Finance in the light of Maqasid-al-Shari'ah; with Maqasid (goals) and Wasa'il (methods)

Abstract

The primary objective of this research is to examine the many aspects of maqasid al-Shari'ah within the context of Islamic jurisprudence in the field of Islamic finance. This will be achieved by delving into the ultimate goals (maqasid) and the methods used (wasa'il). These would provide clarification about the nature and objectives of Islamic finance, as well as its trajectory for future growth. This article work how the concept of maqsid al-sharah in Islamic law might be applied to present-day monetary issues for more comprehensive, rational, and workable answers. Expanding the maqsid approach to making and structuring Islamic economic products, the authors analyze the significance of maqsid al-sharah in Islamic law by exploring its literal interpretations. They also explain the basics of maqsid al-sharah and provide examples of how this paradigm could effectively address specific issues in Islamic Finance. This article critically analyses the concept of maqasid al-shariah in order to assess its potential to provide exhaustive, rational, and pragmatic resolutions to contemporary economic challenges and introduces a systematic methodology from Maqasid al-Shariah to guide Islamic economic institutions (IEIs) in determining suitable investment opportunities and allocation strategies. The potential strategy that might aid individuals in successfully and efficiently managing the dynamic conflicts and opportunities.