Monawer, Abu Talib Mohammad and Abdul Rahman, Noor Naemah and Qasem Al-Nahari, Ameen Ahmed Abdullah and Abdullah, Luqman and Ali, Abdul Karim and Meguellati, Achour (2022) The actualization of maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah in Islamic finance: A conceptual framework. International Journal of Islamic and Middle Eastern Finance and Management, 15 (5). pp. 847-864. ISSN 1753-8394, DOI https://doi.org/10.1108/IMEFM-06-2020-0293.
Full text not available from this repository.Abstract
Purpose This paper aims to formulate a conceptual framework that will facilitate the actualization of maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah in product design and consumption within Islamic financial institutions (IFIs). Design/methodology/approach This paper relies on the classical and contemporary literature on maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah and Islamic finance and adopts a qualitative content analysis method and an inductive approach to outline the constituent elements that formulate the framework. Findings This study determines six vital constituents of maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah, namely, parameters of maqasid, particular objectives, appropriate means, micro provisions, level of need and legal maxims to develop a conceptual framework of actualizing maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah in Islamic finance. The framework covers the following three stages: identification of maqasid, operationalization of maqasid in product design and consumption based on maqasid. Research limitations/implications This paper proposes a conceptual framework without investigating the practice of any particular industry or products. Further research would focus on formulating a practical framework based on a focus group discussion with industry experts, elaborating the parameters of maqasid, scrutinizing the maqasid available in the literature by the parameters of maqasid and assessing the IFIs' products and services using the proposed framework. Practical implications This paper provides insights into the importance of maqasid elements and the effects of overlooking them on IFIs and customers' product consumption. Furthermore, a major implication of the proposed framework is to learn how to use the maqasid approach as the baseline for designing new financial products. Originality/value The novelty of this paper lies in its pioneering attempt of harmonizing all essential maqasid elements and using them as constituents to formulate a comprehensive framework that actualizes maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah in the Islamic finance industry.
| Item Type: | Article |
|---|---|
| Funders: | University of Malaya under the research grant Bantuan Kecil Penyelidikan (BKP) (Grant No: BK011-2018) |
| Uncontrolled Keywords: | Maqasid actualization; Islamic finance; Product design; Product consumption; Conceptual framework; Financial product design |
| Subjects: | B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc > Islam > General H Social Sciences > HG Finance |
| Divisions: | Academy of Islamic Studies > Dept of Fiqh & Usul Academy of Islamic Studies > Dept of Islamic History & Civilization |
| Depositing User: | Ms. Juhaida Abd Rahim |
| Date Deposited: | 27 Nov 2023 03:26 |
| Last Modified: | 27 Nov 2023 03:26 |
| URI: | http://eprints.um.edu.my/id/eprint/41502 |
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