Exploring the Concept of Financial Planning from the Perspective of Maqāṣid al-Sharīʿah

Abstract

Financial planning is commonly associated with the management of debt. In reality, financial planning also includes money management, emergency planning, investments, and estate planning among others. Muslims in Malaysia generally lack of involvement in the matters concerning financial planning. It is evident when the majority of those who are declared bankrupt are Muslims. Lack of Muslims’ participation in takāful and matters pertaining to Muslim inheritance is also worrying. Hence, this study is aimed at exploring the concept of financial planning from the perspective of the Objectives of the Sharīʿah (Maqāṣid al-Sharīʿah). The methodology of this study involves an in-depth interview with selected experts in the area of Maqāṣid al-Sharīʿah and Islamic financial planning. The results indicate the elements involved in financial planning concept are in accordance with the guidelines provided by Islam and the concept of financial planning is related to all the elements in Maqāṣid al-Sharīʿah, particularly on wealth protection.