The Maqāṣid al-Sharīʿah and Islamic Finance Debate: The Underlying Philosophy and Perspectives of Sharīʿah Scholars

Abstract

Islamic finance is a system of finance that adheres to Sharīʿah rulings. The Sharīʿah consists of rulings where certain objectives are intended to be achieved through applying such rulings, known as maqāṣid al-sharīʿah. Since Islamic finance follows Sharīʿah rulings, this by extension means that Islamic finance should contribute in achieving certain maqāṣid. However, there has been a continued debate on whether Islamic finance has been realising/fulfilling relevant maqāṣid. The key question that arises is: if Islamic finance adheres to Sharīʿah rulings, which consists of rulings that are focused towards realising/fulfilling relevant maqāṣid, why is there a debate on Islamic finance realising/fulfilling those maqāṣid in the first place? This research delves into this question, by first exploring the philosophy of maqāṣid al-sharīʿah in relation to Islamic finance, and thereafter gains an insight into the minds of two contemporary Sharīʿah Supervisory Board scholars pertaining to the philosophy in question.