Value-Based Intermediation: An Analysis from The Perspective of Shariah And Its Objectives
الوساطة المبنية على القيمة: دراسة تحليلية من منظور الشريعة ومقاصدها
Despite considerable growth across the globe, including Malaysia, Islamic banking and finance has witnessed substantial criticism over the lack of social concern in its economic activities, which is one of the most significant elements of the objectives of Shariah. Currently, Bank Negara Malaysia has taken a new initiative by introducing Value-Based Intermediation (VBI). It plays a crucial role in delivering the objectives of Shariah through various strategies. The aim of this paper, hence, is to explore the Shariah principles that have been embedded in VBI. It also aims to discuss the objectives of Shariah in VBI. This paper is qualitative, descriptive, and exploratory. It employs document analysis and library research whereby the data is mainly derived from both primary and secondary sources. This paper is confined to only a conceptual discussion on the implementation of Shari`ah and its objectives in VBI. The findings indicate that there are at least five Shariah principles that have been embedded in VBI. Furthermore, the general Shariah objective of having VBI is to deliver justice, establish values, and enhance social responsibility. However, the specific Shariah objective of VBI is to achieve preservation of wealth through various tools and mechanisms. Finally, this paper contributes to the body of knowledge by giving insights on the implementation of the Shariah and its objectives in VBI, and it could be used as a reference in developing a sound Islamic ethical foundation for future Islamic financial institutions that is lacking in Islamic finance literature.
Keywords: Value-Based Intermediation (VBI), Shariah, Maqasid al-Shari'ah.
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