Kuala Lumpur, Malaysia CIFP

Title

Maqasid al-Shari`ah is one of the very important Shari`ah aspects in Islamic Finance

Submitted By
Name: Mohsin Ali Matric No: 1100345

Submitted To
Dr. Yong Bao Wang

Date of Submission: November 20, 2011

Semester: September December 2011

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Abstract
Maqasid al-Shariah are the guiding principle of determining any Islamic law that is widely used in areas revolving around the Muslim way of life. And the objective of Shariah is to ultimately achieve maslahah and to uphold the interest of the public at large in this world and the hereafter. It deals with the prioritization in Islam to safeguard the purity of the religion, mental, life, property and offspring of mankind. In facing or solving current issues either directly or indirectly touching the social, economic, political and financial spheres, the application of Maqsid AI-Sharih is an important element that needs to be incorporated by all Muslims in their lives. This paper attempts to present the essential elements of Maqasid al-Shari`ah and explain how this approach may contribute to better solutions for various Islamic finance issues and challenges. This exercise is not to determine what is halal or haram, but to ultimately achieve al-falah - to be successful in this life and the hereafter.

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Objectives of the paper:

Following are the objectives of the paper; Understanding Shariah Aspects in Islamic Finance Exposition of Maqasid-e-Shariah Difference between Shariah based & Shariah compliant Contemporary Practices and Implication of Maqasid-e-Shariah

Key terms of the paper

1. Maqasid-e-Shariah 2. Maslahah 3. Shariah Aspects 4. Islamic Finance 5. Riba

Table of content
1. Introduction 2. Maqasid al Shariah 2.1 Definition 2.2 Marsalah 2.3 Characteristics of Maqasid al Shariah 2.4 Categories of Maqasid al Shariah 3. Maqasid al Shariah and Islamic Finance 3.1 Preservation of Wealth 3.2 Application of Maqasid al Shariah in Islamic Finance 3.3 Contemporary Islamic Finance and Maqasid al-Shariah 4. Maslahah and Decision Making 4.1 Principle of Harm Prevention in Islam 5. Conclusion and Recommendations 6. References Page|3

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1. INTRODUCTION Islamic finance got inception in seventies. Since then, Islamic finance has made progress and expanded beyond its traditional markets. The recent global financial crisis has brought Islamic finance

further into the limelight. Despite its alleged minimal impact on Islamic finance, the crisis offered it an opportunity to undertake introspection and self-evaluation. This will be necessary to determine whether it can become a significant alternative to the conventional system within the global financial market. Accordingly, Islamic financial institutions (IFIs) must ensure that all of their transactions are Shariah compliant, not only in their forms and legal technicalities but, more importantly, in their economic substance, which should be preceded on the objectives outlined by the Shariah, also known as Maqasid al-Shariah. Shariah injunctions entwine Islamic financial transactions with genuine concern for a just, fair, and transparent society and prohibit any involvement in illegal activities that are detrimental to social and environmental wellbeing. This paper examines the concept of Maqasid al-Shariah to highlight its contribution to more comprehensive, rational and realistic answers to various contemporary financial issues. In particular, the paper suggests a framework based on Maqasid al-Shariah to assist Islamic financial institutions (IFIs) in making decisions on which courses to pursue and how much to commit to them. The framework may also assist IFIs in managing more

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effectively and efficiently the ever-emerging conflict of expectations on the part of diverse stakeholders. 2. MAQASID AL-SHARIAH Before discussing the role of Maqasid al-Shariah in addressing various Islamic finance challenges, I would first like to define Maqasid al-Shariah and introduce their characteristics and categories. The following sections shall focus specifically on describing the concept. 2.1 Definition: Many jurists have tried to explain the aims and objectives of Shari'ah upon which it is established. Among these the outstanding figures are the Malikite Abu Ishaq al-Shatibi, the Shafite al-'Izz ibn 'Abd aI-Salam, and the Hanbalite Ibn Qayyim al-Jawiziyyah. Abu Hamid al-Ghazali defined maqasid by stressing the Shariah concern with safeguarding five objectives: The very objective of the Shariah is to promote the well-being of the people, which lies in safeguarding their faith (din), their lives (nafs), their intellect (aql), their posterity (nasl), and their wealth (mal). Whatever ensures the safeguarding of these five serves public interest and is desirable, and whatever hurts them is against public interest and its removal is desirable. Maqasid al-Shari'ah that is, the objectives of Shari'ah can also be described as below: Maqasid al-Shari'ah comprises those benefits/welfare/advantages for

which Allah has revealed His Shari'ah. Maqasid al-Shari'ah aims at the attainment of good, welfare, advantage,

benefits, etcetera, and warding off evil, injury, loss, etcetera, for the creatures. (All this in Arabic terminology can be stated as Masalih al-'Ibad.)

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Shari'ah aims at the welfare of the people in this life and in the life hereafter, and for this purpose it has advised the people to adopt such means and measures suggested by it (Shari'ah) as may result in advantage benefit/well-being to them and may ward off evil/injury/loss, etcetera, from them, not only in this world but also in the world hereafter. Same is the philosophy behind His commands and the worships prescribed for His creatures. 2.2 Maslahah (Consideration of Public Interest) Al-Ghazali defines Maslahah as follows: As for Maslahah, it is essentially an expression referring to the acquisition of benefit or the repulsion of injury or harm, but that is not what we mean by it because acquisition of benefits and the repulsion of harm represent human goals, that is, the welfare of humans through the attainment of these goals. What we mean by Maslahah, however, is the preservation of the ends of the Shariah. Following al-Ghazalis nomenclature, al-Shatibi, in his book defines Maslahah as a principle which concerns the subsistence of human life, the completion of mans livelihood and the acquisition of what his emotional and intellectual qualities require of him, in an absolute sense. 2.3 Characteristics of Maqasid al-Shariah Maqasid al-Shariah have four main characteristics: i. Basis of legislation: as legislation has to serve the interests of all human beings and save them from harm. ii. Universal: Maqasid are aiming to serve the interests of all human beings. This is because Quran the last revelation and prophet Muhammad (pbuh) have sent to mankind as a whole.

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iii.

Absolute: Maqasid encompass all human acts whether they are related to Ibadah (responsibilities to God) or muamalah (responsibilities towards other human beings).

iv.

Definitive: Maqasid al-Shariah have not been derived from a single text or item of evidence, but from a multiplicity of texts and different aspects of evidence.

2.4 Categories of Maqasid Islamic scholars have divided Maqasid al-Shariah into two main categories: general objectives and specific objectives. Ibn Ashur, in defining general objectives, stated that they consist of the deeper meanings and inner aspects of wisdom considered by the Lawgiver in all or most of the areas and circumstances of legislation; they are not confined to a particular type of Shariah command. Thus, they include the general characteristics of the Shariah, its allpurpose principles, and any aim contemplated by the legislation. They also include certain meanings and notions that are not present in every Shariah command but in many of them. In usul al-fiqh, on which Islamic jurisprudence is based, scholars such as al-Shatibi further divide the general objectivessometimes denoted as Maslahahinto three sub-categories. Al-Shatibi calls these the essentials (Daruriyyah),

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the complementary (Hajiyyah) and the embellishments (Tahsniyyah). The categories are briefly discussed below: Daruriyyah (Necessities) These are the objectives which are must and basic for the establishment of welfare in this world and the world hereafter in the sense that if they are f ignored then the coherence and order cannot be established and fasad (chaos and disorder) will prevail in this world and there will be obvious loss (al-khursan al-mubin) in the world hereafter. Daruriyyah relates to five things: i. ii. iii. iv. v. Protection of Faith (Din) Protection of Life (Nafs) Protection of Posterity (Nasl) Protection of Property (Mal) Protection of Reason ('Aql)

According to Shatibi, these five protections are daruriyyah for the establishment of welfare in this world as well as in the world hereafter. The protection of the above mentioned elements can be made possible through two types of essential elements. a. Necessities required for bringing into and maintaining the very existence of the above mentioned elements, that is: din, nafs, nasi, mal, 'aql, etcetera. b. Necessities required for protecting these elements from their destruction. The worships ('ibadah) for example, aim at maintaining the very existence of faith. Iman (attestations in words and intention), salah, zakah, fasting and hajj are the elements that are required for the maintenance of the very existence of faith (din). All such provisions of Shari'ah are said to have the aims that can be labeled as daruriyyah. Similarly, the permission to benefit from drinkables, clothing, housing, etcetera, is meant to maintain life and hence fulfill the objective of necessities. Such matters and dealings Page|9

that are required to maintain and protect the existence of property, reason and posterity also promote necessities from the point of view of bringing these into existence. On the other hand, such dealings or legal provisions (jinayat), which are required to stop destruction of the above mentioned elements will also be said to aim at daruriyyah from the point of view of the objectives of Shari'ah. Hajiyyat (Requirements) Shari'ah aims at facilitating life or removing hardships. All such provisions of Shari'ah which aim at facilitating life, removing hardship, etcetera, are said to fulfill the hajiyyah (requirements). For example, permission of hunting and use of halal goods for food, lodging, and conveyance, etcetera. Besides, the permission for qirad (profit sharing through borrowing), musaqat (profit sharing), bai salam (forward buying of a commodity which does not yet exist), which are apparently illegal interest bearing dealings, are the examples of Shari'ah provisions that aim at facilitating life or removing hardships in the life in this world. The exploitative, usurious and doubtful dealings and contracts have also been forbidden for the same purpose. Tahsiniyyat (Beautification) Shari'ah beautifies life and puts comforts into it. There are several provisions of Shari'ah which are meant to ensure better utilization, beautification and simplification of daruriyyah and hajiyyah. For example, permission to use beautiful, comfortable things; to eat delicious food; to have cold drinks and juices; to wear fine clothing and so on.

The second category of Maqasid consists of the specific objectives of Islamic legislation (al-Maqasid al-khasah), where the area of concern is a specific discipline, such as financial transactions or family law or private conduct. Ibn Ashur states that the specific objectives: consist of the methods (kayfiyyat) intended by the Lawgiver for realizing the P a g e | 10

useful purposes of human beings or preserving their public interests related to their private conduct. The aim here is to prevent peoples pursuit of their personal interests from leading to the undermining of their established public interests, owing to carelessness, whimsical errors, and vain desires. Notwithstanding the demarcation made by the scholars between general and specific objectives, the two remain interrelated. In fact there is much overlapping and integration between general and specific objectives of the Shariah. Hence, to treat any of the objectives as discrete would be rather nave. Both categories together serve as the main framework governing human lives in this world to achieve ultimate happiness in the hereafter. 3. MAQASID AL-SHARIAH AND ISLAMIC FINANCE In previous sections, I have briefly explained the fundamentals and concepts reinforcing Maqasid al-Shariah. The next focus is to appraise the implications of Maqasid alShariah for contemporary Islamic finance. As a Shariah-oriented business entity, the Islamic bank is vigorously expected to be guided by the objectives of the Shariah. Maqasid al-Shariah in Islamic finance generally fall under the second category of Maqasid, namely: specific objectives (al-Maqasid al-khassah), which relate to specific disciplines. However the general objectives are also relevant and directly related, as Islamic finance aims to protect one of the five Daruriyat (necessities) namely: the preservation of wealth (Hifz al-mal), which is interrelated with other Daruriyat, especially the preservation of religion (din). Therefore, it is necessary to examine the objective of wealth preservation as well as the general objectives of Islamic finance. 3.1 Preservation of Wealth (Hifz al-Mal) It is an established fact among Islamic scholars that the preservation of wealth is one of the fundamental and universal principles of the Shariah, falling under the daruriyyah P a g e | 11

category. Naturally, the Shariah, whose aim is to preserve and promote the human social order, gives considerable attention to wealth. There are many Quranic verses and Prophetic traditions which bear witness that property and wealth have an important status in the Shariah. In fact, Islamic law introduces many rulings aimed at realising the preservation of wealth in both material and socio-psychological dimensions. Muslim jurists have asserted that preservation of wealth is to be achieved in at least five main dimensions: 1. 2. 3. 4. 5. Preservation of wealth through the protection of ownership; Preservation of wealth through its acquisition and development; Preservation of wealth from damage; Protection of wealth through its circulation; Preservation of wealth through protection of its value.

Since the above dimensions are integral to Islamic finance as enshrined by Shariah, their further elaboration is called for. 1. The Preservation of Wealth through the Protection of Ownership The first important dimension for wealth preservation is protection of ownership. One of the basic principles of human civilization had been the ownership through exclusive possession. Islam recognizes the natural desire of mankind to own good things by providing clear parameters on how to own, use and protect wealth. Allah affirms this in the Quran: Fair in the eyes of men is the love of things they covet: women and sons; heaped-up hoards of gold and silver... [3:14]. Since ownership is recognized in Islam, its protection is inevitable. Allah said: And do not consume one anothers property by illegitimate means. [2:188]. In order to achieve the purpose of protecting ownership, contracts relating to the various kinds of dealings have been formed to regulate the transfer of financial rights. These P a g e | 12

contracts have been considered binding because of their formulae, that is, the statements indicating the mutual consent of contracting parties. Hadith affirming this principle is: Muslims are bound by their conditions, except a condition that makes the lawful unlawful or the unlawful lawful. It is equally the duty of everyone to respect ownership of ones property, thats why the Shariah has set compensation for damage to property simply by assessing the damage, regardless whether or not it was intended. 2. Preservation of Wealth through Acquisition and Development Preservation of wealth through its acquisition and development is another mean of protection of wealth. In fact acquisition and development of wealth have been considered the basis of ownership and property rights in Islam. The Prophet (pbuh) said: If anyone revives a dead land, it belongs to him, but what is unjustly planted has no rights. 3. Preservation of Wealth from Damage Just as the Shariah takes full account of peoples right to acquire, use and enjoy their property and its corresponding benefits, it also emphasizes the need to preserve the property from being damaged and exposed to any form of harm. The preservation of wealth from damage can be looked at from two dimensions: protecting wealth from risk that can harm it; and preventing wealth from damage through its use for harmful purposes. That is why rules governing the validity and validation of contracts and the fulfillment of stipulations have been firmly instituted in Islamic law. 4. The Preservation of Wealth through its Circulation One of the important objectives of Shariah is Facilitating the circulation of wealth. In Shariah, circulation means the transfer of wealth in the community among as many hands as possible without causing any harm to those who have acquired it lawfully. The Quran

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has clearly indicated the need to prevent wealth from remaining in the hands of one person or just moving from one specific person to another. Whatever [spoils taken] from the people of those villages God has turned over to His Apostle [all of it] belongs to God and the Apostle, the near of kin [of deceased believers], the orphans, the needy, and the wayfarer, so that it may not be [a benefit] going round and round among such of you as may [already] be rich [59:7]. 5. The Preservation of Wealth through its Value Protection The emphasis on wealth circulation entails the requirement to protect and preserve its value. Indeed Islamic law places high concern on the preservation of wealth by protecting its value and natural movement of commodity pricing. Allah affirms this in the Quran: And do not withhold from the people the things that are their due [7:85]. The following Hadith explains best the importance of preservation of wealth through its value protection: The Prophet appointed a man as governor of Khaybar, who [later] presented him with an excellent type of dates. The Prophet asked, Are all the dates of Khaybar like this? He replied, [No, but] we barter one saa of this (excellent type) for two saa of ours, or two saa of it for three of ours. Allahs Apostle said, Do not do that [as it is a kind of usury]; rather, sell the mixed dates (of inferior quality) for money, and then buy the excellent dates with that money. In the above Hadith, the Prophet implicitly indicated the need to allow market forces to determine the actual value of the dates. This would ensure fair determination of the commoditys price, which might otherwise be a subject of manipulation and deception due to information asymmetry. Moreover, the issue of value protection also entails the prohibition of any form of devaluing or overpricing of commodities. Thus, the Prophet prohibited people from P a g e | 14

buying goods from caravans before they reach the market and also prohibited najash, which means bidding without real intent of purchase, simply to increase the price. 3.2 Application of Maqasid al-Shariah in Islamic Finance According to Dr. Asyraf wajdi dusuki, given the prime importance of Shariah in Islamic finance, the Islamic financial institution assumes a more vital role than its conventional counterpart. The understanding of the Maqasid al-Shariah requires IFIs to submit to the Shariah by committing themselves to every contractual obligation and conducting their operations in accordance with high virtue and moral consciousness as stipulated by the Shariah. For example, while an individuals rights in acquiring property are protected, these rights are governed by rules and ethical codes designed to protect the rights of society. As such, an Islamic financial

institution is not expected to conduct its economic, social and other worldly activities as a self-centred, utility-maximiser economic agent, as idealized in neoclassical economics; rather, the firm is expected to balance between the rights and responsibilities of the individual and those of society. Essentially, the philosophy of Islamic financial institutions can be fully understood in the context of the overall objectives of Islamic economic system as enshrined in Maqasid al-Shariah. Many prominent Islamic economists, like Chapra, Ahmad, Siddiqui and Naqvi have asserted that Islamic banking is a subset of the overall Islamic economic system, which strives for a just, fair and balanced society as envisioned and deeply inscribed in Maqasid al-Shariah. Accordingly, the many prohibitions (e.g. interest, gambling, excessive risks, P a g e | 15

etc.) are to provide a level playing field to protect the interests and benefits of all parties involved in market transactions and to promote social harmony. It is now commonly acknowledged that the consequences of lack of ethics and low morality are not only financial; they also damage society, the environment and, ultimately, humanity as a whole. The recent financial crisis attested to the fact that deceit and infectious greed corrupted the financial markets. Consequently, the crisis has brought the IFI into limelight as a possible and viable alternative. The crisis had a limited impact on Islamic finance, although it did not emerge totally unscathed. Nevertheless IFI faces considerable challenges in responding to the various expectations, which will determine whether it becomes a significant alternative to its conventional counterpart. IFI should therefore leverage on its robust foundation and underlying principles, deeply rooted in teachings of the Shariah and enshrined in its higher objectives or Maqasid al-Shariah. And how it could be done? It could only be done by integrating practices, theory and understanding at the base root level. 3.3 Contemporary Islamic Finance and Maqasid al-Shariah: A Muslim man needs to abide with Shariah in every aspect of life. Same is what he wants when he is doing any financial transaction. So, every transaction must have to be Shariah compliant. Now what is Shariah compliance? Shariah Compliant is not just about satisfying the mechanics of financial operation or fulfilling the legal documentation requirement or focusing on the legal form of a contract. But on the other hand to be a transaction shariah compliant, it has to be in both form and substance. All of the operations of IFIs have to be Shariah compliant. In a nutshell Islamic banking has to be more ethical and socially responsible. Validity and Permissibility: Validity (Sahih Qadaan) is based on the form of the Contract while Permissibility (Sahih Diyanatan) is based on the substance of the contract P a g e | 16

and the intention of the contractors. In contemporary practice the main focus is to make the transaction acceptable on the basis of form and no or very little emphasis is on the substance of the transaction. Essentially, the principles of Maqasid al-Shariah and Maslahah (protection of public interests) reflect the importance Islam places upon taking into account public interests rather than merely individual interests. It also provides a framework for decision making and a mechanism for adapting to change, especially for Islamic financial institutions, which are supposed to commit to Shariah principles. Perhaps the principles of Maqasid and maslahah can further contribute in delineating the role of IFI in terms of their responsibilities. They offer guidelines for moral judgment on the part of managers and other stakeholders, particularly in solving conflicts that may arise when pursuing various financial and operational issues. 4. MASLAHAH AND DECISION MAKING To resolve ethical conflicts managers have to deal with categories of Maslahah according to their respective degrees of importance. Essentials (daruriyyah), constitutes the most fundamental responsibility to be fulfilled as compared to the other two categories, namely the complementary (hajiyyah) and the embellishments (tahsiniyyah). The degree of decision makings with essentials is more fundamental as compare to other categories. According to Islamic scholars, the existence of the complementary (hajiyyah) and the embellishments (tahsiniyyah) depends upon the primary purposes underlying the essentials (protecting and preserving the five objectives of the Shariah faith, life, intellect, posterity, and wealth). The two categories are structurally subservient and substantively complementary to the daruriyyah, to the extent that any violation affecting the latter produces far-reaching consequences. On the other hand, any damage affecting tahsiniyyah or hajiyyah will result in only minor disturbance in the daruriyyah. Hence, it P a g e | 17

is essential to preserve the three categories in their order of importance; that is to say, beginning with the dauriyyah and ending with the tahsiniyyah. All the three categories of Maslahah are not mutually exclusive; all are interrelated and mutually dependent. However, it should be noted that the flexibility posed by the principles of Maslahah is confined within the framework of Shariah but not vice versa. 4.1 The Principle of Harm Prevention in Islam The concept of Maslahah entails the understanding of the Islamic principle of harm prevention. Essentially, the principle states that while engaging in economic and business activities, a firm is prohibited from inflicting injury or causing grief to others. There are two major Shariah axioms that address the principle of harm prevention. One is the removal of hardship and the other is prevention of harm. This concept occupies a central position in the framework of protection of social interest as enshrined in the principles of Maslahah, particularly in averting social harm. As such, a discussion of application of Maqasid to Islamic finance will be futile if such an important framework is undermined. This principle is based on an authentic Hadith narrated by Ibn Majah, al-Daruqutni and others on the authority of Saad bin Malik al-Khudri, who mentioned that the Messenger of Allah said: There should be neither harming nor reciprocating harm. Islamic scholars classify harm or damage into two broad types: the first type is the harm or damage which occurs as a result of a deliberate action by a person upon parties or entities (e.g. environment). The second type is an action permissible in the Shariah and performed by a person with an honourable intention which, despite that, may directly or indirectly cause harm to other parties. The former is strictly prohibited or haram, the latter has to be examined in light of differing contexts and degrees of harm to determine whether the action is permissible or not.

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5. CONCLUSIONS AND RECOMMENDATIONS This paper discusses the framework of Maqasid al-Shariah and its importance for the contemporary discourse on the Shariah-based finance. Islamic finance, as an institution grounded in the ethical and moral framework of Islamic law, has a distinctive role to play in the society. The framework of Maqasid al-Shariah also implies that an Islamic financial institutions characteristics are shaped by the higher objectives of Islamic law, which emphasize overall social and economic good. Thus Islamic finance is much more than just refraining from charging interest and conforming to the legal technicalities and requirements on offering Islamic financial products. It is a holistic system which aims at contributing to the fulfillment of the socioeconomic objectives and the creation of a just society. In the process of conducting business, Islamic financial institutions seek to bring about a lasting balance between earning and spending in order to achieve betterment for the whole community. This has been manifested as the higher objectives of Islamic finance, which are deeply rooted in Maqasid al-Shariah. The message of Islamic finance is therefore very clear that earning profits is commendable as long as it conforms to the principles of fairness and justice, as deeply inscribed in the Shariah; furthermore, Islamic guidance, enshrining its principle of justice, brings about a balance between the rights of individuals and their duties and responsibilities towards others, and between self-interest and altruistic values. With respect to managing diverse expectations and interests, the Shariah provides a framework for managers to resolve problems arising from the potential conflicting responsibilities towards the various stakeholders. Therefore, the harm prevention principle can contribute to the establishment of guidelines for decision making in managing Islamic financial institutions. Thats why Maqasid al-Shari`ah is one of the very important Shari`ah aspects in Islamic Finance. P a g e | 19

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