MAQĀṢID AL-SHARĪʿAH AND THE FOUNDATIONAL REQUIREMENTS IN DEVELOPING ISLAMIC BANKING AND FINANCE

Islamic finance attempts to rearrange the modern financial practices to be in line with Sharīʿah principles and requirements. The industry has grown considerably over the last three decades and has a global reach. We contend that this trend is being driven not only by operational compliance with the requirements of Islamic law but also because of the objectives and values it promotes. Islamic banking and finance (IBF) was intended to bring an Islamic vision of the economy to the financial sphere in an effort to realize human wellbeing (maṣlaḥah) and a just and fair order of society. Financial practices are to be arranged to meet those objectives.