Maqasid al-Shari Research Articles

Debt Financing Vs. Equity Financing in the Context of Maqasid Al-Shari'ah in Islamic Finance

Islamic finance is a major part of global financial system that is expanding profligate. A deeper understanding by regulators, policymakers, academics, and practitioners has been aided in growing significance of Islamic finance, especially in emerging countries in the Middle East, Asia and even Europe. This study provides a concise examination of Islamic finance's, origins, guiding principles, and practices. Islamic finance is seen as being a component of an Islamic economic system that has a social focus at its core, Its Maqasid-i-Shari'ah. Which should emerge in economy as promoting development and justice in the system's overarching objective. This signifies that in addition to surpassing legal criteria, an Islamic financial system needs to address a society's social demands of fairness and equality. There is a widespread Maqasid-i-Shari'ah, need to be present in outcomes of Islamic financial system. However, there isn't any particular study that looks at how Maqasid-i-Shari'ah may be used for financial goods.

PERSPECTIVES ON THE SHARIA-COMPLIANT ACCOUNTING PRACTICES IN INDONESIA

This research was carried out with the intention of illuminating, with reference to the Qur'an and Hadith, the theoretical underpinnings as well as the practical applications of accounting in Indonesia. The process of conducting this investigation involved conducting a review of previous research that had been published in a number of books and journals in the same field. The purpose of this research is to investigate the theology behind Islamic accounting, as well as the interpretation of Islamic accounting theory and the accounting procedures used in Indonesia. The Holy Qur'an and the Hadith are both relevant to the subject of this research. According to the findings of this survey, the Hadith and the Qur'an are the primary sources of information for sharia accounting theory. When it comes to applying the theory of sharia accounting, the Maslahah and Maqasid al-Shari'ah scale applies not only to the world but also to other areas. According to the Islamic theoretical framework, Islamic accounting necessitates placing the interests of the group ahead of one's own personal interests. The Islamist account can be conceptually broken down into three different concepts: rahmatan lil' alamin, the spiritual concept, and ukhuwah islamiyah.

Maqasid Al-Shari'ah perspectives in solution of divorce cases for early marriage

This study aims to analyze the causes of divorce for early marriage, judges' considerations in deciding divorce cases for early marriage based on Islamic law, which refers to the maqasid al-shari'ah perspective, and the impact of divorce due to early marriage —conducted this research at the Religious Court of Bonê Regency with the participants consisting of senior judges, junior judges, and the community taking care of divorce at the Bonê Regency religious court. The research method used is descriptive qualitative with research instruments are observation sheets and interview guidelines. The sampling technique used is purposive and accidental sampling. The basis for using purposive sampling is to determine the perception of the Religious Courts determined based on predetermined criteria and accidental sampling, which is used to conduct interviews with people who happen to be carrying out divorce arrangements at the Religious Courts of Bonê Regency. The number of samples set in this study was 10 people with analytical techniques referring to the concepts and theories of Miles and Huberman. The results showed that the dominant factors causing divorce in the study areas were cases and leaving a partner. The judge's considerations in deciding cases have referred to maqashid al-shari'ah.

Maqasid Research Methodology Challenges

This paper aims at revealing the genuine and core challenges facing scholars working in the research field of Maqasid Al-Shari’a Al-Islamiyah. The paper depended on the mixed methodology of surveys and interviews to collect raw data from scholars working in the field. The collected raw data considered the differences in cultural, geographical and language backgrounds of the participants. It has also included the scholars with various specialties in Maqasid Al-Shari’a. The paper has also segmented the challenges faced by the Maqasid scholars into theoretical, methodological, institutional, environmental and technical challenges. The paper concluded that a great part of the challenges faced by the Maqasid scholars is that the approach does not provide a wholistic theoretical and methodological framework; most of the interviewed scholars criticized the theoretical and the methodological framework of the approach, claiming that they are not complete. The paper’s recommendations will be presented to the institutions working on the Maqasid Al-Shari’ah Al-Islamiyah approach to improve the circumstances of Maqasid Al-Shari’a scholars working in their own institutions, which is one of the basic challenges faced by them.

Determinants of Islamic Financial Literacy Index: Comparison Based on Ethnographic Studies in Yogyakarta, Indonesia

This paper aims to determine the level of Islamic financial literacy (IFL) and identify factors that have a relationship and influence on the level of IFL in various communities. The research was conducted because there have been inconsistencies in previous studies regarding the factors that influence the level of financial literacy, both general and Islamic financial literacy. Demographic factors such as gender, education level, and income level are often used in this type of research. This paper is compiled in two steps with mixed method. The first calculates the IFL index level, and the second analyzes the factors affecting the IFL index level using ethnographic studies. Islamic financial literacy indicators consist of knowledge, skills, beliefs, attitudes, and behavior based on the aspects of religiosity and Maqasid al-Shari'ah. The factors that influence the Islamic financial literacy index are determined using ethnographic studies. The result is the education level affects the financial literacy index in one community. But the results will be different when different communities are compared. One of the influencing factors is the financial socialization agent, and this is very closely related to the political socialization theory. In this case, the Bank or Islamic financial institution acts as a potential agent.

THE AWARENESS OF EDUCATION TAKAFUL AMONG CONSUMERS IN KUCHING, SARAWAK

Having a perfect education is among the factors that contribute towards developing a happy life and one of the five indispensables protected in maqasid al-Shari’ah. As a result, takaful agencies have produced education plans which help parents save and invest enough money for the future of their children’s education. In Malaysia, the understanding on the importance of takaful is still lacking especially about the education takaful. Therefore, this research is to investigate the issues regarding the awareness of education takaful in Kuching, Sarawak. The objective of this study is to explore the awareness of education takaful among the citizens in Kuching, Sarawak towards education takaful. This qualitative study employed semi-structured online interviews with three takaful agents and eight parents who agreed to be interviewed. The results of this study indicated that the level of awareness of education takaful in Kuching, Sarawak is still considered low.

BUILDING RELIGIOUS INSTITUTIONS WITH MAQASID AL-SHARIA'AH IN FAMILY AFFAIRS

The application of maqasid al-Shari'ah studies in the country, especially in the field of family affairs, is very important as an effort to ground Islamic law in the heterogeneous living space of Indonesian society. Until now, the development of Islamic law in religious institutions in family affairs is still relatively normative, so it has not been able to respond to the problems of family life which are increasingly complex and challenging. For this reason, it is necessary to develop a study of family law with a maqasid al-Shari'ah approach, which will review family problems in terms of the substance of Islamic law. The focus of the study in this paper is to observe how maqasid al-Shari'ah builds religious institutions within the scope of the KUA authority in family affairs. The findings show that this method can be done by designing three components of knowledge as pillars of the development of religious institutions at the KUA authority: (1) The knowledge component of maqasid al-Shari'ah in family affairs which contains the scope of the study; (2) the principles of maqasid al-Shari'ah in building family welfare which serves as a reference for the direction of thought in formulating the rules of Islamic family law; (3) The technique of applying maqasid al-Shari'ah in family affairs at KUA services. This study uses a qualitative method with descriptive exposure so that it is relevant as material for legal knowledge.

Analysis Of Hifz Al-Mal in Maqasid Al-Shari’ah Against the Article “Criminal Act of Corruption” In The Criminal Code of Indonesia

several points in the Criminal Code (KUHP) which are considered controversial. The theme above will be broken down through several important features in the theory of maqasid al-shari'ah, namely: (1) the principle of maslahah in the rubber article of corruption; (2) reduction of criminal penalties for corruptors in the lens of hifz al-nafs; (3) corruption as an extraordinary crime vs. hifz al-mal; (4) distance the deterrent effect and benefit corruptors from the perspective of hifz al-mal; and (5) daruriyyah level for the Corruption Perception Index (CPI) in Indonesia. In this study, data were obtained through documentation techniques while still based on a deductive mindset and a descriptive-critical-analysis model. The results of the study explain that the spirit of novelty in the Criminal Code in Indonesia is directly proportional to the spirit of realizing maslahah for all components of the nation and has fulfilled the character of daruriyyah. However, there are still a few problems in the aspects of hifz al-nafs and hifz al-mal because several points of change have not fully reflected the demands of the wider community. Key words: Corruption crime, Criminal Code, hifz al-mal, maqasid al-shari’ah

Muhammad Syahrur's Thoughts on Inheritance from the Maqasid Al-Shari’ah Perspective and Hermeneutics

Muhammad Syahrur is a phenomenal figure who can present a contemporary reading model packaged with hudud theory. Through his hudud, inheritance is hududullah which has al-Hadd al-'Ala wa al-Hadd al-'Adna (maximum and minimum limits). The maximum limit for boys is two girls, and the minimum limit for girls is one boy. The purpose of this article is to assess Muhammad Syahrur's thoughts on inheritance using two approaches, namely maqasid al-Shari'ah and hermeneutics. This research is qualitative research with the type of library research (library research), using library research aimed at revealing how Muhammad Syahrur thought about inheritance using maqasid al-Shari'ah and hermeneutics. Whereas in data collection using library techniques. The data analysis process uses content analysis techniques (content analysis), namely research techniques by looking for the form, structure, as well as regular patterns in the text and make conclusions based on regularity found. This study uses a text-to-context approach, which seeks to reveal and examine in depth Muhammad Syahrur's contemporary reading of the inheritance verse with the hudud theory. Results this study concludes that: 1) Maqasid al-Shari'ah to be addressed is maqasid al-Khassah, because setting a minimum limit for girls is an attempt to reject darar (danger), as Jalbu al-Mashalih wa Dar'u al-Mafasid, namely when girls contribute more than boys but share less. The existence of maqasid al-Khassah because it considers maslahah al-Khassah which is aimed at girls when they are more beneficial to the heir than boys. 2) On the hermeneutic plain, Syahrur rereads the inheritance verse which is hududullah. If the heirs consist of one son and two daughters, the daughter's share cannot be less than 25% and the son's share cannot be greater than 50%. If girls get 30% and boys 40%, then this division does not come out of hududullahh.

Maqasid al-Shari’ah as a Complementary Framework for International Council of Nurses (ICN) Code of Ethics for Nurses: Malaysian Context

Maqasid al-Shari’ah or the objectives of Islamic law and nursing share inherent intersections and sometimes work as integral subjects, the ultimate aim of which is “harm reduction” and “promotion of well-being” in life. The Maqasid al-Shari’ah provides values and principles of good conduct, while nursing achieves this aim through practical and hands-on healthcare services. In a country like Malaysia, where Muslims make up the majority of the population, Islam plays a crucial role in providing essential guidelines on the permissibility and acceptability of nursing services. The research uses an analytical method and presents a concise overview of Islamic nursing ethics, focusing on the applications of Maqasid al-Shari’ah in nursing services. Besides the literature review, the research highlights the primary contents and fields of both nursing and the objectives of Islamic law. The research identifies and analyses four principal elements that outline the standards of ethical conduct that the ICN Code of Ethics has stated for Nurses. The research then integrates the values of Maqasid al-Shari’ah in the ICN Code of Ethics to ensure in line with Islamic teaching. The discussion has integrated the element of preservation of religion in the ICN component of ‘nurses and patients or other people requiring services’, the element of preservation of life in the ICN component of ‘nurses and practice’ and ‘nurses and global health’, and finally, the element of preservation of dignity in the ICN component of nurses and profession’. For the future direction of this study, it is highly recommended to disseminate this knowledge and applying in nursing practices.

CRYPTOCURRENCY AS MONEY: Islamic Monetary System Perspective

The existence of cryptocurrencies that have emerged and developed since the last decade is still a debate, both in terms of function, regulation and compliance with Islamic economic principles. Different countries give different attitudes towards cryptocurrencies. Some countries accept its existence, while some other countries reject it. This is inseparable from the question that arises whether cryptocurrencies function as money or commodities. In addition, the absence of an official institution that is responsible for and regulates the circulation of cryptocurrencies and no underlying assets is also another problem. This article aims to see how cryptocurrencies are positioned based on their nature, characteristics and functions using an Islamic finance point of view. The results of the study indicate that cryptocurrencies currently carry out more functions as a store of value that are not in accordance with the Islamic financial system. In addition, the use of cryptocurrencies as money and means of payment carries a fairly large risk. This violates the principle of property protection in the maqasid al-shari'ah view.

30 years of research in Islamic accounting: a literature review

PurposeThis paper aims to examine the Islamic accounting research. In particular, the paper extensively investigates the literature on Islamic accounting to understand the issues, contexts, methods and theoretical paradigms thereof.Design/methodology/approachThe study has adopted a literature review approach. It has examined the key journal publications for 30 years in accounting discipline and systematically identified the Islamic accounting papers during 1990–2020. In total, 95 papers were identified until June 2020, and they were thoroughly reviewed to identify the relevant issues, contexts, methods and theoretical paradigms.FindingsThe study has found that Islamic accounting papers covered issues of both Islamic organizations (e.g. Islamic financial institutions) and of Muslim countries. The key issues include the regulation and regulatory compliance, annual report disclosures, corporate and Islamic governance, accounting profession, gender, accountability matters, management accounting and control, waqf accounting and zakat management. The study has also observed various normative guidelines from the academics on how the teaching of Islam is enacted in accounting, accountability and governance matters to attain the maqasid al-shari'a, i.e. human welfare, social justice and equity.Research limitations/implicationsThe study is not empirical. Hence, the limitations of literature review papers are applicable in this case. Moreover, it is possible that this study could not identify some of the important literature on Islamic accounting (such as the papers published in Arabic by the academicians and professionals of Arab world).Practical implicationsThe study enables both Islamic accounting academics and practitioners to identify the main Islamic accounting issues and realize the importance of Islamic accounting.Social implicationsWhen the author considers Islamic accounting as a social construction and tries to understand the phenomenon through social theories, the author acknowledges the relevance of Islamic accounting in the society in which it operates. It can be noticed from the discussion that Islamic accounting emphasizes on social welfare, balance, equity and providing relevant information to follow the commandments of God.Originality/valueTo the best of the author’s knowledge, this study is the first to provide a synoptic view on the issues, context, methods and theoretical paradigms of Islamic accounting, while covering major accounting journals in 30 years.

The Role of Maqasid Al-Shari’ah as a Fundamental Ethics in Social Media Use

The Role of Maqasid Al-Shari’ah as a Fundamental Ethics in Social Media Use

The Effect of Geographical Factors on Islamic Banking Sustainability Performance: An Instrumental Variable Quantile Regression Analysis

There is an ongoing debate on how Islamic banks contribute to bank sustainability. Theoretically, Islamic ethics promote sustainability, also called Maqasid al-shari'ah. This paper investigates the effect of geographical factors on Islamic bank sustainability. A theoretical and empirical model was developed to assess this relationship. It was hypothesized that geographical factors affect Islamic bank sustainability. Countries in specific geographical locations that are dominated by Islamic rules, such as the Middle East, have different magnitudes compared to east Asian countries that have fewer Islamic rules. A geographical risk model was developed according to the Maqasid al-Shari'ah concept and was employed based on a microeconomic banking model that portrays a variety of risks for 159 Islamic banks in ten countries. We constructed variables from macroeconomic databases, such as the World Development Indicators, and microeconomic databases, such as financial indicators and environmental, social, and governance (ESG) data from Thomson Reuters from 2012 to 2019. The analysis was conducted using panel instrumental variable regression to test the hypothesis; however, geographical risk variables produced biased results affecting Maqasid financing. The method was refined with IV quantile regression. It was found that geographical factors are strongly related to the improvement of Maqasid financing in Middle East regions, whereas in eastern regions this is vice versa. The results indicate that geopolitical factors stimulate Maqasid financing for Sustainable Development Goals.

Analyzing the Role of Islamic Finance in Kuwait Regarding Sustainable Economic Development in COVID-19 Era

The aim of the present study was first to consider the impact of COVID-19 on Kuwait’s economy. Second, it attempted to examine the role of Islamic banking and finance in achieving socioeconomic justice and attaining best practices by securing social goods. Hence, the research assessed how Islamic banking and finance can help in reconstructing the economy based on Maqasid Al-Shari’ah (higher ethical objectives) to redevelop social, economic, and environmental welfare, especially in the COVID-19 era. A theoretical approach was adopted, namely, the grounded theory method (GTM), to explore COVID-19 related solutions for achieving sustainable economic development. The findings show that Islamic banking and finance can be employed to mitigate the impact of coronavirus and can be used as an alternative financial system to support both affected people and entrepreneurs. The paper expands on previous literature discussing the role of Islamic finance in management strategies through Islamic ethical objectives, with a particular focus on Kuwait’s post-COVID-19 era. This research can help policymakers to develop mechanisms and supporting approaches for Kuwait’s economy.

Ten Principles of Maqasid al-Shariah

The current study, “Ten Principles of the Maqasid al-Shari’ah”, deals with a review of the major ten principles of the science of Maqasid al-Shari’ah among the forerunners, latecomers and contemporary scholars of Shariah purposes. Therefore, this research can be an additional link to what our distinguished scholars have written in the field of legal purposes. The researcher tried to root the ten principles, interrogate the texts, take advantage of the multiple references and put them in the form of scientific research, supporting this with the most important legal texts, jurisprudential, fundamental, intentional, and linguistic sources.

INSTINCT AS A QURANIC CONCEPT & ITS ROLE IN ISLAMIC PEDAGOGY: A GENERAL OVERVIEW

Islamic pedagogy is an approach refers to the influence of Islamic values on the theory and practice of learning and how it is reshaping the relation between learners and Islamic knowledge. Muslim scholars had their contribution in finding and improving an Islamic pedagogy through Maqasid al-Shari’ah and practicing of learning. However, their great effort is not highlighted academically to show the possible application of Islamic pedagogy in the modern schools and how to encounter the challenges of secular philosophical trends and the implications of current educational systems. The researchers followed a descriptive method to analyse and criticise the data collected by induction from the writings of Ibn “Ashur about Maqasid al-Shari’ah and the works of Abdessalam Yassine on Islamic pedagogy. The researchers found that Ibn “Ashur set instinct as a foundation for Maqasid which, through it, many fractions of Islamic law could be regulated, while Yassine utilized his long experience of being a teacher and educational inspector to observe the role of the Quranic instinct in Islamic pedagogy and the development of learning system.

Maqasidi Analysis in the Fatwa of the Indonesian Ulema Council on the Replacement of Friday Prayers with Dzuhur During the Pandemic

The Covid-19 Pandemic limitations affected religion and soul in the community. This included prayer decisions such as, a Muslim observing the Friday prayer in a red zone during the pandemic chose religion, while one who conducts Dzuhur chose the soul. Therefore, this study used the analytical-descriptive method to explain the maqasid al-shari'ah perspective in the Indonesian Ulema Council (MUI) fatwas on the permissibility of replacing Friday prayers with Dzuhur during the pandemic. The results showed that this replacement contradicted the maqasid-masalih concept which views them as inseparable entities. It was against the comprehensiveness (shumuliyyah) principle as the main characteristic of maqasid al-shariah. This is because they lacked elasticity (murunah) which is religion main goal (al-daruriyyat al-khams). The issued MUI fatwas followed the maqasid al-shariah as comprehensive, dynamic, and elastic.

A Preliminary Survey of Muslim Experts’ Views on Artificial Intelligence

There should be a great deal of concern over the extensive and still expanding application of artificial intelligence (AI) technology in Muslim life today. From the use of smartphones, drones, robots, autonomous vehicles and weapons technologies, the transformation caused by AI is significantly positive but much is still up for debate and contemplation. In fact, some Muslims may merely consider this rapid growth of AI as part of science fiction which is being popularised in movies. This incognizant view is dangerous because Muslims may not be alert to unforeseen AI impact especially when it crosses over Islamic ethical or legal limits. These interpretations should provide an appropriate context for Muslim experts today to rethink their views with regards to the transformative impact of AI on Muslim society. This preliminary study therefore, is conducted to gather Muslim experts’ professional views on AI related issues. Using a quantitative methodology approach with a cross-sectional study design, 37 experts responded to the personal, online questionnaire emailed to them. The findings generally indicate the respondents’ insensitivity towards the greater extent of AI impact on Muslim consumers at large. However, most of the respondents were agreeable on the urgent need for regulations so that AI is geared and harvested for its benefits in enhancing Muslim life. This signifies the importance of thorough and strict regulations for AI research and technology to adhere to Islamic principles. A specific framework development underpinned by Maqasid al-Shari’ah is recommended to address the various contemporary issues of AI impact.

Fiqh Minority for Papuan Muslims in the Perspective of Maqasid al-Shari`ah

Fiqh Minority for Papuan Muslims in the Perspective of Maqasid al-Shari`ah