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The Scientific of the Fundamentals of Maqasid in Islamic Financial Products Development

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Listed:
  • Wan Nazjmi Mohamed Fisol
  • Siti Hafsha Albasri

Abstract

The objectives of Shari‘ah (Maqasid al-Shari‘ah) theory are the key to better understand the Shari‘ah in its true perspective. Hence, in order to obtain the clarity and visibility on the Maqasid al-Shari‘ah, this paper will explain the basis fundamentals of the Maqasid theory, which include the Islamic Financial transactions (Fiqh al-Mu‘amalat), fiqh maxims (Qawa’id alFiqhiyyah) and fiqh priorities (Fiqh al-Aulawiyyat) as a guideline for Shari‘ah scholars to arrive at a more precise ijtihad in their assessment of Islamic financial products development. Hence, this study give recommendation the distinctive fundamentals of Maqasid theory model should have an Islamic financial transactions (fiqh al-mu‘amalat), fiqh maxims (qawa‘id al-fiqhiyyah) and fiqh of priorities (fiqh al-aulawiyyat), in assisting the Shari‘ah scholars producing more appropriate ijtihad in Islamic banking and finance products matters.

Suggested Citation

  • Wan Nazjmi Mohamed Fisol & Siti Hafsha Albasri, 2017. "The Scientific of the Fundamentals of Maqasid in Islamic Financial Products Development," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 7(10), pages 683-692, October.
    • Handle: RePEc:hur:ijarbs:v:7:y:2017:i:10:p:683-692
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    References listed on IDEAS

    as
    1. Chapra, Mohammad Umar, 2008. "The Islamic Vision of Development in the Light of the Maqasid Al-Shari'ah (Research Paper)," Occasional Papers 235, The Islamic Research and Teaching Institute (IRTI).
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