An Analysis on Islamic Social Finance for Protection and Preservation of Maqāṣid al-Sharī‘ah

  • Nor Razinah Mohd Zain Ahmad Ibrahim Kulliyyah of Laws, IIUM
  • Engku Rabiah Adawiah Engku Ali IIUM Institute of Islamic Banking and Finance,(IIiBF), International Islamic University Malaysia

Abstract

Islamic social finance is akin to the conventional social finance but the former is subjected to the established principles of Sharī‘ah. In generating positive impacts to the society, the Islamic social finance and its instruments must be utilised in protecting and preserving the Maqāṣid al-Sharī‘ah. A critical analysis on the Islamic social finance in relation to the Maqāṣid al-Sharī‘ah is provided through this research. By using the doctrinal and qualitative methods, the practices of the Islamic social finance as applied in OIC member states are reviewed and provided as examples. Problems of implementation of Islamic social finance in the OIC countries are listed; while tentative solutions are suggested with a hope of triggering better solutions. At the end of discussion, a list of recommendations for future researches is proposed for considerations.

Author Biography

Engku Rabiah Adawiah Engku Ali, IIUM Institute of Islamic Banking and Finance,(IIiBF), International Islamic University Malaysia
Professor

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Published
2017-12-31
How to Cite
MOHD ZAIN, Nor Razinah; ENGKU ALI, Engku Rabiah Adawiah. An Analysis on Islamic Social Finance for Protection and Preservation of Maqāṣid al-Sharī‘ah. Journal of Islamic Finance, [S.l.], v. 6, p. 133-141, dec. 2017. ISSN 2289-2117. Available at: <http://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/262>. Date accessed: 22 apr. 2018.
Section
Articles