Islamic Finance and the Higher Objectives of Shariah 

This paper explores Islamic finance through the lens of Maqasid al-Shariah (higher objectives of Shariah), emphasizing its role in promoting justice, fairness, and societal well-being beyond mere profit generation.

It highlights that Islamic finance should aim to support civilizational development, equitable wealth distribution, and responsible resource management, contrasting this with conventional finance’s excessive focus on profit and its negative social consequences.

A key focus is fairness in contracts, ensuring balanced and transparent relationships between financial institutions and clients, alongside consideration of the broader social impact of financial activities. The paper also stresses the importance of gradual implementation (tadarruj) in developing Islamic finance systems, especially in transitional contexts, while warning against over-reliance on temporary exemptions.