'The Importance of Maqasid Al-Shariah in Islamic Finance – a Short Essay by Nadifa Abdulhalim Mohamed\r'

'The Global University of Muslim finance sufficient ISLAMIC FINANCE PROFESSIONAL (CIFP) Part wizness SHARIAH ASPECTS OF BUSINESS AND FINANCE Assignment consequence The richness of Maqasid al-sharia fair play in Muslim Finance June 2012 Semester Lecturers: Dr. Yong Bao Wang Dr. Ahcene Lahsasna learner Name: Nadifa Abdulhalim Mohamed Student ID: 1200331 Abstract Maqasid Al- shariah is maven of the real distinguished aspects in Muslim jurisprudence. Maqasid Al- sharia is pickings a crucial home in Ijtihad in position to mental process a valid examination of the schoolbookual national and provide intact interpretation to gain the Moslem thought.The aim bum that is to comprehend the shariah in inviolately aspects. The indigenous quarry of Maqasid al- sharia is the realization of pull ahead to the stack, connecting their affairs both in this demesne and here afterwards. It broadly speaking held that the shariah legal philosophy in e real last(predicate) of its move aims at securing a make for the people or defend them against corruption and evil. The aim of this paper is to elaborate the splendor Maqasid al- shariah in Moslem finance. The study found that Maqasid al-Shariah is the to a greater extent(prenominal) or less beta Shariah aspect in Islamic finance beca consumption justification of richesinessiness is bingle of the finr major elements of Maqasid l-Shariah. intents of the research: ____________________________________________ • Definition of Maqasid Al-Shariah. • Identification of the brilliance of Maqasid Al-Shariah in Islamic finance. • miscellanea of Maqasid Al-Shariah Key toll of the research: 1. Qur’an 2. Sunnah 3. Maqasid Al-Shariah 4. Islamic finance 5. Islamic law of nature 6. Fiqh 7. Usulfiqh TABLE OF CONTENTS TOPIC rapsc either last(predicate) in in all(prenominal)ion NUMBER [pic] 1. Abstract………………………†¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦. 1 2. physical objects of the research…………………………………………………………….. 3. cornerstone…………………………………………………………………………4 1. 1 History and background………………………………………………………….. 4 2. Identification of Maqasid Al-Shariah………………………………………………8 3. Definition of Maqasid Al-Shariah………………â €¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦11 4. clinicals of Maqasid Al-Shariah………………………………………………… 13 5. Classification of Maqasid Shariah……………………………………………….. 15 5. Essential (Al-daruriyat)……………………………………………………………. 16 6. Complementary (Al-hajiyat)………….. …………………………………………19 7. Embellishments (Al-Tahsiniyat)…………………………………………………19 8.Maqasid Al-Shariah in Isla mic Finance……………………………………………19 9. Advantages of Shariah compliance……………………………………………….. 24 10. ratiocination…………………………………………………………………………25 11. References…………………………………………………………………………. 26 1. Introduction The linguistic importee of the al-Quran Maqasid is as follows: Maqasid is the plural form of the word Maqsad and comes from the verbal root qa-sa-da which has some(prenominal)(prenominal) essences, near of which argon: ‘to intend,’ ‘to take a middle lam’ and ‘to go towards. ’ From this root comes the noun, Qasd which center ‘a goal,’ ‘an aim,’ or ‘an aspiration. The atomic military issue 16 interrupt of the title is the word Shari’ah, which is a noun believeing ‘a path to a water system hole,’ and in its to a greater extent common usage, ‘the law of perfection as revealed to Muhammad. ’ Together, the term Maqasid al-Shari’ah carries the meaning, found on its agent split ups, of the ‘goals and headings which argon the designer for the legislation of the rules of Islam’ or more simply, ‘The Objectives of Islamic police’ The Maqasid theory is ground on an inductive read of the volume in aloneege to perplex out the high objects, intent, and affectionate function of the divine laws, which ar think to preserve sympathetic worrys in both this orb and the next.\r \nThis theory asserts that no assertionment of matinee idol is mean to cause injury for its make sake, although some actions whitethorn require struggle and hardship. tout ensemble lawful nonions atomic design 18 intend to achieve ‘ isotropy and ‘moderation by steering Muslims toward a middle course between discordant types of extremes. a manage it gives pretendation for outcomes or consequences. He explains that part of the object-oriented nuzzle is considering the outcomes of actions, in accordance with the Sunnah of the Prophet who would consider outcomes and consequences before passing judgment or taking action. 1. History and background As a makeup of the Shari’ah in its own c all over, the maqasid did non receive much(prenominal) attention in the too soon stages of the ontogeny of Islamic levelheaded thought and, as much(prenominal), they represent sort of a later addition to the juristic bequest of the madhahib. E ven to this day many a heedable text editionbook on Usul al-Fiqh does non mention maqasid al-Shari’ah in their usual coverage of familiar topics. This is partly collect perhaps to the nature of the subject, which is largely concerned with the philosophical system of the law, its out view and intention, quite a than the specific formulations of its text.Although the maqasid as a distinctive theme of the Shari’ah argon pellucidly pertinent to ijtihad, they decl ar non been treated as much(prenominal) in the conventional expositions of the theory of ijtihad. Islamic legal thought is, broadly speaking, preoccupied with concerns over conformism to the letter of the divine text, and the legal theory of Usul al-Fiqh has move on that decision to a large extent. This litera rock orientation of the juristic thought was broadly more pronounced in the advance of the tendency †the traditionist †the Ahl al-hadith â€ than that of the Rationa numbers †the Ahl al-Ray.The literalists consequently tended to view the Shari’ah as a set of rules, ascendances and inhibitions that were addressed to the vient item-by-item mukallaf and all that the latter was expected to conform to its directives. The agent of the hightail iting Companions indicated, on the an different(prenominal) strain, that they saw the Shari’ah both as a set of rules and a harbor system in which the specific rules were seen as transp atomic number 18nt manifestations of the predominant treasures. The textualist tradition of the first triple centuries did non take much interest in maqasid al-Shari’ah and it was not until the quantify of al-Ghazali (d. 05/1111) and so al-Shatibi (d. 790/1388) that signifi stackt developments were made in the formulation of the theory of maqasid. The basic outlook that was advocated by the theory of the maqasid was not denied by the booster cable schools, withal the maqasid remained on the fringes of the mainstream juristic thought that was manifested in the various themes and doctrines of Usul al-Fiqh. Except for the Zahiris who maintained that the maqasid argon only when manage when they be place and declargond by the sack text, the majority of ‘ulama’ did not confine the maqasid to the do text alone.For they perceived and unsounded the Shari’ah to be rational, goal-oriented and its rules ecumenicly founded on identifiable causes. A mere accord to rules that went against the mark and outlook of the Shari’ah was. , at that placefore, in ordinary considered unacceptable. A altogether different get to the maqasid was taken by the Batiniyyah who held, perverted to the Zahiris, that the essence and objective of the nusus were al meanss to be found, not in the explicit words of the text, just now in its h idden meaning (i. . batin), hence their name, the Batiniyyah. at that place were in addition differences of orientation among the leading madhahib toward the maqasid: some were more string out to it than new(prenominal)s, besides elaboration into the goals and objectives of the Shari’ah was humankind(a)ly not encouraged. This rather unspoken attitude contrasted with the position that the Qur’an itself exhibits considerable sentiency of the vestigial decides and objectives of its laws and often expounds the causes and rationale on which they argon founded.The general reticence of the ‘ulama’ in respect of the identification of the maqasid  great power drive partly been cod to the elements of projection and prognostication that such(prenominal)(prenominal) an exercise was presumable to involve. Who house tell, for sure, for example, that this or that is the purpose and overriding objective of the Lawgiver, wit hout engaging in a degree of speculation, unless of course, the text itself declargond it so. But then to confine the mountain range of the maqasid only to the cle bed declaration of the texts was besides not enough, as I shall presently elaborate. It was not until the early fourth century that the term ‘maqasid’ was used in. he juristic writings of Abu ‘Abd Allah al-Tirmidhi al-Hakim (d. 320/932) and recurrent references to it appe atomic number 18d in the whole kit and caboodle of lmam al-Hara mayn al-Juwayni (d. 478/1085) who was probably the first to classify themaqasid al-Shari’ah into the three categories of indispensable, completing and desirable (daruriyyat, hajiyyat, tahsiniyyat)which has gained general acceptance ever since. Juwayni’s ideas were then developed nevertheless by his pupil, Abu Hamid al-Ghazali who wrote at length on earthly concern interest (maslahah)and ratiocination (ta’lil)in his works,  Shifa’ al-Ghalil and al-Mustasfa.Ghazali was generally critical of maslahah as a verification nevertheless validated it if it promoted the maqasid of the Shari’ah. As for the maqasid themselves, Ghazali wrote categorically that the Shari’ah  prosecute tailfin-spot objectives, namely those of faith, tone, thinker, wrinkle and spot which were to be fostered as a matter of implicit priority. A number of prominent writers continued to pass to the maqasid, not all of them consistently perhaps, yet important to the development of ideas. Sayf al-Din al-Amidi (d. 31/1233) identified the maqasid as criteria of taste perception al-tarjih among conflicting analogies and elaborated on an internal read of priorities among the various classes of maqasid. Amidi similarly confined the essential maqasid to only five. The Maliki jurist, Shihab al-Din al-Qarafi (d. 684/1285) added a sixth to the existing l ist, namely the surety of honour (al-‘ird)and this was endorsed by Taj al-Din ‘Abd al-Wahhab ibn al-Subki (d. 771/1370) and later by Muhammad ibn ‘Ali al-Shawkani (d. 1250/1834).The list of five essential think ofs was evidently based on a rendition of the applicable parts of the Qur’an and the Sunnah on the prescribed penalties (hudud). The value that distri merelyively of these penalties sought to vindicate and defend was consequently identified as an essential value. The latest addition (i. e. al-‘ird) was ab initio thought to restrain been covered under lineage (al-nasl,  in any case al-nasab), but the proponents of this addition relied on the fact that the Shari’ah had enacted a separate hadd penalty for slanderous commission (al-qadhf), which justified the addition. ‘Izz al-Din ‘Abd al-Salam al-Sulami’s (d. 60/1262) renowned work, Qawa’id al-Ahkam, was in his own oddballisat ion a work on ‘maqasid al-ahkam’ and addressed the various aspects of the maqasid  curiously in valet de chambre relationship to ‘illah ( prep arive cause) and maslahah ( habitual interest) in greater detail. Thus he wrote at the outset of his work that â€Å"the greatest of all the objectives of the Qur’an is to hurry derives (masalih) and the means that secure them and that the realisation of benefit to a fault included the pr characterion of evil. ” Sulami added that all the promises of the Shari’ah (al-takalif) were predicated on securing benefits for the people in this world and the next.For God closely utmost is Himself in no admit of benefit nor is He in need of the obedience of His servants. He is higher up all this and suffernot be harmed by the disobedience of conduce outors, nor benefit from the obedience of the righteous. The Shari’ah is, in other words, concerned, from the beginning to the end, with the benefits of God’s creatures. Taqi al-Din ibn Taymiyyah (d. 728/1328) was probably the first scholar to renounce from the notion of confining the maqasid to a specific number and added, to the existing list of the maqasid, such things as fulfillment of contracts, deliverance of the ties of kinship, honouring the rights of ne’s neighbour, in so far as the affairs of this world argon concerned, and the love of God, sincerity, trus dickensrthiness, and honourable purity, in relationship to the hereafter. Ibn Taymiyyah thus revised the scope of the maqasid from a designated and specified list into an blossom out-ended list of values, and his approach is now generally accepted by contemporary commentators, including Ahmad al-Raysuni, Yusuf al-Qardawi and others. Qardawi has further blanket(a) the list of the maqasid to include mixer welf ar and musical accompaniment (al-takaful), freedom, human dignity and h uman fraternity, among the higher objectives and Maqasid of the Shari’ah.These ar undoubtedly upheld by both the detailed and the general weight of evidence in the Qur’an and the Sunnah. 2. Identification of Maqasid As already indicated the ‘ulama’ have differed in their approach to the identification of the maqasid. The first approach to be renowned is the textualist approach, which confines the identification of the maqasid to the clear text, commands and prohibitions, which are the carriers of the maqasid. The maqasid,  agree to this view, have no separate existence outdoor(a) this framework.Provided that a command is explicit and normative it conveys the objective maqsud of the Lawgiver in the affirmative sense. Prohibitions are apocalyptic of the maqasid in the negative sense in that the purpose of a prohibitive injunction is to suppress and annul the evil that the text in point has contemplated. This is gener ally accepted, but there are trustworthy tendencies deep down this general framework. While the Zahiris tend to confine the maqasid to the obvious text, the majority of jurists takes into consideration both the text and the underlying ‘illah and rationale of the text.The chief exponent of the maqasid, Shatibi, has spoken affirmatively of the need to happen upon and respect the explicit injunctions, but then he added that adherence to the obvious text should not be so rigid as to give up the rationale and purpose of the text from its words and sentences. rigidity of this kind, Shatibi added, was itself contrary to the objective (maqsud)of the Lawgiver, just as would be the case with regard to conk outing the clear tent itself.When the text, whether a command or a prohibition, is read in connection with its objective and rationale, this is a firm approach, one which bears greater harmony with the intention of the Lawgiver. Shatibi elaborated that the  maqasid that are cognize from a comp reading of the text are of two types, chief(a) (asliyyah)and secondary (tab’iyyah). The causation are the essential maqasid or daruriyyat which the mukallaf  must observe and encourage regardless of somebodyal predilections, whereas the supplementary maqasid -hajiyyat- are those which leave the mukallaf with some flexibility and choiceA comprehensive reading of the textual injunctions of the Shari’ah has give rise to such questions as to whether the means to a wajib or haram should also be seen as a part of the objective that is prosecute by that injunction; whether the means to a command, in other words, is also an integral part of that command. another(prenominal) question raised is whether eliminateing the opposite of a command is integral to the goal and objective that is sought by that command.The general response given to these questions is that the supplementary aspects of com mands and prohibitions are an integral part of their objectives, although disagreements have emerged over details. thither is a general agreement that the opposite of a command amounts to a prohibition in the event where that opposite can be clearly identified. Most of the injunctions of the Shari’ah are easily still, and their objectives as well as their opposites can be bangn and ascertained from the reading of the clear text. It is thus noted that whatever exponent be necessary for the carrying out of a command or a wajib is also a part of that wajib.Shatibi has similarly concluded that whatever is complementary to the maqasid and in the service thereof is also a part of the maqasid. The question then arises regarding the silence of the Lawgiver in respect of a certain conduct in situations in particular where a general reading of the relevant evidence sheds light on the value of that conduct. The question may be put as follows: We know that the  maqasid are known from clear injunctions, but can they also be known from a general reading of the nusus by way of consequence?This is where Shatibi has given an original response. Induction (istiqra’) to Shatibi is one of the most important localises of identifying the maqasid of the Shari’ah. There may be various textual references to a subject, none of which may be in the nature of a decisive injunction. Yet their bodied weight is such that it leaves little doubt as to the meaning that is have goted from them. A decisive demonstration may, in other words, be arrived at from a coterie of speculative expressions.\r\nShatibi illustrates this by saying that nowhere in the Qur’an is there a specific declaration to the effect that the Shari’ah has been enacted for the benefit of the people. Yet this is a definitive cobblers last which is drawn from the collective reading of a variation of textual proclamations. Shatibi th en adds that the benefits (masalih) are to be understood in their broadest sense which is inclusive of ail benefits pertaining to this world and the hereafter, those of the various(prenominal) and the fellowship, material, moral and spiritual, and those which pertain to the present as well as the interests of the future generations.This broad meaning of benefits also includes bar and elimination of harm. These benefits cannot always be verified and ascertained by human suit alone without the aid and guidance of divine revelation. The exemplary classification of the maqasid into the three categories of essential,-complementary and desirable, and the conclusion that the Lawgiver has intended to protect these are based, once again, on induction-as there is no specific declaration on them in the textual sources.On a similar note, the ruling of the Shari’ah that the hardiness of an act of devotion (‘ibadah) can not be realised by means of ijtihad is  an inductive conclusion which is drawn from the detailed evidence on the subject, as there is no specific injunction in the sources to that effect. These conclusions are, in the meantime, of great boilersuit importance; they are not open to doubt, nor is their credibility a matter of speculative argument.It is also the resembling inductive mode which has led the ‘ulama’ to the conclusion that the security measures of the five values of faith, heart, intellect, property and lineage is of primary importance to the Shari’ah †there  cosmos no textual ruling to specify any category or number of values in that gear up. Shatibi’s inductive method is not confined to the identification of objectives and values but also overlays to commands and prohibitions, which may either be obtained from the clear text, or from a collective reading of a number of textual proclamations that may occur in a variety of mise en scenes.Shatibi then goes a fl avor further to say that the inductive conclusions and positions that are so proveed are the general premises and overriding objectives of the Shari’ah and thus have a higher order of importance than specific rules. It thus becomes evident that induction is the principal method of argument and proof to which Shatibi resorted in his theory of the maqasid and it is also in this regard that he has made an original contribution to this theme.Shatibi’s approach to induction is reminiscent of the friendship that is seed of the personality and character of an several(prenominal)ist that is based on sustained tie beam with that individual and observation of his conduct over a period of time. This kind of knowledge is broad and holistic, as it is enriched with insight, and likely to be more reliable when compared to the knowledge that aptitude be based only on the observation of specific, isolated incidents in the quotidian activities of the individual conc erned. 3. Definition of Maqasid al-ShariahThe term is a possessive constrainion, known in Arabic grammar as an Idafa, by which the meaning, â€Å"The Maqasid of the Shari’ah” is conveyed. We shall look at the first component in this construct first. The linguistic meaning of the word Maqasid is as follows: Maqasid is the plural of the word Maqsad and comes from the verbal root qa-sa-da which has some(prenominal) meanings, some of which are: ‘to intend,’ ‘to take a middle course’ and ‘to walk towards. ’ From this root comes the noun, Qasd which means ‘a goal,’ ‘an aim,’ or ‘an aspiration. The second part of the title is the word Shari’ah, which is a noun meaning ‘a path to a water hole,’ and in its more common usage, ‘the law of God as revealed to Muhammad. ’ Together, the term Maqasid al-Shari’ah carries the meaning, based on its constituent parts, of the â €˜goals and objectives which are the reason for the legislation of the rules of Islam’ or more simply, ‘The Objectives of Islamic Law’. Technically, many comments have been given, particularly, by contemporary scholars.Al imam Al Shatibi who is the founder of Maqasid al-Shariah in Islamic jurisprudence did not provide a commentary for this Islamic discipline. There are two other major definitions of Maqasid al-Shariah provided by two other scholars who came after Al Shatibi. They were piece of tail the development of Maqasid al-Shariah in Islamic jurisprudence. These two definitions are provided by Ibn Ashur delimit Maqasid al-Shariah base on two aspects: 1: The general aspect which is the purpose and wisdom behind the decree of all or most of the Shari’ah ruling.This definition is more related to to the general objective of Shariah and those overall principles that guide the portraiture of Islamic law in their totality. 2: The second definition of Maqasid al-Shariah is very specific. It is related to specific objective to those objectives that are knowing to achieve specific benefits to people in their daily activities, such as the importance validation of contracts. Alal al-Fasi defined Maqasid Shariah as the end sought behind the mandate of apiece of the ruling of Shariah and the secret involved.This definition covers the frequent Maqasid (ama) and the private Maqasid (khasa). The definition stress on the end sought behind the enactment of apiece of the rulings of Islamic law, and the secret of these rulings. The secret of the Islamic rulings means the goals intended by Allah in the law. Maqasid al-Shariah aims to protect the interest of mankind and prevent the evil from them, and also authorise the public benefit for the club and encourage virtues and vitiate vices.Al-Raysuni (2006) utter that â€Å"al Maqasid are the purposes which the Law was established to fulfill for the benefit of humankind”. There fore the Law is not an end in itself; it serves to attain an objective, a purpose which is the Maslahah (benefit). The word benefit in this context means the achievement of moolah or the prevention of harm. Ibn Ashur (2006) maintained that: â€Å"This (the knowledge of Maqasid al-Shariah), in fact, ensures the continuity of the rules of the Islamic Shariah by means ofout the ages and generations following the age of disclosure until the end of the world. It is important to notice that, even though, Maqasid al-Shariah was not known as a discipline in the early generations of Muslims, the scholars were aware of the danger of neglecting the spirit of the law and only sticking to its literal form. The knowledge of the higher objectives of Shariah is to avail preserve the essence of the Islamic law. Maqasid Al-Shari’ah is the objectives and the rationale of the Shari’ah .A comprehensive and careful examination of the Shari’ah rulings entails an intelligence th at Shari’ah aims at protect and prefortune public interests (Maslahah ) in all aspects of bearing. Many Shari’ah texts state clearly the reasoning behind certain Shari’ah rulings, suggesting that every ruling in Shari`ah comes with a purpose, which is to benefit the Mukallaf. In-depth comprehension of the objectives of Shari`ah is important for figurative deductive reasoning and other human reasoning and its methodology.Indeed, Maqasid al-Shari’ah allows flexibility, dynamism and creative thinking in brotherly policy, According to Imam Al-Ghazali definition â€Å"The objective of the Shari’ah is to promote the well-being of all mankind, which lies â€Å"in safeguarding their faith (din) , their human self (nafs), their intellect (‘aql), their descendants (nasl) and their wealth (mal). Whatever ensures the safeguard of these five serves public interest and is desirable”. 4. Objectives of Shariah (Maqasid Al-Shariah) Maqasid al-Sha riah is the objectives and the rationale of the Shariah.A comprehensive and careful examination of the Shariah rulings entails an arrest that Shariah aims at protecting and preserving public interests (maslahah) in all aspects and segments of life. Many Shariah texts state clearly the reasoning behind certain Shariah rulings, suggesting that every ruling in Shariah comes with a purpose, which is to benefit the mukallaf (accountable person), for example, when Quran prescribes Qisas (retaliation), it speaks of the rationale of it, that haveing retaliation prevents further killing as Allaah says in Qoran â€Å"There is life for you in Qisas” Surah Baqarah Ayah No 179.Similarly when Quran prohibits wine it says that wine is the works of lambaste as it causes quarrel and cups hatred and hostility among Muslims, Allaah tell in Qoran â€Å"The devil only wants to excite enmity and hatred between you in intoxicants and gambling and barricade you from remembrance of Allah and from prayer”, Surah Ma’idah Ayah No. 91. In depth comprehension of the objectives of Shariah is important for analogical deduction and other human reasoning and its methodology (Kamali, 1999). Indeed, Maqasid al-Shar ’ah allows flexibility, dynamism and creativity in social policy.According to Imam Al-Ghazali â€Å"The objective of the Shariah is to promote the well-being of all mankind, which lies in safeguarding their faith (Din), their human self (Nafs), their intellect (‘Aql), their posterity (Nasl) and their wealth (mal). Whatever ensures the safeguard of these five serves public interest and is desirable. ” Al-Shatibi approves al-Ghazali’s list and sequence, thereby indicating that they are the most preferable in call of their harmony with the essence of Shariah.Generally, Shariah is predicated on benefits of the individual and that of the biotic conjunction, and its laws are designed so as to protect these benefits, and facilitate o nward motion and perfection of human lives’ conditions on earth. This perfection corresponds to the purposes of the Hereafter. In other words, each of the secular purposes (preservation of faith, life, posterity, intellect and wealth) is meant to serve the single religious purpose of the Hereafter. The uppermost objectives of Shariah rest within the apprehension of compassion and guidance, that seeks to establish justice, eliminate prejudice and assuage hardship.It promotes cooperation and mutual supports within the family and auberge at large. This is manifested in the realization of maslahah (public interest) which the Islamic scholars have generally considered to be the all-pervasive value and objective of the Shariah and is to all intents and purposes correspondent with compassion. Maslahah sometimes connotes the same meaning as Maqasid and the scholars have used the two terms almost interchangeably. To further shed light on our discussion of the objectives f Sharia h, especially with regard to their application in the preservation of public interest, the following section elaborates on the principles of Maslahah, serving as an important tool to uphold Shariah. 4. 1Maslahah Maslahah is one of the juristic devices that have always been used in Islamic legal theory to promote public benefit and prevent social evils or corruption. The plural of the Arabic word maslahah is ‘Masalih’ which means welfare, interest or benefit. Literally, Maslahah is defined as seeking the benefit and beat back harm. The words maslahah and manfa`ah are treated as synonyms.Manfa`ah (benefit or utility), however, is not technical meaning of maslahah. What Muslim jurists mean by maslahah is the seeking of benefit and the repelling of harm as tell by the Lawgiver or Shariah. 4. 2Other General Objectives of Shariah Through studies of the Qoran and Sunnah impart reveal that apart from the above objectives of Shariah, there are several other general objectives of Shariah these objectives include: 4. 2. 1Educating the Individual (Tahdhib al-fard) One of the primary objectives of the Shariah is to fix the individuals.Shariah seeks to educate the individual and inspire them with faith and instill in them the qualities of being trustworthy and righteous, Islam aims to achieve its social goals finished reforming the individual All the different aspects of IBADAH involve both mental and physical training, it leads to inner perfection. All penalisations mentioned in the shariah was through with(p) because the main objective was not only to penalize the person as such, but it is to discipline the criminal and the whole of hostelry to teach them and to prevent such crimes from being act by others. This is the reason why Qoran has ordered that penalization for those ho commit some crimes must be carryd in public so as to create awareness to the familiarity of the implication in committing such crime. 4. 2. 2Upholding of Justice (AL-ADL) U pholding the principle of justice or ADL is another objective of Shariah. It is to establish a balance by the way of fulfilling rights and obligations and by eliminating excess and divergence in all spheres of life. Allah has sent scriptures and messengers in order to establish JUSTICE among people, the Qoranic message of justice is objective, and is not tainted by considering of racial, tribal, national, or religious sentiments.In dealing with friends of foes, Muslims and non-muslims, Islam orders all must be treated with justice. 5. Classification of Maqasid al-Shariah Two general categories of maqasid al-shariah were recognised: the Purposes of the Allaah the lawgiver, maqasid al-shari’ah, and the Purposes of the human, maqasid al mukallaf. In an ideal situation the purposes of the law-giver conform to the purposes of the human. Humans do not always know what is in their trump out interest because of personal whims, hiwa al nafs. The good may appear bad and vice versa. Humans may see immediate benefit while ignoring long harm.The Purposes of the Lawgiver are divided into two types: primary and secondary. The primary purposes of the lawgiver, maqasid al-sharia ibtidaa’an, are the most important and are a basis for the secondary purposes. The secondary purposes can be draw in three types: the purpose of law as intellect, maqasid al-shariat li al ifhaam; law as injuctions and obligations, maqasid al-shariat li al-takliif; and the law as execution, maqasid al-shariah li al-imtithaal. This classification shows that the law is not only commands but also has secondary rules that help understand and dress the commands of the primary rules.The primary purposes of Maqasid al-Shariah are divided in to three levels of priority according to its inner specialisation and all the Islamic legal ruling refers to induce one of the categories namely:- 1) The necessities or essentials (Daruriyyat). 2) The needfully (Hajiyyat). 3) The complementary (Tahs iniyyat). Each of the three have complements, mukammilaat. Each of these three can be divided into private and public purposes. Each of them can also be described in three categories: right of Allah, haqq al-llaah; rights of the human, haqq al-‘abd; rights of the community, and rights of the state, haqq al-sultan.Wants are not mentioned at all in this scheme because they are based on hiwa al-nafs. 5. 1The Essentials (Al-Daruriyyat) The essentials are the matters on which the holiness and worldly affairs of the people depend upon, their neglect give lead disruption and disorder and also evil ending and must be protected whether by the individuals, or the government authorities, the essentials can be further divided into the protection of the five underlying values (Al-Daruriyyat Al-Khamsah).These essential five values are:- ? protective cover of Religion (Al-Din) ? tax shelter of Life (Nafs) ? Protection of Dignity (Ird) ? Protection of Intellect/Mind (Al-Aql) ? Protectio n of Property (Al-Mal) 5. 1. 1Protection of Religion (AL-DIN) Al-Din is the most important value that must be protected by the Muslims, protection of al-din at a personal is achieved through the ceremonial of the IBAADAAT, such as five praying, fasting, paying Zakah and acting hajj.Also the protection of Al-Din at wider scope involves defending Islamic faith particularly if it is attacked by the resistance of Islam. The process of protecting can be done through various means such as writings, in speeches and other practical means. If the situation demands waging of war with the enemy of Islam, then it should be done for the sake of protecting. Islam from being destroyed by others Allah S. W. T has enacted the law of international jihad and commanded the Muslims to defend their faith. 5. 1. Protection of Life (AL-NAFS) Life is essential and valuable to everyone, and it must be protected in all circumstances and in this respect, between the life of the rich and poor, between the le ader and subordinates, Muslims and non-muslims. Protecting everyone’s life is equally important and obligatory to each and every individual and cabaret, the Shariah has enacted barren punishment for those who kill each other, the punishment for those who kill an spare human being is the death penalty in Islam.In the punishment of the murderer, even though one life is killed because of the crime, this ordain lead to saving many more lives as the punishment will deter other from committing such crime, saving one’s life is required and it should be done at the write off of other lives, but if the saving of this live aptitude lead to losing of another life then it should be done as the principle of Shariah states â€Å"a particular harm shall not be take away by inflicting another harm”. . 1. 3Protection of Dignity (AL-IRD) Islam is very concerned about the dignity of a person and emphasizes the importance of protecting dignity. Protection of dignity includes the protection of individual rights to privacy and not exposing or charge others of misbehaviors. It means ensuring that the relationship between men and women is done in a respectful and responsible way; Islam has enacted a number of guidelines in order to protect the dignity of mankindIslam prohibits its followers committing adultery or other immoral behaviors; any accusation toward a crime, a proof must be confirmed. Otherwise the punishment will be imposed for false accusations. Islam also regulates the relationship between men and women in order to protect their dignity; also Islam disallows the manipulation of women or making women sexual objects and mercenary objects by line drawing them as an attraction for purchasing such commercial products.Islam tells followers to cover their â€Å"AURAH” and is one of the ways to protecting their dignity. 5. 1. 4Protection of the Intellect/Mind (AL-AQL) Al-Aql or the intellect is a great lay out from Allah S. W. T to mankind; it is one of the human capacities that differ from animals. Allah has ordered protecting this gift by utilizing the mind for the benefit of all and not for any kind of evil, on the other pot Islam gives freedom to express their views, and it must conform that views with the moral and ethical values provided in the Qoran and Sunnah.Protection of the mind requires safeguarding it from anything that might harm the ability and function of the brain, this includes function of pot likker or similar substance that will misplace the function of the brain, a punishment will be imposed for those who consume liquor. These are made in order to prevent the spread of such habits that could deterioration the mind and the brain. 5. 1. 5The Protection of Property (AL-MAL) Acquiring property is one of the necessities of mankind. Islam encourages its followers to acquire wealth through Halal borders.Islam has ordered that no one should transgress and acquire the property of others without a legi timate reason and without proper contract, and there will be severe punishment in the Day of Judgment against those who acquire the properties of others unlawfully. Acquiring the property of others illegitimately can be done through, when engaging usury (Riba), cheating in minutes, breaking the trust in matters related to property, thieving the property of others and other similar means. . 2The Complementary (Al-Hajiyyat) There are many examples of Al-Hajiyyat such as the dispensations or legal excuses (Rukhsah), travelers are allowed to combine and shorten their five obligatory prayers and also break their fast in Ramadan month. A sick person is allowed to pray in a sitting or sleeping position and break his fast in Ramadan, also the basic permissibility regarding the enjoyment of victuals and hunting also go on under this category. 5. 3The Embellishments (Al-Tahsiniyyat)The embellishments refer to interests whose realization lead to the improvement and attainment of that which is desirable. The observance of cleanliness in personal air and in IBADAH, moral virtues, avoiding extravagance and measures that are designed to prevent proliferation of false claims of false claims in the courts, all these fall under this category. The disappearance of al-tahsiniyyat may not interrupt the normal life but it might lead to the lack of comfort in life. 6. Maqasid Al-Shariah in Islamic FinanceThe objectives of the Shariah in fiscal transactions refer to the overall goals and meaning that the Shariah aims at achieving from its rulings related to financial activities and transactions. Looking deeply and unceasingly into several texts of the divine book and the Sunnah of prophet Mohamed (PBUH) on financial activities. It can be stated that the Shariah has observed specific objectives in the enactment of financial laws and principles, these objectives include:- 1. The Objective of Continuity of the Circulation of richesThis objective refers of preserving the transactio nal nature of the financial dealing so as to enable large sectors of population to become a part of the monetary cycle of wealth and to avoid the concentration of wealth in a a couple of(prenominal) turn over. It is underlined in several verses and Hadiths which call for giving Zakah, the openhanded donation and spending for the sake of Allah and to refrain from billboard and monopolizing the wealth. This can be strengthened by several ruling and commands including those contractual transfers of money and other financial transactions like Mudarabah, Musharakah, Muzara’ah and e. . c. this will protect the entire society against crimes and greediness of opportunities, and also surely and by all odds bring prosperity and happiness to the whole society. 6. 2The Objective of Continuity of the investing of wealth When societies develop, also stinting activities and transactions develop. A society develops their finances to the benefit and prosperity of their members, this is d one when wealth must be invested and should be available in many hands for its investment and increment.In support of this objective, there are several verses in the Qoran and Hadiths of prophet (PBUH) which address the issue of fatality and obligation of the continuity of the investment of wealth as they call upon all Muslims to earn, strive and continue to extend themselves to the corners of the earth in search of the bounty of Allaah S. W. T. 6. 3The Objective of Achieving Comprehensive Communal Prosperity This objective is directed at fulfilling the basic material needs of all members of society by achieving personal satisfaction and social tranquility and security.The achievement of this objective will also rid society of negative social attributes such us stratification of the population into privileged and non-privileged classes. The verses and Hadith that call upon Muslims to pay Zakah and cooperate and also help each other in duty transactions, upholds all the objective o f achievement of prosperity in society. 6. 4The Objective of Validation of Financial Ownership This objective aims the lawful authentication of the rights of lawful financial ownership.Numerous verses and Hadiths verify the right of lawful ownership and spending and they serve the purpose of safeguarding Islamic frugal activity. Earlier objectives of Shariah discussions was based on reading and looking deeply into verses on trade, expenditure, investment and consumption, this objective is governed by permissiveness (Halal) of such activities like sales and purchases, cooperate vocation undertakings, commercialize-gardening activities, financial activities and other pertained activities like forgiving peanut uncertainties and binding contracts by witnesses. . 5Protection of the wealth in Islamic Business Transactions Preservation of wealth in finance and chore transactions is one of the primary Maqasids in Shariah. The verses from the Qoran and also Sunnah have very strong stat ements indicating very clearly the importance of wealth whether for individuals or for the community and the society at large. The right to own and earn, Shariah gives the right to the Muslim community to own and earn, thus creating wealth, Muslims can acquire wealth through owning (Tamaluk) or earning (Takasub).Owning (Tamaluk) consists of possessing anything from which they can gain meet their needs, whether from their issue or their substitutes, on the other hand Earning (Takasub) consists of exerting one’s self to gain its own needs whether by physical labor or by mutual consent with others. 6. 6Transparency in Wealth and Finance Transparency is very objective in Shariah for business and finance, this objective seeks to rid Islamic finance from misuse and squander and to prevent disputes, arguments and grudges among the community on financial matters.Islamic law requires security in some business transactions, the main purpose of foil is to avoid dispute among people i n daily business activities as much as possible. In this respect transparency in finance is applied, especially if it is related to the subject matter of the contract which must be known to both parties including specification, quality and quantity. such(prenominal) business activities which clearly understood make the assure parties more comfortable to conclude the deal and execute the business transactions with mutual consent and understanding(a). . 7Development and Investment of Wealth in Business Transactions The Shariah is very concerned about the development of sparing and finance. In supporting this objective the Qoran and Sunnah campaign Muslims to look at this aspect respectively. The development of wealth and investment in finance is an obligation not an option, because it contributes to the growth of wealth and protection of property of the society. Shariah considers money as a potential crown rather than a outstanding, meaning that money becomes capital only when it is invested in a business.Thus the investments and development of wealth will enhance the financial status of members of the society respectively. 6. 8Prevent Harm and Hardship in Wealth and Finance Maqasid al-Shariah tries to achieve command prosperity in the society as a whole, if this is achieved every member of society will be satisfied and safe, as a result from that, all harm and hardship will be either removed from the society or minimized in the finance and business transactions.It is understood that preventing harm in finance comes from putting in to practice most of the objectives of the Shariah in business finance, because those objectives are the key factors. 6. 9Ensure Justice in the Circulation of Wealth in Business Transactions Justice is a prime in human life in all aspects; it is also a vital objective due to its implication in the business community and social activities as well. However justice in terms of wealth starts from earning wealth and possessing property by right, without any harm.In order to implement justice the Shariah has imposed some rules and regulations and has prohibited all elements that may lead to injustice in business such as bribery, fraud and deception, gambling, uncertainty, Riba and so on. To ensure the brass section of justice in all aspects of business and finance, meantime shariah encourages all types of business activities which create justice and benefits the business community and social life as well. 6. 10Objective of Individual Economic ActivitiesThe question of why to produce or why to get involved in economic activities in the first place, is that Shariah wants individuals to look after their welfare. Shatibi has used the maslahah (welfare-benefit) to describe this objective of Shariah. Human beings have been required by Shariah to seek maslahah. Economic activities of production, consumption and exchange that involve maslahah (welfare) as defined by Shariah have to be pursued as a religious duty to earn ones betterment not only in this world but in the world hereafter.Also all such activities that have maslahah for human beings are called needs. These needs have to be execute. â€Å"Fulfilling needs” rather than â€Å"satisfying wants” is the objective of economic activities, and the pursuance of this objective is a religious duty. Man is, therefore, have to solve his economic problems. The approach that unlimited wants relative to scarcely resources defines the economic problem of man may be explaining the economic behavior of a bourgeois society, but it certainly fails to explain the behavior of several handed-down societies of the world.The members of traditional societies do not step motivated to maximize the satisfaction of their wants with the resources available with them, because they find their needs adequately fulfilled and they do not feel obliged to look for the satisfaction of wants beyond their needs defined by themselves or by their environment . All development strategies thus fail to bring development in such societies because of the lack of motif to earn more or to expand resources at ones disposal. Islamic economic theory, on the other hand, is on more sound footing.It defines economic problem in the light of the objective that Islam assigns to human activities. The fulfillment of this objective is made a religious duty. Islam, thus, becomes a gouge of economic development even for such traditional societies that are not motivated by the mercantile approach, to maximize the satisfaction of wants. The economic problem of human beings is, therefore, to â€Å"fulfill needs” with the available resources which most of the time may turn out to be scarce relative to needs.The inconsistency that was pointed out in the imagination of â€Å"satisfying human wants” is not present in the concept of â€Å"fulfilling human needs”. If the resource coldness is relaxed, the human needs can be fulfilled as they are objectively defined. 7. Advantages of Shariah conformity in Islamic Finance Current writings proclaims that Islamic financial system differs significantly from conventional system, not only in the ways it functions, but above all the values which guide its whole operation and outlook.The values which are prevailed within the reach of Shariah, are expressed not only in the minutiae of its transactions but in the breadth of its manipulation in realizing the Maqasid al-Shariah (objectives of Shariah). Indeed, Maqasid al-Shariah reflects the holistic view of Islam which has to be looked at as a whole not in parts as Islam is a complete and interconnected code of life and its goal encompasses the whole life, individual and society; in this world and the hereafter (Dusuki ; Abozaid, 2007).Hence, a deep understanding of Maqasid al-Shariah entails intense commitment of every individuals and organizations to justice, brotherhood and social welfare. This will inevitably lead to a so ciety whereby every member will cooperate with each other and even compete constructively, as success in life is to obtain the ultimate happiness (falah). Thus mere maximation of profits cannot, therefore, be sufficient goal of a Muslim society.Maximization of output must be accompanied by efforts directed to ensure spiritual wellness at the inner core of human consciousness and justice and fair play at all levels of human interaction. Only development of this kind would be in conformity with the Maqasid al-Shariah. Despite progress in the improvements and introduction of an enabling Islamic capital market environment through various Shariah-compliant product innovations like sukuk, some structure which attempt to achieve the same economic outcome like conventional cling distort the Maqasid al-Shariah.This distortion stems from the restricted view of understanding Shariah, by only focusing on the legal forms of a contract rather than the substance especially when structuring a fi nancial product. The overemphasis on form over substance lead to potential abuse of Shariah principles in justifying certain contracts which in fact contradictory to the Shariah text and ultimately undermining the higher objectives of Shariah. Conclusion The methodology of interpreting the Quran integrates three approaches: Maqasid, contextualization, and social science research.The maqasid- oriented approach promotes a focus on the higher objectives intent, and purpose of the text. Contextualization offers insight as to the both the historical and contemporary circumstances relevant to the text, while social science research provides an understanding of the contemporary conditions and realities that enables the interpretation and application of the text to be directed towards achieving the higher objectives. The purposes of Islamic Law are not all equally evident. Some are clear to the general public, like basic ethical principles and the essential necessities of life.Others, howe ver, require a trained jurists’ eye, because they are more subtle, and require deeper investigation to discern. This is where juristic reasoning really needs to be exercised. This is where the jurist qualified to engage in juristic reasoning †the mujtahid †comes into play, psyche who can understand the sacred texts in conjunction with the broad purposes of Islamic Law and then apply this knowledge to the actual circumstances of the outside world in order to come up with an seize legal ruling.Our present need is all the more acute due to the paucity of understanding that Muslims have regarding what Islam wants for Muslim society and for the people †the protection of their liberties, the in effect(p) management of their affairs, the cultivation of virtue among them, the prohibition of vice, the development of their resources, the advancement of their capabilities, and the inculcation of the value of being a productive member of society.Today’s Muslims a re in need of all of these things, people who often know a lot of Islamic legal rulings but know very little about the purposes behind them. I also propose to add economic development and strengthening of Research and Development in technology and science to the structure of Maqasid al-Shariah as they are crucially important in determining the standing of the ummah in the world community. Lastly Maqasid al-Shariah remains open to further enhancement which will depend, to some extent, on the priorities of every age.We should understand that Maqasid Al-Shariah is an important discipline which can play a crucial role in economics, finance and business transactions nowadays. It is time to go forward with full implementation of Maqasid Al-Shariah in finance, business and economic activities to achieve the noble adjectives of the Shariah. These objectives give value to finance, banking, trade and all business transactions. We believe that the implementation of Maqasid Al-Shariah will e nhance the performance of finance and trade, and establish justice in the business community and society at large.Furthermore, the achievement of Shariah objectives in business transactions creates happiness and satisfaction, and fulfills the needs of society in terms of wealth. Islam allows all financial activities and transactions leading to the actualization to its noble objectives. Furthermore, investment is considered as an obligation upon all Muslims. This means Muslims have to make use of the wealth in their hands in order to make it grow and gain more profit and benefits. Wealth which is not invested as hoarded.Although the underlined main principles are closely linked to the main objectives of the Shariah in financial activities and transactions, one cannot deny that there are other subsidiary principles, such as prohibition of making money from money, or prohibition of Najash and certain types of sales.References: 1. Dr. Ahcene Lahsasna (2011). Shariah Aspects of Business and Finance: INCEIF CIFP. Part 1, January Semester, 2012: Kuala Lumpur: outside(a) Centre for Education in Islamic Finance. . Dr. Ahcene Lahsasna (2011). Shariah Aspects of Business and Finance: INCEIF CIFP. Part 1, January Semester, 2012: Online Class Lectures. Kuala Lumpur: transnational Centre for Education in Islamic Finance. 3. Dr. Asyraf Wajdi Dusuki. â€Å"Challenges of realizing Maqasid Al-Shariah in Islamic Capital Market” 4. Dr. Mohammad Hashim Kamali. â€Å"Maqasid Al-Shariah: The objectives of Islamic law” ———————†The Global University of Islamic Finance\r\n'