al-Shari‘ah) theory are the key to better understand the Shari‘ah in its true perspective. Hence, in order to obtain the clarity and visibility on the Maqasid al-Shari‘ah, this paper will explain the basis fundamentals of the Maqasid theory, which include the Islamic Financial transactions (Fiqh al-Mu‘amalat), fiqh maxims (Qawa’id alFiqhiyyah) and fiqh priorities (Fiqh al-Aulawiyyat) 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 theory model should have an Islamic financial transactions (fiqh al-mu‘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.