Maqasid al-Shari'a in Islamic Finance: A Critical Analysis of Modern Discourses

This study delves into the complexities surrounding the determination, interpretation, and application of maq & amacr;sid al-shar & imacr;'a within modern Islamic economics and finance. By conducting an extensive review of classical and contemporary literature, this research explores the diverse methods and criteria employed for ascertaining maq & amacr;sid. It critically examines the inherent subjectivity involved in categorizing maq & amacr;sid, shedding light on the ambiguity in delineating their boundaries. Additionally, the study scrutinizes the unintended consequences of broader utilization of maq & amacr;sid, particularly in transactions such as bay' al-'& imacr;nah, and evaluates the risks associated with prioritizing maslaha (utility) over textual evidence. The findings underscore the challenges posed by the subjective nature of maq & amacr;sid interpretation, illustrating how diverse perspectives can lead to differing conclusions. They emphasize the potential misuse of maq & amacr;sid for legitimizing practices contrary to the core principles of sharia. This research underscores the preservation of legislative intent and advocates a cautious approach to integrating maq & amacr;sid al-shar & imacr;'a into Islamic economics and finance. The objective is to strike a balance that upholds Islamic principles. It highlights the essential need for collectively establishing standards for both macro and micro maq & amacr;sid and their usage in ijtih & amacr;d, promoting responsible applications within contemporary Islamic finance for informed and ethical solutions.