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A Critical Appraisal On The Challenges Of Realizing Maqasid Al-Shariaah In Islamic Banking And Finance


  • Asyraf Wajdi Dusuki

    () (International Shariah Research Academy for Islamic Finance (ISRA), 2nd Floor Annexe Block, Menara Tun Razak, Jalan Raja Laut, 50350 Kuala Lumpur, Malaysia)

  • Abdulazeem Abozaid

    () (Damascus University, Damascus, Syria)


Islam harbours an economic vision that holds the key to a social order capable of providing social justice along with economic prosperity. This vision is deeply inscribed in the objectives of shariah, also known as maqasid al-shariah. Consequently the doctrine of Islamic economics entered debates over the social-welfare role of Islam. It has somehow pursued the goal of restructuring economies according to perceived Islamic teachings and principles. Its most visible practical achievement is the establishment of Islamic banks meant to avoid interest and promote Islamic norms of economic behaviour and ultimately realizing the noble objectives of shariah. This paper examines the challenges of the proper realization of maqasid al-shariah in Islamic banking and finance. These challenges cover various issues: the proper understanding of maqasid al-shariah in Islamic economics; the methods of implementing maqasid al-shariah in Islamic banking and finance; the potential conflicts between macro maqasid and micro maqasid; and the possible abuse of maqasid al-shariah to justify certain financial contracts which in fact contradict the shariah texts. The paper analyses these challenges and provides examples from the current practices of Islamic banks and financial institutions.

Suggested Citation

  • 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.
  • Handle: RePEc:ije:journl:v:15:y:2007:i:2:p:999-1000

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    References listed on IDEAS

    1. Hasan, Zubair, 2005. "Islamic banking at the crossroads: theory versus practice," MPRA Paper 2821, University Library of Munich, Germany.
    2. Zaman, Asad, 2008. "Islamic Economics: A Survey of the Literature," MPRA Paper 11024, University Library of Munich, Germany.
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    More about this item


    Islamic economics; Islamic banking; Maqasid al-Shariah.;

    JEL classification:

    • Z12 - Other Special Topics - - Cultural Economics - - - Religion
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)


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