The module aims at articulating advanced conceptual and practical aspects of maqasid al-Shariah in Islamic finance. From the theoretical aspect, the module delves into the nature of maqasid, methods of their establishment, and whether the theory of maqasid is sufficiently propounded to warrant its application in Islamic finance. From the practical aspect, the module links maqasid with contemporary Islamic finance. It discusses issues such as weighting between masalih (benefits) and mafasid (harms) in Islamic finance, parameters of maslahah in Islamic finance, and how maqasid should be embedded in structuring Shariah compliant products. The module concludes with a comprehensive model of maqasid that combines the realisation of maqasid at the Central Banks (macro maqasid) and at the level of Islamic financial institutions and customers (micro maqasid).
Objectives
- To demonstrate the understanding of maqasid al-Shariah and key concepts and principles relating to it.
- To understand and the developments of maqasid al-Shariah and appreciate the efforts of main contributors of maqasid as discipline.
- To show the relationship between means (wasa’il) and maqasid.
- To establish the core parameters of maqasid al-Shariah and explain how to apply them in day to day business activities.
Module Developer
Prof. Dr. Younes Soualhi
PhD (Usul Fiqh)(Malaya), MIRKH (Usul Al-Fiqh) (IIUM), B.Usul Al-Fiqh (Emir Abdul Qadir)
