Ibn al-Qayyim (1973) I`llam al-muwaqqi`in `an Rabb al-`Alamin. Beirut: Dar al-Kutub al-Ilmiyyah, Arabic. Ibn Juzay (Date Unknown) Al-Qawanin al-Fiqhiyyah. Beirut, Lebanon: Dar Ihya’ al-Turath al-Arabi, Arabic.Īl-Qarafi (Date Unknown) Al-Furuq. Ibn `Abidin (1987) Al-Hashiyah (Radd al-muÍtar ala al-Durr al-mukhtar). Beirut, Lebanon: Dar al-Kutub al-Ilmiyyah, Arabic. Beirut, Lebanon: Dar al-Ma`rifah, 1319 AH, Arabic.Īl-Ghazali (1413 AH) Al-Mustasfa. This Íadith was narrated by ÑUmar ibn al-Khattab (may Allah be pleased with him).įor more details on this matter see Contemporary ‘ inah: Is it a sale or usury? by Abdulazeem Abozaid’, p. Beirut, Lebanon: Dar Ihya’ al-Turath al-Arabi. Islamabad, Pakistan: Islamic Research Institute Press.Īl-Bukhari (Date Unknown) Sahih al-Bukhari. (2000) Islamic Jurispudence (usul al-fiqh). Islam and Christian-Muslim Relations 14 (2): 163–174. (2003) Modernity the principles of public welfare ( maslaha) and the end goals of Shari′ah ( maqasid) in Muslim legal thought. These attributes are referred to in verses 21:107 and 10:57 of the Qur’an.ĪbdelKader, D. Beirut, Lebanon: Dar al-Kutub al-Ilmiyyah, Arabic.Īl-Shatibi (Date Unknown) Al-Muwafaqat. IIUM Journal of Economics and Management 15 (2): 143–165. (2007) A critical appraisal on the challenges of realizing maqasid al-Shariah in Islamic banking and finance. Jeddah, Saudi Arabia: Islamic Research and Training Institute (IRTI).ĭusuki, A.W. (2008) Islamic Capital Markets: Current State and Developmental Challenges. Otherwise, Islamic finance just appears as an exercise of semantics the functions and operations are really no different from conventional banks, except in the use of euphemisms to disguise interest and circumvent the many Shariah prohibitions.Īli, S.S. In the final analysis, this article concludes that the substance of a contract that has greater implications to the realisation of Maqasid al-Shariah should be equally looked into.
The overemphasis on form over substance leads to potential abuse of Shariah principles in justifying certain contracts, which in fact are contradictory to the Shariah text and ultimately undermining the higher objectives of Shariah. This distortion stems from the restricted view of understanding Shariah, by only focussing on the legal forms of a contract rather than the substance especially when structuring a financial product. These visions are deeply inscribed in the objectives of Shariah, also known as Maqasid al-Shariah. This article argues that some innovations made in structuring Sukuk, which try to achieve the same economic outcome like conventional instruments, distort the vision of Islamic economics based on justice and equitability. This article aims at reviewing equity-based Sukuk structure, which is one of the most popular instruments used in Islamic capital market today. These long-term investments are facilitated through various Shariah contracts and instruments ensuring efficient mobilisation of resources and their optimal allocation. Like its conventional counterpart, Islamic capital markets complement the investment role of the Islamic banking sector in raising funds for long-term investment. The Islamic capital market is an important component of the overall Islamic financial system especially in providing an element of liquidity to the otherwise illiquid assets.
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