Maqasid Al-Sharia/h

Abstract

The emergence of the earliest legal books in history can be attributed to the imperative of formulating novel standards to address societal issues. The initiation of individuals’ association with legal principles commences with the establishment of these norms by a governing body of higher jurisdiction. The formation of legal norms has been significantly influenced by theological concepts, which have played a crucial role in this process, particularly since the inception of monotheistic faiths. Islamic law is widely regarded as a significant source of information pertaining to this topic matter. Islamic law is founded upon a set of five fundamental principles, namely, the preservation of life, procreation, intellect, property, and religion. The fundamental principles, categorized as general and specialized objectives, exemplify the overarching objective of Islamic jurisprudence to establish and maintain social harmony. Islamic banking, within the framework of Maqasid al-Sharia, ought to function in accordance with these fundamental principles. It is recommended that Islamic financial institutions incorporate procedures that promote social welfare, prioritize principles of fairness, and foster a sense of unity. Nevertheless, in the contemporary context, certain instances of misconduct have been observed within the Islamic finance industry. Specifically, there are instances where specific sales and contracts are utilized in manners that deviate from the principles of Sharia.