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Ethical Decision-Making in Islamic Financial Institutions in Light of Maqasid Al-Sharia: A Conceptual Framework

Alziyadat, N.; Ahmed, H.

Ethical Decision-Making in Islamic Financial Institutions in Light of Maqasid Al-Sharia: A Conceptual Framework Thumbnail


Authors

N. Alziyadat



Abstract

This article develops a conceptual framework for ethical decision‐making in Islamic financial institution based on the Islamic methodological approaches on ethics. While making use of the similarities between the scientific method and the Islamic jurisprudence method, a framework is developed by means of argumentation and reasoning to integrate Sharia doctrines with the “plan, do, check and act” (PDCA) cycle as a managerial tool. Using Al‐Raysuni's analysis of Al‐Shatibi's work on maqasid al‐sharia, this article develops a framework to assess the ethical aspects of Islamic financial operations, which is then applied to hypothetical cases. This approach can help overcome the methodological deficiencies in measuring ethical performance in Islamic finance by focusing on the process of ethical decision‐making that leads to the outcomes of organizational behavior beyond legality of contracts. The framework outlines the conditions under which an activity that is considered legal and permissible contractually could lead to outcomes that can make it ethical or unethical.

Citation

Alziyadat, N., & Ahmed, H. (2019). Ethical Decision-Making in Islamic Financial Institutions in Light of Maqasid Al-Sharia: A Conceptual Framework. Thunderbird International Business Review, 61(5), 707-718. https://doi.org/10.1002/tie.22025

Journal Article Type Article
Acceptance Date Aug 23, 2018
Online Publication Date Sep 19, 2018
Publication Date Sep 30, 2019
Deposit Date Aug 28, 2018
Publicly Available Date Mar 29, 2024
Journal Thunderbird International Business Review
Print ISSN 1096-4762
Electronic ISSN 1520-6874
Publisher Wiley
Peer Reviewed Peer Reviewed
Volume 61
Issue 5
Pages 707-718
DOI https://doi.org/10.1002/tie.22025
Public URL https://durham-repository.worktribe.com/output/1321396

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Copyright Statement
This is the accepted version of the following article: Alziyadat, N. & Ahmed, H. (2019). Ethical Decision-Making in Islamic Financial Institutions in Light of Maqasid Al-Sharia: A Conceptual Framework. Thunderbird International Business Review 61(5): 707-718, which has been published in final form at https://doi.org/10.1002/tie.22025. This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.




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