Aspiring Maq?sid-e-Shariah and Socio-Economic Well-Being in Islamic Finance

Authors

  • Dr. Iftikhar Alam Global Research Club, Multan, Punjab, Pakistan
  • Waqas Ali Haider Department of Islamic Studies, University of Okara, Okara, Punjab, Pakistan, Senior Lecturer, Superior University, Lahore, Punjab, Pakistan
  • Prof. Dr. Arshad Munir Department of Islamic Studies, Ghazi University, Dera Ghazi Khan, Punjab, Pakistan

DOI:

https://doi.org/10.54262/irjis.04.01.e07

Keywords:

Islamic Finance, Islamic Banking, Islamic Economics, Maqāsid-e-Shariah, Well-Being

Abstract

The philosophy of Islamic finance aspires to an economic system based on risk-sharing, exchanges of assets, and avoidance of Rib? (interest). The framework of the Islamic financial system (IFS) is laid on shariah injunctions, drawn on the Quran and Sunnah. The contemporary institutionalization of an IFS is based on secondary sources such as Ijtih?d (scholarly research), Ijm? (consensus), Istihs?n (public good), and Qiyas (analogical reasoning). The goal of IFS is to furnish an equitable and just financial system that adheres to Maqasid-e-Shariah and enacts social well-being and welfare (Fal?h). The challenge of rising above commercial goals and prioritizing Shariah objectives as a means of socio-economic welfare is yet to be mastered by the Islamic finance industry, both nationally and globally. Real success can only be achieved if shariah adherence vis-a-vis socioeconomic well-being becomes the primary concern of Islamic financial institutions. This article reviews the origins and the progress of IFS during the past five decades. We also articulate the interwoven implications of Islamic financial institutions’ observance of Maq?sid-e-Shariah and socio-economic well-being barriers as the principal objective. Our findings point, towards the strong convergence of shariah and well-being which fundamentally revolve around the prohibition of Rib? not only in Islam but in all three Abrahamic religions i.e. Judaism, Christianity and Islam.

Author Biographies

  • Dr. Iftikhar Alam, Global Research Club, Multan, Punjab, Pakistan

    Chairman

  • Waqas Ali Haider, Department of Islamic Studies, University of Okara, Okara, Punjab, Pakistan, Senior Lecturer, Superior University, Lahore, Punjab, Pakistan

    Ph.D. Scholar

  • Prof. Dr. Arshad Munir, Department of Islamic Studies, Ghazi University, Dera Ghazi Khan, Punjab, Pakistan

    Chairperson

Published

01-01-2022

How to Cite

Aspiring Maq?sid-e-Shariah and Socio-Economic Well-Being in Islamic Finance. (2022). International Research Journal on Islamic Studies (IRJIS), 4(1), 104-122. https://doi.org/10.54262/irjis.04.01.e07