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Islamic Finance


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Objectives of Shari’a


The objectives (maqasid) which shari’a is inherently meant to attain. This embodies the rationale of shari’a as reflected in protecting and preserving public welfare/interests (maslaha) in all walks of life (social, economic, political, etc). Every shari’a-based hukm(ruling) basically revolves around a purpose involving, in general, bringing about benefits or preventing potential damages, bad consequences, or calamities, whether in the interest of individuals or societies.

For example, zakah is prescribed on capable (mukallaf) Muslims in order to bridge the poverty gap or income disparity between those who haves and those who don’ts. Furthermore, the rationale behind imposing zakah is to encourage those who have capital to invest it, rather than leaving it unused. Idle capital will, thus, be exposed to zakah while being put into no productive use. This will have the effect of reducing it, and would entice the owner to invest that capital lest it is eaten up by zakah. In short, shari’a objectives (maqasid) are exemplified in promoting the welfare of all human beings and communities in terms of faith (din), existence and sustenance (nafs), intellect (aql), posterity (nasl), and wealth (mal).


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