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Maqasid al-Shari’ah and Islamic financial products : a framework for assessment.

Ahmed, Habib (2011) 'Maqasid al-Shari’ah and Islamic financial products : a framework for assessment.', ISRA International journal of Islamic finance, 3 (1). pp. 149-160.

Abstract

Contemporary practice of Islamic finance has been criticised for not fulfilling the maqasid. The debate surrounding the practice of Islamic finance has led to the distinction between Shari'ah-compliant and Shari'ah-based Islamic products. However, there are no clear definitions as to what these terms entail. Whereas some scholars assert that Shari'ah-compliant and Shari'ah-based products are the same, there is a need to distinguish between different nuances of Islamic finance in terms of legal and social Shari'ah requirements. In this research note (note), an objective way of classifying categories of Islamic financial products is suggested. In particular, the legal and social Shari'ah requirements implied in the maqasid are used to classify Islamic financial products as Shari'ah-based, Shari'ah-compliant and pseudo-Islamic. The note also identifies the role of different stakeholders in choosing the types of products.

Item Type:Article
Full text:PDF - Published Version (133Kb)
Status:Peer-reviewed
Publisher Web site:http://www.isra.my/publications/journal-english/current-issues/volume-3-june-2011.html
Record Created:20 Jul 2012 13:05
Last Modified:08 Aug 2012 15:53

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