The Importance of Maqasid Al-Shariah in Islamic Finance. a Short Essay by Nadifa Abdulhalim Mohamed

8658 Words Nov 11th, 2012 35 Pages
INCEIF
The Global University of Islamic Finance

CERTIFIED ISLAMIC FINANCE PROFESSIONAL (CIFP)

Part One

SHARIAH ASPECTS OF BUSINESS AND FINANCE

Assignment Topic

The importance of Maqasid al-Shariah in Islamic Finance

June 2012 Semester

Lecturers: Dr. Yong Bao Wang Dr. Ahcene Lahsasna

Student Name: Nadifa Abdulhalim Mohamed Student ID: 1200331

Abstract

Maqasid Al-Shariah is one of the very important aspects in Islamic jurisprudence. Maqasid Al-Shariah is taking a crucial position in Ijtihad in order to process a valid examination of the text and provide intact interpretation to achieve the Islamic ruling. The aim behind that is to comprehend the Shariah in
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1.1 History and background

As a theme of the Sharî’ah in its own right, the maqasid did not receive much attention in the early stages of the development of Islamic legal thought and, as such, they represent rather a later addition to the juristic legacy of the madhâhib. Even to this day many a reputable textbook on Usûl al-Fiqh does not mention maqâsid al-Sharî’ah in their usual coverage of familiar topics. This is partly due perhaps to the nature of the subject, which is largely concerned with the philosophy of the law, its outlook and objective, rather than the specific formulations of its text.
Although the maqâsid as a distinctive theme of the Sharî’ah are obviously relevant to ijtihâd, they have not been treated as such in the conventional expositions of the theory of ijtihâd.

Islamic legal thought is, broadly speaking, preoccupied with concerns over conformity to the letter of the divine text, and the legal theory of Usûl al-Fiqh has advanced that purpose to a large extent. This literalist orientation of the juristic thought was generally more pronounced in the approach of the tendency - the traditionist - the Ahl al-Hadîth - than that of the Rationalists - the Ahl al-Ray. The literalists thus tended to view the Sharî’ah as a set of rules, commands and prohibitions that were addressed to the competent individual mukallaf and all that the latter