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Maqasid al Shariah and Stakeholders’ Wellbeing in Islamic Banks: A Proposed Framework

Author

Listed:
  • Shafiullah Jan

    (Assistant Professor, Institute of Management Sciences, Peshawar)

  • M. Fahad Siddiqi

    (PhD Scholar, Institute of Management Sciences, Peshawar)

  • Karim Ullah

    (Assistant Professor, Institute of Management Sciences, Peshawar)

Abstract

The extant literature describes and justifies stakeholders’ wellbeing as the essence of Islamic Banking and Finance (IBF). This infers the compulsion on Islamic banks to devise their operations based on inclusive wellbeing, and a greater perspective from the Maqasid al Shariah framework, and not merely converging on the compliance rulings. This paper presents a review and analysis of the present literature on Maqasid al Shariah and Stakeholders’ wellbeing and synthesizes a framework for gauging the theoretical association between the classical Maqasid al Shariah and Stakeholders’ wellbeing. The proposed framework can be used as a dependable framework for policy implication and future research in IBF. Moreover, concentrations of research efforts are identified from the present review and directions for future research are proposed.

Suggested Citation

  • Shafiullah Jan & M. Fahad Siddiqi & Karim Ullah, 2019. "Maqasid al Shariah and Stakeholders’ Wellbeing in Islamic Banks: A Proposed Framework," Business & Economic Review, Institute of Management Sciences, Peshawar, Pakistan, vol. 11(1), pages 83-102, March.
    • Handle: RePEc:bec:imsber:v:11:y:2019:i:1:p:83-102
    DOI: dx.doi.org/10.22547/BER/11.1.4
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    File URL: http://imsciences.edu.pk/files/journals/March_2019/New%204%20MA-589.pdf
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    References listed on IDEAS

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    1. Muhammad Nouman & Karim Ullah, 2014. "Constraints in the Application of Partnerships in Islamic Banks: The Present Contributions and Future Directions," Business & Economic Review, Institute of Management Sciences, Peshawar, Pakistan, vol. 6(2), pages 47-62, October.
    2. repec:idn:jimfjn:v:1:y:2015:i:1c:p:1-23 is not listed on IDEAS
    3. Ed Diener & Derrick Wirtz & William Tov & Chu Kim-Prieto & Dong-won Choi & Shigehiro Oishi & Robert Biswas-Diener, 2010. "New Well-being Measures: Short Scales to Assess Flourishing and Positive and Negative Feelings," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 97(2), pages 143-156, June.
    4. Muhammad Nouman & Karim Ullah & Saleem Gul, 2018. "Why Islamic Banks Tend to Avoid Participatory Financing? A Demand, Regulation, and Uncertainty Framework," Business & Economic Review, Institute of Management Sciences, Peshawar, Pakistan, vol. 10(1), pages 1-32, March.
    5. John F. Helliwell, 2006. "Well-Being, Social Capital and Public Policy: What's New?," Economic Journal, Royal Economic Society, vol. 116(510), pages 34-45, March.
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    7. Diaw, Abdou & Bacha, Obiyathulla Ismath & Lahsasna, Ahcene, 2012. "Incentive-Compatible Sukuk Musharakah for Private Sector Funding," MPRA Paper 46009, University Library of Munich, Germany.
    8. Hearn, Bruce & Piesse, Jenifer & Strange, Roger, 2012. "Islamic finance and market segmentation: Implications for the cost of capital," International Business Review, Elsevier, vol. 21(1), pages 102-113.
    9. Asyraf Wajdi Dusuki & Abdulazeem Abozaid, 2007. "A Critical Appraisal On The Challenges Of Realizing Maqasid Al-Shariaah In Islamic Banking And Finance," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 15(2), pages 999-1000, December.
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    1. Amirul Afif Muhamat & Ahmad Farouk Zulkifli & Suzana Sulaiman & Geetha Subramaniam & Saadiah Mohamad, 2021. "Development of Social Cost and Benefit Analysis (SCBA) in the Maqāṣid Shariah Framework: Narratives on the Use of Drones for Takaful Operators," JRFM, MDPI, vol. 14(8), pages 1-17, August.

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