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

The international University of Muslim Finance CERTIFIED ISLAMIC FINANCE PROFESSIONAL (CIFP) Part One SHARIAH ASPECTS OF seam AND FINANCE Assignment Topic The importance of Maqasid al-sharia law in Islamic Finance June 2012 Semester Lecturers Dr. Yong Bao Wang Dr. Ahcene Lahsasna schoolchild Name Nadifa Abdulhalim Mohamed Student ID 1200331 wind Maqasid Al- sharia law law is hotshot of the very definitive aspects in Islamic decree. Maqasid Al- sharia is taking a crucial do in Ijtihad in order to process a valid examination of the school text and provide inviolable meter reading to achieve the Islamic ruling.The film behind that is to compreh termination the sharia in altogether aspects. The pass rudimentary documentary of Maqasid al-Shariah is the realization of benefit to the plenty, connecting their affairs both in this world and hereafter. It publicly held that the Shariah in completely of its digresss aims at securing a benefit for the people or protect the m against corruption and evil. The aim of this paper is to elaborate the importance Maqasid al-Shariah in Islamic finance. The study found that Maqasid al-Shariah is the around alone important(p) Shariah aspect in Islamic finance because protection of wealthiness is one of the five study elements of Maqasid l-Shariah. Objectives of the look for ____________________________________________ Definition of Maqasid Al-Shariah. Identification of the importance of Maqasid Al-Shariah in Islamic finance. Classification of Maqasid Al-Shariah Key c in everys of the research 1. Quran 2. hadith 3. Maqasid Al-Shariah 4. Islamic finance 5. Islamic law 6. Fiqh 7. Usulfiqh TABLE OF CONTENTS TOPIC PAGE NUMBER pic 1. Abstract. 1 2. Objectives of the research.. 3. Introduction4 1. 1 History and punctuate.. 4 2. Identification of Maqasid Al-Shariah8 3. Definition of Maqasid Al-Shariah11 4. Objectives of Maqasid Al-Shariah 13 5. Classification of Maqasid Shariah.. 15 5. Essential (Al-daruriya t). 16 6. Complementary (Al-hajiyat).. 19 7. Embellishments (Al-Tahsiniyat)19 8.Maqasid Al-Shariah in Islamic Finance19 9. Advantages of Shariah compliance.. 24 10. Conclusion25 11. References. 26 1. Introduction The linguistic government issue matter of the ripe out Maqasid is as follows Maqasid is the plural of the word Maqsad and comes from the communicatory alkali qa-sa-da which has several(prenominal) meanings, close to of which be to int block, to take a middle function and to walk towards. From this floor comes the noun, Qasd which promoter a oddment, an aim, or an aspiration. The bet on part of the title is the word Shariah, which is a noun meaning a lane to a water hole, and in its more common usage, the law of God as revealed to Muhammad. Together, the bound Maqasid al-Shariah carries the meaning, base on its constituent parts, of the goals and designs which atomic number 18 the fence for the legislation of the rules of Islam or more simply, The Obj ectives of Islamic fair play The Maqasid possible action is found on an inductive reading of the Quran in order to identify the higher accusives, intent, and target of the manufacturer laws, which atomic number 18 intended to preserve military man interests in both this world and the next.This guess asserts that no masterment of God is intended to cause aggrieve for its own sake, although some actions whitethorn wait clamber and hardship. All efficacious rulings are intended to achieve balance and moderation by steering Muslims toward a middle course amid non-homogeneous types of extremes. Also it gives consideration for outcomes or consequences. He explains that part of the physical object-oriented approach is considering the outcomes of actions, in accord with the Sunnah of the Prophet who would consider outcomes and consequences before passing judgment or taking action. 1. History and background As a etymon of theShariah inits own right, themaqasiddid non rec eive much attention in the early stages of the phylogenesis of Islamic legal thought and, as such, they re turn in rather a subsequently addition to the jural legacy of themadhahib. Even to this day many a reputable textbook on Usul al-Fiqhdoes not mentionmaqasid al-Shariahin their usual cut throughage of familiar topics. This is partly due perhaps to the own(prenominal)ity of the subject, which is largely concerned with the philosophy of the law, its panorama and objective, rather than the specific formulations of its text.Although the maqasidas a distinctive theme of theShariahare obviously relevant toijtihad,they shake up not been treated as such in the stodgy expositions of the theory of ijtihad. Islamic legal thought is, broadly speaking, preoccupied with concerns over conformity to the letter of the comprehend text, and the legal theory ofUsul al-Fiqhhas advanced that pattern to a large extent. This litera enumerate orientation of the juristic thought was commonpl acely more pronounced in the approach of the tendency the traditionist theAhl al-Hadith than that of the Rationalists theAhl al-Ray.The literalists indeed tended to view theShariahas a dress of rules, commands and prohibitions that were addressed to the competent idiosyncraticmuk tout ensembleafand whole that the latter was expected to conform to its directives. The precedent of the belonging Companions indicated, on the some some an other(a)(prenominal) hand, that they saw theShariahboth as a set of rules and a value system in which the specific rules were seen as tangible manifestations of the overriding values. The textualist tradition of the graduation 3 centuries did not take much interest inmaqasid al-Shariahand it was not until the time of al-Ghazali (d. 05/1111) and therefore al-Shatibi (d. 790/1388) that significant developments were made in the formulation of the theory ofmaqasid. The basic outlook that was advocated by the theory of themaqasidwas not denied by the minceing schools, yet themaqasidremained on the fringes of the mainstream juristic thought that was manifested in the various themes and doctrines ofUsul al-Fiqh. Except for theZahiriswho maintained that themaqasidare only cognise when they are identify and declared by the clear text, the majority ofulemadid not confine themaqasidto the clear text alone.For they sensed and downstairsstood theShariahto be rational, goal-oriented and its rules generally founded on identifiable causes. A mere conformity to rules that went against the purpose and outlook of theShariahwas. , at that placefore, generally considered unacceptable. A totally different approach to themaqasid wastaken by the Batiniyyah who held, contrary to the Zahiris, that the essence and objective of thenususwere al rooms to be found, not in the explicit words of the text, barely in its hidden meaning (i. . batin),hence their name, the Batiniyyah. There were as well differences of orientation among the leading madhahibtoward themaqasidsome were more throw to it than others, but elaborateness into the goals and objectives of theShariahwas generally not encouraged. This rather unspoken attitude contrasted with the fact that the Quran itself exhibits considerable awareness of the underlying purposes and objectives of its laws and often expounds the causes and rationale on which they are founded.The general reticence of theulamain appraise of the identification of themaqasid world power have partly been due to the elements of projection and prognostication that such an exercise was wantly to involve. Who can tell, for sure, for example, that this or that is the purpose and overriding objective of the Lawgiver, without savory in a degree of speculation, unless of course, the text itself declared it so. moreover then to confine the compass of themaqasidonly to the clear declaration of the texts was in addition not enough, as I shall presently elaborate. It was not until the early fourth century that the termmaqasidwas used in. he juristic literature of Abu Abd Allah al-Tirmidhi al-Hakim (d. 320/932) and recurrent adduceences to it appeared in the naturalizes of lmam al-Harawhitethornn al-Juwayni (d. 478/1085) who was likely the offset to classify themaqasid al-Shariahinto the three categories of inseparable, complementary and desirable (daruriyyat, hajiyyat, tahsiniyyat)which has gained general acceptance ever since. Juwaynis ideas were then developed further by his pupil, Abu Hamid al-Ghazali who wrote at length on public interest (maslahah)and ratiocination (talil)in his works,Shifa al-Ghalilandal-Mustasfa.Ghazali was generally critical ofmaslahahas a proof but formalise it if it promoted themaqasid oftheShariah. Asfor themaqasidthemselves, Ghazali wrote categorically that theShariahpursued five objectives, viz. those of faith, life, intellect, lineage and situation which were to be protected as a matter of absolute precedence. A number of prominent wr iters continued to contribute to themaqasid,not all of them consistently perhaps, yet important to the development of ideas. Sayf al-Din al-Amidi (d. 31/1233) identified themaqasidas criteria of preferenceal-tarjihamong conflicting analogies and enlarge on an internal order of priorities among the various classesof maqasid. Amidi also confined the indispensablemaqasidto only five. The Maliki jurist, Shihab al-Din al-Qarafi (d. 684/1285) added a one-sixth to the existing list, namely the protection of honour (al-ird)and this was endorsed by Taj al-Din Abd al-Wahhab ibn al-Subki (d. 771/1370) and later by Muhammad ibn Ali al-Shawkani (d. 1250/1834).The list of five necessity values was evidently based on a reading of the relevant parts of the Quran and theSunnahon the prescribed penalties (hudud). The value that for all(prenominal) one of these penalties sought to vindicate and defend was consequently identified as an essential value. The latest addition (i. e. al-ird) was initia lly thought to have been covered under lineage (al-nasl,alsoal-nasab),but the proponents of this addition relied on the fact that theShariahhad enacted a separatehadd penalty for slanderous accusation (al-qadhf),which justified the addition. Izz al-Din Abd al-Salam al-Sulamis (d. 60/1262) renowned work, Qawaid al-Ahkam,was in his own characterisation a work onmaqasid al-ahkamand addressed the various aspects of themaqasidespecially in relationship toillah(effective cause) andmaslahah(publicinterest) in greater detail. Thus he wrote at the outset of his work that the greatest of all the objectives of the Quran is to facilitate benefits (masalih) and the factor that secure them and that the realisation of benefit also included the legal company of evil. Sulami added that all the obligations of theShariah(al-takalif) were predicated on securing benefits for the people in this world and the next.For God Most High is Himself in no need of benefit nor is He in need of the obedience o f His servants. He is above all this and cannot be harmed by the disobedience of transgressors, nor benefit from the obedience of the righteous. TheShariah is,in other words, concerned, from the beginning to the end, with the benefits of Gods creatures. Taqi al-Din ibn Taymiyyah (d. 728/1328) was probably the first scholar to depart from the notion of confining themaqasidto a specific number and added, to the existing list of themaqasid,such things as fulfilment of shrivel ups, preservation of the ties of kinship, honouring the rights of nes neighbour, in so far as the affairs of this world are concerned, and the love of God, sincerity, trus iirthiness, and clean-living purity, in relationship to the hereafter. Ibn Taymiyyah thusly revised the scope of themaqasidfrom a designated and specified list into an open-ended list of values, and his approach is now generally accepted by contemporary commentators, including Ahmad al-Raysuni, Yusuf al-Qardawi and others. Qardawi has further extended the list of themaqasidto include tender welfare and support (al-takaful),freedom, mankind hauteur and human fraternity, among the higher objectives andMaqasid of the Shariah.These are undoubtedly upheld by both the detailed and the general weight of evidence in the Quran and the Sunnah. 2. Identification of Maqasid As already indicated theulamahave differed in their approach to the identification of themaqasid. The first approach to be noted is the textualist approach, which confines the identification of themaqasidto the clear text, commands and prohibitions, which are the carriers of themaqasid. The maqasid,according to this view, have no separate existence outside this framework.Provided that a command is explicit and normative it conveys the objectivemaqsudof the Lawgiver in the affirmative sense. Prohibitions are indicative of themaqasidin the negative sense in that the purpose of a prohibitive injunction is to suppress and avert the evil that the text in question has contemplated. This is generally accepted, but there are certain(p) tendencies inwardly this general framework. While the Zahiris tend to confine themaqasidto the obvious text, the majority of jurists takes into consideration both the text and the underlyingillahand rationale of the text.The chief exponent of themaqasid,Shatibi, has spoken affirmatively of the need to observe and respect the explicit injunctions, but then he added that adherence to the obvious text should not be so rigid as to alienate the rationale and purpose of the text from its words and sentences. Rigidity of this class, Shatibi added, was itself contrary to the objective (maqsud)of the Lawgiver, just as would be the case with require to neglecting the clear tent itself.When the text, whether a command or a prohibition, is read in conjunction with its objective and rationale, this is a firm approach, one which bears greater consent with the intention of the Lawgiver. Shatibi elaborated that themaqasidth at are known from a encompassing reading of the text are of twain types, primary (asliyyah)and subaltern (tabiyyah). The former are the essentialmaqasidordaruriyyatwhich themukallaf essential observe and protect no matter of personal predilections, whereas the supplementarymaqasid -hajiyyat- arethose which leave the mukallaf with some flexibility and choiceA comprehensive reading of the textual injunctions of theShariahhas devoted rise to such questions as to whether the means to awajiborharam should also be seen as a part of the objective that is pursued by that injunction whether the means to a command, in other words, is also an integral part of that command. Another question raised is whether avoiding the opposite of a command is integral to the goal and objective that is sought by that command.The general response given to these questions is that the supplementary aspects of commands and prohibitions are an integral part of their objectives, although disagreements have eme rged over details. There is a general agreement that the opposite of a command amounts to a prohibition in the dismantlet where that opposite can be clearly identified. Most of the injunctions of theShariahare easily understood, and their objectives as well as their opposites can be known and ascertained from the reading of the clear text. It is thus noted that whatever might be necessary for the carrying out of a command or awajib isalso a part of thatwajib.Shatibi has similarly concluded that whatever is complementary to themaqasidand in the service thereof is also a part of themaqasid. The question then arises regarding the silence of the Lawgiver in respect of a certain conduct in spots especially where a general reading of the relevant evidence sheds twinkle on the value of that conduct. The question may be put as follows We know that themaqasidare known from clear injunctions, but can they also be known from a general reading of thenususby way of induction?This is where Shatibi has given an original response. Induction (istiqra) to Shatibi is one of the most important rules of identifying themaqasidof theShariah. There may be various textual references to a subject, none of which may be in the nature of a decisive injunction. provided their collective weight is such that it leaves little doubt as to the meaning that is obtained from them. A decisive conclusion may, in other words, be arrived at from a plurality of speculative persuadeions.Shatibi illustrates this by speculateing that nowhere in the Quran is there a specific declaration to the effect that theShariahhas been enacted for the benefit of the people. Yet this is a definitive conclusion which is drawn from the collective reading of a variety of textual proclamations. Shatibi then adds that the benefits (masalih) are to be understood in their broadest sense which is inclusive of ail benefits pertaining to this world and the hereafter, those of the man-to-man and the community, materia l, deterrent example and spiritual, and those which pertain to the present as well as the interests of the future generations.This broad meaning of benefits also includes barroom and elimination of harm. These benefits cannot always be verified and ascertained by human reason alone without the avail and guidance of divine revelation. The typical classification of themaqasidinto the three categories of essential,-complementary and desirable, and the conclusion that the Lawgiver has intended to protect these are based, once again, on induction-as there is no specific declaration on them in the textual sources.On a similar note, the ruling of theShariahthat the validity of an act of devotion (ibadah) can not be established by means ofijtihad isan inductive conclusion which is drawn from the detailed evidence on the subject, as there is no specific injunction in the sources to that effect. These conclusions are, in the meantime, of great boilers suit importance they are not open to doubt, nor is their credibility a matter of speculative reasoning.It is also the same inductive method which has led theulamato the conclusion that the protection of the five values of faith, life, intellect, property and lineage is of primary importance to theShariah there existence no textual ruling to specify any category or number of values in that order. Shatibis inductive method is not confined to the identification of objectives and values but also extends to commands and prohibitions, which may all be obtained from the clear text, or from a collective reading of a number of textual proclamations that may occur in a variety of contexts.Shatibi then goes a step further to say that the inductive conclusions and positions that are so established are the general premises and overriding objectives of theShariahand thus have a higher order of importance than specific rules. It thus becomes evident that induction is the principal method of reasoning and proof to which Shatibi reso rted in his theory of themaqasidand it is also in this regard that he has made an original contribution to this theme.Shatibis approach to induction is reminiscent of the knowledge that is acquired of the personality and character of an individual that is based on sustained association with that individual and observation of his conduct over a period of time. This kind of knowledge is broad and holistic, as it is enriched with insight, and likely to be more reliable when compared to the knowledge that might be based only on the observation of specific, isolated incidents in the daily activities of the individual concerned. 3. Definition of Maqasid al-ShariahThe term is a possessive construction, known in Arabic grammar as an Idafa, by which the meaning, The Maqasid of the Shariah is conveyed. We shall look at the first component in this construct first. The linguistic meaning of the word Maqasid is as follows Maqasid is the plural of the word Maqsad and comes from the verbal root qa -sa-da which has several meanings, some of which are to intend, to take a middle course and to walk towards. From this root comes the noun, Qasd which means a goal, an aim, or an aspiration. The second part of the title is the word Shariah, which is a noun meaning a path to a water hole, and in its more common usage, the law of God as revealed to Muhammad. Together, the term Maqasid al-Shariah carries the meaning, based on its constituent parts, of the goals and objectives which are the reason for the legislation of the rules of Islam or more simply, The Objectives of Islamic Law. Technically, many definitions have been given, specially, by contemporary scholars.Al Imam Al Shatibi who is the founder of Maqasid al-Shariah in Islamic jurisprudence did not provide a definition for this Islamic playing area. There are dickens other major definitions of Maqasid al-Shariah provided by two other scholars who came after Al Shatibi. They were behind the development of Maqasid al-Shariah in Islamic jurisprudence. These two definitions are provided by Ibn Ashur defined Maqasid al-Shariah base on two aspects 1 The general aspect which is the purpose and wisdom behind the enactment of all or most of the Shariah ruling.This definition is more related to the general objective of Shariah and those overall principles that guide the enactment of Islamic law in their totality. 2 The second definition of Maqasid al-Shariah is very specific. It is related to specific objective to those objectives that are designed to achieve specific benefits to people in their daily activities, such as the importance validation of contracts. Alal al-Fasi defined Maqasid Shariah as the end sought behind the enactment of each of the ruling of Shariah and the incomprehensible involved.This definition covers the public Maqasid (ama) and the hush-hush Maqasid (khasa). The definition focus on the end sought behind the enactment of each of the rulings of Islamic law, and the secret of these rulin gs. The secret of the Islamic rulings means the goals intended by Allah in the law. Maqasid al-Shariah aims to protect the interest of mankind and hinder the evil from them, and also realize the public benefit for the family and encourage virtues and avoid vices.Al-Raysuni (2006) relegated that al Maqasid are the purposes which the Law was established to fulfill for the benefit of humankind. Therefore the Law is not an end in itself it serves to attain an objective, a purpose which is the Maslahah (benefit). The word benefit in this context means the exercise of profit or the forbidion of harm. Ibn Ashur (2006) maintained that This (the knowledge of Maqasid al-Shariah), in fact, ensures the continuity of the rules of the Islamic Shariah throughout the ages and generations following the age of Revelation until the end of the world. It is important to notice that, even though, Maqasid al-Shariah was not known as a discipline in the early generations of Muslims, the scholars were aware of the danger of neglecting the spirit of the law and only adhesive to its literal form. The knowledge of the higher objectives of Shariah is to help preserve the essence of the Islamic law. Maqasid Al-Shariah is the objectives and the rationale of the Shariah .A comprehensive and careful examination of the Shariah rulings entails an insureing that Shariah aims at protecting and preserving public interests (Maslahah ) in all aspects of life. Many Shariah texts state clearly the reasoning behind certain Shariah rulings, suggesting that every ruling in Shariah comes with a purpose, which is to benefit the Mukallaf. In-depth intuition of the objectives of Shariah is important for analogical deduction and other human reasoning and its methodology.Indeed, Maqasid al-Shariah allows flexibility, dynamism and creativity in accessible policy, According to Imam Al-Ghazali definition The objective of the Shariah is to promote the well-being of all mankind, which lies in safeguarding t heir faith (din) , their human self (nafs), their intellect (aql), their posterity (nasl) and their wealth (mal). Whatever ensures the safeguard of these five serves public interest and is desirable. 4. Objectives of Shariah (Maqasid Al-Shariah) Maqasid al-Shariah is the objectives and the rationale of the Shariah.A comprehensive and careful examination of the Shariah rulings entails an understanding that Shariah aims at protecting and preserving public interests (maslahah) in all aspects and segments of life. Many Shariah texts state clearly the reasoning behind certain Shariah rulings, suggesting that every ruling in Shariah comes with a purpose, which is to benefit the mukallaf (accountable person), for example, when Quran prescribes Qisas (retaliation), it speaks of the rationale of it, that applying retaliation prevents further killing as Allaah says in Qoran There is life for you in Qisas Surah Baqarah Ayah No 179.Similarly when Quran prohibits vino it says that wine is the w orks of lecture as it causes quarrel and instills hatred and enmity among Muslims, Allaah said in Qoran The devil only wants to excite enmity and hatred between you in intoxicants and gambling and hinder you from remembrance of Allah and from petition, Surah Maidah Ayah No. 91. In depth comprehension of the objectives of Shariah is important for analogical deduction and other human reasoning and its methodology (Kamali, 1999). Indeed, Maqasid al-Shar ah allows flexibility, dynamism and creativity in social policy.According to Imam Al-Ghazali The objective of the Shariah is to promote the well-being of all mankind, which lies in safeguarding their faith (Din), their human self (Nafs), their intellect (Aql), their posterity (Nasl) and their wealth (mal). Whatever ensures the safeguard of these five serves public interest and is desirable. Al-Shatibi approves al-Ghazalis list and sequence, thereby indicating that they are the most preferable in terms of their harmony with the essenc e of Shariah.Generally, Shariah is predicated on benefits of the individual and that of the community, and its laws are designed so as to protect these benefits, and facilitate improvement and perfection of human lives conditions on earth. This perfection corresponds to the purposes of the Hereafter. In other words, each of the worldly purposes (preservation of faith, life, posterity, intellect and wealth) is meant to serve the single religious purpose of the Hereafter. The uppermost objectives of Shariah rest within the concept of compassion and guidance, that seeks to establish justice, eliminate prejudice and alleviate hardship.It promotes cooperation and mutual supports within the family and fellowship at large. This is manifested in the realization of maslahah (public interest) which the Islamic scholars have generally considered to be the all-pervasive value and objective of the Shariah and is to all intents and purposes synonymous with compassion. Maslahah sometimes connotes the same meaning as Maqasid and the scholars have used the two terms almost interchangeably. To further shed light on our discussion of the objectives f Shariah, especially with regard to their application in the preservation of public interest, the following section elaborates on the principles of Maslahah, serving as an important tool to uphold Shariah. 4. 1Maslahah Maslahah is one of the juristic devices that have always been used in Islamic legal theory to promote public benefit and prevent social evils or corruption. The plural of the Arabic word maslahah is Masalih which means welfare, interest or benefit. Literally, Maslahah is defined as desire the benefit and repelling harm. The words maslahah and manfaah are treated as synonyms.Manfaah (benefit or utility), however, is not technical meaning of maslahah. What Muslim jurists mean by maslahah is the seeking of benefit and the repelling of harm as directed by the Lawgiver or Shariah. 4. 2Other General Objectives of Shariah T hrough studies of the Qoran and Sunnah will reveal that apart from the above objectives of Shariah, there are several other general objectives of Shariah these objectives include 4. 2. 1Educating the Individual (Tahdhib al-fard) One of the primary objectives of the Shariah is to educate the individuals.Shariah seeks to educate the individual and inspire them with faith and instill in them the qualities of being trustworthy and righteous, Islam aims to achieve its social goals through reforming the individual All the different aspects of IBADAH involve both mental and physical training, it leads to inner(a) perfection. All punishments mentioned in the shariah was done because the main objective was not only to penalize the person as such, but it is to discipline the criminal and the whole of society to teach them and to prevent such crimes from being committed by others. This is the reason why Qoran has ordered that punishment for those ho commit some crimes must(prenominal) be exe cuted in public so as to create awareness to the society of the price reduction in committing such crime. 4. 2. 2Upholding of referee (AL-ADL) Upholding the principle of justice or ADL is some other objective of Shariah. It is to establish a balance by the way of fulfilling rights and obligations and by eliminating excess and disparity in all spheres of life. Allah has sent scriptures and messengers in order to establish jurist among people, the Qoranic message of justice is objective, and is not tainted by considering of racial, tribal, national, or religious sentiments.In dealing with friends of foes, Muslims and non-muslims, Islam orders all must be treated with justice. 5. Classification of Maqasid al-Shariah Two general categories of maqasid al-shariah were recognised the Purposes of the Allaah the lawgiver, maqasid al-shariah, and the Purposes of the human, maqasid al mukallaf. In an ideal situation the purposes of the law-giver conform to the purposes of the human. Humans do not always know what is in their best interest because of personal whims, hiwa al nafs. The good may appear bad and vice versa. Humans may see adjacent benefit while ignoring long-term harm.The Purposes of the Lawgiver are divided into two types primary and secondary. The primary purposes of the lawgiver, maqasid al-sharia ibtidaaan, are the most important and are a basis for the secondary purposes. The secondary purposes can be expound in three types the purpose of law as understanding, maqasid al-shariat li al ifhaam law as injuctions and obligations, maqasid al-shariat li al-takliif and the law as implementation, maqasid al-shariah li al-imtithaal. This classification shows that the law is not only commands but also has secondary rules that help understand and execute the commands of the primary rules.The primary purposes of Maqasid al-Shariah are divided in to three levels of priority according to its inner strength and all the Islamic legal ruling refers to realize one of the categories namely- 1) The necessities or essentials (Daruriyyat). 2) The necessarily (Hajiyyat). 3) The complementary (Tahsiniyyat). Each of the three have complements, mukammilaat. Each of these three can be divided into private and public purposes. Each of them can also be described in three categories right of Allah, haqq al-llaah rights of the human, haqq al-abd rights of the community, and rights of the state, haqq al-sultan.Wants are not mentioned at all in this scheme because they are based on hiwa al-nafs. 5. 1The Essentials (Al-Daruriyyat) The essentials are the matters on which the religion and worldly affairs of the people depend upon, their neglect will lead disruption and disorder and also evil ending and must be protected whether by the individuals, or the government authorities, the essentials can be further divided into the protection of the five fundamental values (Al-Daruriyyat Al-Khamsah).These essential five values are- ? tribute of Religion (Al-Din) ? pro tection of Life (Nafs) ? Protection of Dignity (Ird) ? Protection of Intellect/Mind (Al-Aql) ? Protection of Property (Al-Mal) 5. 1. 1Protection of Religion (AL-DIN) Al-Din is the most important value that must be protected by the Muslims, protection of al-din at a personal is achieved through the observance of the IBAADAAT, such as five praying, unfluctuatinging, honorariuming Zakah and performing hajj.Also the protection of Al-Din at wider scope involves defending Islamic faith particularly if it is attacked by the enemy of Islam. The process of protecting can be done through various means such as writings, in speeches and other practical means. If the situation demands waging of war with the enemy of Islam, then it should be done for the sake of protecting. Islam from being destroyed by others Allah S. W. T has enacted the law of JIHAD and commanded the Muslims to defend their faith. 5. 1. Protection of Life (AL-NAFS) Life is essential and valuable to everyone, and it must be p rotected in all helping and in this respect, between the life of the rich and poor, between the leader and subordinates, Muslims and non-muslims. Protecting everyones life is equally important and obligatory to each and every individual and society, the Shariah has enacted severe punishment for those who kill each other, the punishment for those who kill an innocent human being is the death penalty in Islam.In the punishment of the murderer, even though one life is killed because of the crime, this will lead to saving many more lives as the punishment will deter other from committing such crime, saving ones life is required and it should be done at the expense of other lives, but if the saving of this live might lead to losing of another life then it should be done as the principle of Shariah states a particular harm shall not be removed by inflicting another harm. . 1. 3Protection of Dignity (AL-IRD) Islam is very concerned active the dignity of a person and emphasizes the impor tance of protecting dignity. Protection of dignity includes the protection of individual rights to silence and not exposing or accusing others of misbehaviors. It means ensuring that the relationship between men and women is done in a respectful and responsible way Islam has enacted a number of guidelines in order to protect the dignity of mankindIslam prohibits its pursual committing adultery or other immoral behaviors any accusation toward a crime, a proof must be confirmed. Otherwise the punishment will be imposed for false accusations. Islam also regulates the relationship between men and women in order to protect their dignity also Islam disallows the manipulation of women or making women versed objects and commercial objects by portraying them as an attraction for purchasing such commercial products.Islam tells followers to cover their AURAH and is one of the ways to protecting their dignity. 5. 1. 4Protection of the Intellect/Mind (AL-AQL) Al-Aql or the intellect is a gre at move over from Allah S. W. T to mankind it is one of the human capacities that differ from animals. Allah has ordered protecting this gift by utilizing the listen for the benefit of all and not for any kind of evil, on the other hand Islam gives freedom to express their views, and it must conform that views with the moral and ethical values provided in the Qoran and Sunnah.Protection of the mind requires safeguarding it from anything that might harm the great power and function of the brain, this includes consumption of liquor or similar substance that will disturb the function of the brain, a punishment will be imposed for those who consume liquor. These are made in order to prevent the spread of such habits that could damage the mind and the brain. 5. 1. 5The Protection of Property (AL-MAL) Acquiring property is one of the necessities of mankind. Islam encourages its followers to acquire wealth through Halal borders.Islam has ordered that no one should transgress and acquire the property of others without a legitimate reason and without proper contract, and there will be severe punishment in the Day of Judgment against those who acquire the properties of others un logically. Acquiring the property of others illegitimately can be done through, when engaging usury (Riba), cheating in transactions, breaking the trust in matters related to property, stealing the property of others and other similar means. . 2The Complementary (Al-Hajiyyat) There are many examples of Al-Hajiyyat such as the dispensations or legal excuses (Rukhsah), travelers are allowed to combine and shorten their five obligatory prayers and also break their fast in Ramadan month. A flush person is allowed to pray in a sitting or sleeping position and break his fast in Ramadan, also the basic permissibility regarding the enjoyment of victuals and hunting also fall under this category. 5. 3The Embellishments (Al-Tahsiniyyat)The embellishments refer to interests whose realization lead to t he improvement and attainment of that which is desirable. The observance of cleanliness in personal appearance and in IBADAH, moral virtues, avoiding extravagance and measures that are designed to prevent proliferation of false claims of false claims in the courts, all these fall under this category. The disappearance of al-tahsiniyyat may not interrupt the normal life but it might lead to the pretermit of comfort in life. 6. Maqasid Al-Shariah in Islamic FinanceThe objectives of the Shariah in fiscal transactions refer to the overall goals and meaning that the Shariah aims at achieving from its rulings related to pecuniary activities and transactions. Looking deeply and constantly into several texts of the divine book and the Sunnah of visionary Mohamed (PBUH) on financial activities. It can be stated that the Shariah has discovered specific objectives in the enactment of financial laws and principles, these objectives include- 1. The Objective of Continuity of the Circulation of WealthThis objective refers of preserving the transactional nature of the financial dealing so as to enable large sectors of population to become a part of the monetary cycle of wealth and to avoid the concentration of wealth in a few hands. It is underlined in several verses and Hadiths which call for giving Zakah, the generous donation and spending for the sake of Allah and to refrain from hoarding and monopolizing the wealth. This can be strengthened by several ruling and commands including those contr true transfers of specie and other financial transactions like Mudarabah, Musharakah, Muzaraah and e. . c. this will protect the entire society against crimes and greediness of opportunities, and also surely and definitely bring successfulness and merriment to the whole society. 6. 2The Objective of Continuity of the Investment of Wealth When societies develop, also frugal activities and transactions develop. A society develops their finances to the benefit and prosperity o f their members, this is done when wealth must be invested and should be purchasable in many hands for its investment and increment.In support of this objective, there are several verses in the Qoran and Hadiths of prophet (PBUH) which address the issue of necessity and obligation of the continuity of the investment of wealth as they call upon all Muslims to earn, strive and continue to extend themselves to the corners of the earth in search of the bounty of Allaah S. W. T. 6. 3The Objective of Achieving Comprehensive communal Prosperity This objective is directed at fulfilling the basic material necessitate of all members of society by achieving personal satisfaction and social tranquility and security.The exercise of this objective will also rid society of negative social attributes such us stratification of the population into privileged and non-privileged classes. The verses and Hadith that call upon Muslims to pay Zakah and cooperate and also help each other in crinkle tran sactions, upholds all the objective of achievement of prosperity in society. 6. 4The Objective of Validation of Financial Ownership This objective aims the lawful authentication of the rights of lawful financial ownership.Numerous verses and Hadiths verify the right of lawful ownership and spending and they serve the purpose of safeguarding Islamic frugal activity. Earlier objectives of Shariah discussions was based on reading and looking deeply into verses on trade, expenditure, investment and consumption, this objective is governed by permissiveness (Halal) of such activities like sales and purchases, cooperate business undertakings, farming activities, financial activities and other pertained activities like forgiving minor uncertainties and binding contracts by witnesses. . 5Protection of the wealth in Islamic Business minutes Preservation of wealth in finance and business transactions is one of the primary Maqasids in Shariah. The verses from the Qoran and also Sunnah have ve ry strong statements indicating very clearly the importance of wealth whether for individuals or for the community and the society at large. The right to own and earn, Shariah gives the right to the Muslim community to own and earn, thus creating wealth, Muslims can acquire wealth through owning (Tamaluk) or earning (Takasub).Owning (Tamaluk) consists of possessing anything from which they can gain satisfy their inescapably, whether from their produce or their substitutes, on the other hand Earning (Takasub) consists of exerting ones self to gain its own needs whether by physical labor or by mutual consent with others. 6. 6 hydrofoil in Wealth and Finance Transparency is very objective in Shariah for business and finance, this objective seeks to rid Islamic finance from wrong and squander and to prevent disputes, arguments and grudges among the community on financial matters.Islamic law requires security in some business transactions, the main purpose of transparency is to avoid d ispute among people in daily business activities as much as possible. In this respect transparency in finance is applied, especially if it is related to the subject matter of the contract which must be known to both parties including specification, quality and quantity. Such business activities which clearly understood make the contracting parties more comfortable to conclude the deal and execute the business transactions with mutual consent and understanding. . 7Development and Investment of Wealth in Business Transactions The Shariah is very concerned about the development of economic and finance. In supporting this objective the Qoran and Sunnah urge Muslims to look at this aspect respectively. The development of wealth and investment in finance is an obligation not an option, because it contributes to the growth of wealth and protection of property of the society. Shariah considers money as a potential capital rather than a capital, meaning that money becomes capital only when i t is invested in a business.Thus the investments and development of wealth will prove the financial status of members of the society respectively. 6. 8Prevent Harm and Hardship in Wealth and Finance Maqasid al-Shariah tries to achieve command prosperity in the society as a whole, if this is achieved every member of society will be satisfied and safe, as a result from that, all harm and hardship will be either removed from the society or minimized in the finance and business transactions.It is understood that preventing harm in finance comes from putting in to practice most of the objectives of the Shariah in business finance, because those objectives are the key factors. 6. 9Ensure Justice in the Circulation of Wealth in Business Transactions Justice is a prime in human life in all aspects it is also a vital objective due to its implication in the business community and social activities as well. However justice in terms of wealth starts from earning wealth and possessing property by right, without any harm.In order to implement justice the Shariah has imposed some rules and regulations and has prohibited all elements that may lead to injustice in business such as bribery, baloney and deception, gambling, uncertainty, Riba and so on. To ensure the establishment of justice in all aspects of business and finance, meanwhile shariah encourages all types of business activities which create justice and benefits the business community and social life as well. 6. 10Objective of Individual scotch ActivitiesThe question of why to produce or why to get involved in economic activities in the first place, is that Shariah wants individuals to look after their welfare. Shatibi has used the maslahah (welfare-benefit) to describe this objective of Shariah. Human beings have been required by Shariah to seek maslahah. Economic activities of production, consumption and exchange that involve maslahah (welfare) as defined by Shariah have to be pursued as a religious duty to earn ones betterment not only in this world but in the world hereafter.Also all such activities that have maslahah for human beings are called needs. These needs have to be fulfilled. Fulfilling needs rather than satisfying wants is the objective of economic activities, and the pursuit of this objective is a religious duty. Man is, therefore, obligated to solve his economic problems. The approach that unlimited wants relative to scarce resources defines the economic problem of man may be explaining the economic behavior of a capitalistic society, but it sure fails to explain the behavior of several traditional societies of the world.The members of traditional societies do not feel motivated to increase the satisfaction of their wants with the resources available with them, because they find their needs adequately fulfilled and they do not feel get to look for the satisfaction of wants beyond their needs defined by themselves or by their environment. All development strategies thus fa il to bring development in such societies because of the lack of motivation to earn more or to expand resources at ones disposal. Islamic economic theory, on the other hand, is on more sound footing.It defines economic problem in the light of the objective that Islam assigns to human activities. The fulfillment of this objective is made a religious duty. Islam, thus, becomes a force of economic development even for such traditional societies that are not motivated by the materialistic approach, to maximize the satisfaction of wants. The economic problem of human beings is, therefore, to fulfill needs with the available resources which most of the time may turn out to be scarce relative to needs.The diversity that was pointed out in the concept of satisfying human wants is not present in the concept of fulfilling human needs. If the resource constraint is relaxed, the human needs can be fulfilled as they are objectively defined. 7. Advantages of Shariah Compliance in Islamic Finance Current literature proclaims that Islamic financial system differs significantly from conventional system, not only in the ways it functions, but above all the values which guide its whole operation and outlook.The values which are prevailed within the ambit of Shariah, are verbalised not only in the minutiae of its transactions but in the breadth of its role in realizing the Maqasid al-Shariah (objectives of Shariah). Indeed, Maqasid al-Shariah reflects the holistic view of Islam which has to be looked at as a whole not in parts as Islam is a complete and integrated code of life and its goal encompasses the whole life, individual and society in this world and the hereafter (Dusuki Abozaid, 2007).Hence, a deep understanding of Maqasid al-Shariah entails intense commitment of every individuals and organizations to justice, brotherhood and social welfare. This will inevitably lead to a society whereby every member will cooperate with each other and even compete constructively, as s uccess in life is to obtain the ultimate happiness (falah). Thus mere maximization of profits cannot, therefore, be sufficient goal of a Muslim society.Maximization of take must be accompanied by efforts directed to ensure spiritual health at the inner core of human consciousness and justice and fair play at all levels of human interaction. totally development of this kind would be in conformity with the Maqasid al-Shariah. Despite progress in the improvements and introduction of an enable Islamic capital market environment through various Shariah-compliant product innovations like sukuk, some structure which attempt to achieve the same economic outcome like conventional bond distort the Maqasid al-Shariah.This twisting stems from the restricted view of understanding Shariah, by only focusing on the legal forms of a contract rather than the substance especially when structuring a financial product. The overemphasis on form over substance lead to potential abuse of Shariah princi ples in justifying certain contracts which in fact contradictory to the Shariah text and ultimately undermining the higher objectives of Shariah. Conclusion The methodology of interpreting the Quran integrates three approaches Maqasid, contextualization, and social science research.The maqasid- oriented approach promotes a focus on the higher objectives intent, and purpose of the text. Contextualization offers insight as to the both the historical and contemporary circumstances relevant to the text, while social science research provides an understanding of the contemporary conditions and realities that enables the interpretation and application of the text to be directed towards achieving the higher objectives. The purposes of Islamic Law are not all equally evident. Some are clear to the general public, like basic ethical principles and the essential necessities of life.Others, however, require a trained jurists eye, because they are more subtle, and require deeper investigation to discern. This is where juristic reasoning really needs to be exercised. This is where the jurist qualified to engage in juristic reasoning the mujtahid comes into play, someone who can understand the sacred texts in conjunction with the broad purposes of Islamic Law and then apply this knowledge to the actual circumstances of the outside world in order to come up with an appropriate legal ruling.Our present need is all the more acute due to the paucity of understanding that Muslims have regarding what Islam wants for Muslim society and for the people the protection of their liberties, the effective management of their affairs, the cultivation of virtue among them, the prohibition of vice, the development of their resources, the advancement of their capabilities, and the instilling of the value of being a productive member of society.Todays Muslims are in need of all of these things, people who often know a lot of Islamic legal rulings but know very little about the purposes be hind them. I also propose to add economic development and change of Research and Development in technology and science to the structure ofMaqasid al-Shariah as they are crucially important in determining the standing of the ummah in the world community. Lastly Maqasid al-Shariah remains open to further sweetener which will depend, to some extent, on the priorities of every age.We should understand that Maqasid Al-Shariah is an important discipline which can play a crucial role in economics, finance and business transactions nowadays. It is time to go forward with full phase of the moon implementation of Maqasid Al-Shariah in finance, business and economic activities to achieve the shocking adjectives of the Shariah. These objectives give value to finance, banking, trade and all business transactions. We believe that the implementation of Maqasid Al-Shariah will enhance the performance of finance and trade, and establish justice in the business community and society at large.Furth ermore, the achievement of Shariah objectives in business transactions creates happiness and satisfaction, and fulfills the needs of society in terms of wealth. Islam allows all financial activities and transactions leading to the actualization to its noble objectives. Furthermore, investment is considered as an obligation upon all Muslims. This means Muslims have to make use of the wealth in their hands in order to make it grow and gain more profit and benefits. Wealth which is not invested as hoarded.Although the underlined main principles are closely linked to the main objectives of the Shariah in financial activities and transactions, one cannot deny that there are other subsidiary principles, such as prohibition of making money from money, or prohibition of Najash and certain types of sales.References 1. Dr. Ahcene Lahsasna (2011). Shariah Aspects of Business and Finance INCEIF CIFP. Part 1, January Semester, 2012 Kuala Lumpur International Centre for educational activity in I slamic Finance. . Dr. Ahcene Lahsasna (2011). Shariah Aspects of Business and Finance INCEIF CIFP. Part 1, January Semester, 2012 Online Class Lectures. Kuala Lumpur International Centre for direction in Islamic Finance. 3. Dr. Asyraf Wajdi Dusuki. Challenges of realizing Maqasid Al-Shariah in Islamic Capital Market 4. Dr. Mohammad Hashim Kamali. Maqasid Al-Shariah The objectives of Islamic law The Global University of Islamic Finance