Maqasidic General Parameters in Utilizing Al-Maslahah as a Mechanism for Shariah Desicion Making in Islamic Financial Transactions

Muhammad Najib Abdullah; Syaryanti Hussin

doi:10.55265/al-maqasid.v5i1.98

Authors

Muhammad Najib Abdullah Faculty of Syariah and Law, Universiti Sains Islam Malaysia (USIM), 71800, Nilai, Negeri Sembilan, Malaysia https://orcid.org/0000-0003-1271-2702
Syaryanti Hussin Faculty of Syariah and Law, Universiti Sains Islam Malaysia (USIM), 71800, Nilai, Negeri Sembilan, Malaysia

DOI:

https://doi.org/10.55265/al-maqasid.v5i1.98

Keywords:

Islamic financial transactions, Maqāṣid Sharīʿah, parameters, maṣlaḥah, ijtihād

Abstract

Emerging issues in Islamic financial transactions are complex and crucial to be given a solution as it envolves shariah ruling and potentially impacting the financial stability of the nation. The absence of specific texts to address these new issues necessitates the use of ijtihād as a shariah desicion making mechanism is Islamic financial transaction. It is well-known that the concept of maṣlaḥah is widely applied in the realm of Islamic finance and serves as a benchmark for achieving Maqāṣid Sharīʿah. However, it is essential to establish parameters for utilizing maṣlaḥah as an ijtihad mechanism in Islamic financial transactions to prevent conflicting with Islamic principles. This is due to the misuse of maṣlaḥah in such issues carries significant risks and could potentially lead to unlawful rulings if not properly managed. This research is a qualitative study and the data collection process for this research is made up of content analysis method, and the data sources are the collections of data from the Holy Quran, hadith, Islamic legal maxims, classical (turāth) books, contemporary legal books, article journals, conference papers and others document references. Researchers then employ thematic analysis and deductive approach to analyze the applicability of the parameters the issues facing by Islamic financial institutions in Malaysia. Hence, this study aims to propose parameters in utilizing maṣlaḥah as a mechanism for ijtihād in Islamic financial transactions. Using well-defined and accurate maṣlaḥah standards can effectively achieve the principles of Maqāṣid Sharīʿah. The data collected was obtained from books, journal articles, case studies, and contemporary collective ijtihād. The results of the study have shown utilizing the pretext of maṣlaḥah need to be improvised and monitored, especially in the field of Islamic financial system, where they need to be precisely and carefully studied in order to determine the origins, paths, and regulations. The methodology for this approach is known as Fiqh al-Maqāṣidi, and it allows to interpret legal texts (naṣ) in true way that matches people's realities in various circumstances so as to meet their needs and desires.

Downloads

Download data is not yet available.

References

ʿAbd Al-Salām, A.-I. (1991). Qawāʿid al-Aḥkām Fī Maṣālih al-Anām (2nd ed., Vol. 2). Cairo: Maktabah Al-Kulliyāt Al-Azhariah.

Abdullah, M. N. (2018). Resolutions of the Shariah Advisory Council (SAC) of Bank Negara Malaysia in Islamic Financial Transactions: An Evaluative Study on Maqāṣid Al-Sharīʿah (PhD thesis). International Islamic University Malaysia, Kuala Lumpur.

Abū Zaid, A. al-A. (2006, August). Al-Maṣalīh al-Insāniyyah Wa al-Aḥkām al-Syar’iyyah Fawāid al-Maṣārif Namūzajan. Paper presented at Nadwah Maqāṣid al-Syariʿah Wa Sabl Taḥqīquha Fī al-Mujtama’at al-Muʿasārah, Kuala Lumpur, Malaysia.

Al-Ansāri, Z. (n.d.). Asnā al-Maṭālib Fī Syarh Raud al-Ṭālib (Vol. 1). Cairo: Dār Al-Kutub Al-Islāmī.

Al-ʿAttar, H. (n.d.). Hasyiyah al-ʿAtor ’Ala Syarh al-Jalal al-Mahalli “Ala Jam’i al-Jawami” (Vol. 2). Beirut: Dar al-Kutub al-Ilmiah.

Al-Fauzān, S. bin M. (2014). Tafʿīl al-Maqāṣid Fī al-Māliah al-Islāmiah: al-Ta’ṣīl Wa al-Taṭbīq. Paper presented at Al-Nadwah al-ʿAlamiyyah al-Khāmisah ʿAn al-Fiqh al-Islāmiah Fī al-Qarn al-ʿIshrīn, Kuala Lumpur, Malaysia.

Al-Ghazāli, A. H. (1968). Syifa’ al-Ghalīl (1st ed.). Baghdad: Matbaah Al-Irsyād.

Al-Ghazāli, A. H. (1993). Al-Mustaṣfā (1st ed., Vol. 1). Beirut: Dār al-Kutub al-ʿIlmiah.

Alias, M. N., Abdullah, M. N., Kamis, M. S., Afandi, A. J., & Alias, N. (2024). Scientific approach as the basis for the formation of Maqāṣid al-Sharīʿah concept and principles: A comparative study. Malaysian Journal of Syariah and Law, 12(2), 350–363. https://doi.org/10.33102/mjsl.vol12no2.568

Al-Jawziyyah, I. Q. (1983). Rauḍah al-Muhibbīn Wa Nuzhāh al-Mushtaqqīn (1st ed.). Beirut: Dār Al-Kutub Al-ʿIlmiyyah.

Al-Jawziyyah, I. Q. (1991). Iʿlām al-Muwaqqiʿīn ʿAn Rabb al-ʿAlamīn (1st ed., Vol. 2). Beirut: Dār al-Kutub al-ʿIlmiyyah.

Al-Mardāwī, A. (2000). Al-Tahbir Sharh al-Tahrir Fi Uṣul al-Fiqh (1st ed., Vol. 1). Riyadh: Maktabah Al-Rusyd.

Al-Qarāfī, S. (n.d.). Al-Furūq: Anwar al-Burūq Fī Anwā al-Furūq (Vol. 2). Cairo: ʿĀlim Al-Kutub.

Al-Raisūnī, A. (2005). Al-Bahs Fī Maqāṣid al-Syariʿah Nash’atuhū Wa Taṭowwiruhū Wa Mustaqbiluhū. Paper presented at Nadwah Maqāṣid al-Sharīʿah, London, United Kingdom: Muassasah al-Furqān Li al-Turāth al-Islāmi.

Al-Salāḥāt, S. M. (2003). Al-Qaṭʿu Wa al-Ẓann Fī al-Fikr al-Uṣūlī (1st ed.). Beirut: Maktabah al-Falāh.

Al-Shāṭibī, I. M. (2005). Al-Muwāfaqāt Fī Uṣūl al-Sharīʿah (7th ed., Vol. 5; A. Darraz, Ed.). Beirut: Dār al-Kutub al-ʿIlmiyyah.

Al-Subkī, T. (1991). Al-Ashbāh Wa al-Naẓāir (1st ed., Vol. 1). Beirut: Dar Al-Kutub Al-Ilmiyyah.

Al-Suyūṭi, J. A. R. (1983). Al-Radd ʿAlā Man Akhlada Ilā al-Ard Wa Jahila ʿAnni al-Ijtihād Fī kull ’Asr Fard. Beirut: Dār al-Kutub al-ʿIlmiyyah.

Al-Tayeb, S. (1994). Al-Akhzu Bi al-Rukhṣah Wa Hukmuhū. Journal of Majmaʿ al-Fiqh Al-Islāmiyy, International Islamic Fiqh Academy, 8, 362–388.

Al-ʿUbādī, A. al-S. (1986). Nazʿun al-Mulkiah al-Khāssah Li al-Manfaʿah al-ʿĀmmah. Majallah Majma’ al-Fiqh al-Islāmi al-Tābi’ Li Munaẓẓamah al-Mu’tamar al-Islāmi, 2(4), 995.

Al-Zarkasyī, B. (1985). Al-Manthūr Fī al-Qawāʿid al-Fiqhiyyah (2nd ed., Vol. 1). Kuwait: Wizārah al-Awqāf al-Kuwaitiyyah.

Al-Zuḥailī, M. M. (2006). Al-Qawāʿid al-Fiqhiyyah Wa Taṭbiqātuhā Fī al-Mazāhib al-Arbaʿah (1st ed.). Damascus: Dār Al-Fikr.

Al-Zuḥailī, W. M. (1985). Naẓāriyyah al-Ḍarūrah al-Sharʿiyyah Muqāranah Maʿa al-Qanūn al-Waḍʿi (1st ed., Vol. 1). Beirut: Muassasah Al-Risālah.

Bank Negara Malaysia. (2010). Shariah Resolution in Islamic Finance (2nd ed.). https://www.bnm.gov.my/documents/20124/9198675/shariah_resolutions_2nd_edition_EN.pdf

Bank Negara Malaysia. (2024). Hājah and Ḍarūrah Policy Document (BNM/RH/PD 028-129). Malaysia: Bank Negara Malaysia.

Creswell, J. W., & Poth, C. N. (2018). Qualitative Inquiry and Research Design: Choosing Among Five Approaches (4th ed.). Sage.

Denzin, N. K., & Lincoln, Y. S. (2011). The Sage Handbook of Qualitative Research (4th ed.). Sage.

George, M. W. (2008). The Elements of Library Research: What Every Student Needs To Know. Princeton University Press.

Ibn Qudāmah, M. A.-D. (2002). Rauḍah al-Nāẓir Wa Jannah al-Manāẓir Fī Uṣūl al-Fiqh ʿAlā Mazhab al-Imam Aḥmad Ibn Ḥanbal (Vol. 1). Beirut: Muassasah Al-Rayyān Li al-Tibaʿah Wa al-Nashr Wa al-Tauzīʿ.

Ibnu Taimiyah Al-Ḥarrāni, A. bin A. H. (1987). Al-Fatāwā al-Kubrā (1st ed., Vol. 5). Beirut: Dār al-Kutub al-Ilmiyyah.

Khalil, U. M. U. (2013). Al-Maṣlaḥah al-ʿĀmmah Wa Athāruha ʿAlā Taghyīr al-Aḥkām ʿInda al-Ulamā Al-Muslimīn. Journal of Dār al-Ifta’ Al-Miṣriyyah, 16(7), 342–378.

Muhammad, M. A. M. (2023). Al-Maqāṣid al-Sharīʿah Li al-Waqf Al-Islāmiy wa al-Athār Al-Mutarattabah ʿAlaihā. مجلة الدراسات الأفروآسيوية, 2(3), 82–106. Retrieved from https://journals.ekb.eg/article_339032_8d697faf6aed7d9264cd39e05b9b3002.pdf

Nasir, M. al-H. (1986). Al-Islām Wa Intizāʿ al-Mulk Li al-Maṣlaḥah al-ʿĀmmah. Majallah Majma’ al-Fiqh al-Islāmī. Munaẓẓamah al-Mu’tamar al-Islāmī, (4), 1244.

The National Council Fatwa Muzakarah Committee. (1994). Compilation of the Fatwa 1969–1990 (JKF Paper No. 4/35/94). Malaysia: The National Council for Islamic Religious Affairs of Malaysia, Prime Minister’s Department.