A paper presented at the 25th Session of the International Islamic Fiqh Academy of the OIC.
Held in 1444H/2023 CE
Maqāṣid al-Sharīʿah (the higher objectives of Islamic law) serve as a reliable reference for Islamic jurists in addressing the emergent issues (nawāzil) of their time and in connecting the guidance of revelation to the realities of people’s lives. Many matters that arise in the public sphere and occupy people’s attention are not directly addressed in specific texts and therefore do not easily lend themselves to deduction or analogy. In such cases, reliance is placed on the firm foundation of maqāṣid to reconcile competing interests (maṣāliḥ) and to draw parallels between similar cases. Moreover, juristic expertise is given the flexibility to assess issues based on foundational principles (uṣūl), universal maxims (kulliyyāt), and the normative patterns (ʿawāʾid) of the Sharīʿah. In doing so, the jurist may even depart from strict analogical reasoning when necessary, in order to uphold the higher objectives of justice (ʿadl) and ease (yusr).
As the jurist continues to apply maqāṣid-based reasoning, he develops a sense of certainty and reassurance regarding the effectiveness of considering the objectives behind rulings (maqāṣid al-aḥkām) in the cases to which those rulings apply. This approach preserves harmony between the outward forms and inner meanings of the law and ensures the continued moral and normative authority of the Sharīʿah over present and future developments.
Financial transactions have become one of the most fertile areas for applying maqāṣid-based ijtihād (legal reasoning) and for invoking its concepts and principles in both deriving rulings and applying them. This is not surprising, as cases in this domain are frequent, dynamic, and often lack explicit textual evidence. This necessitates the use of qiyās (analogical reasoning) based on established precedents or reliance on jurisprudence grounded in public interest (maṣāliḥ), without neglecting the principles of legal causality (qawāʿid manāṭiyyah) and the consideration of consequences, which together ensure both the validity and effectiveness of rulings.
The remarkable growth of Islamic banking and finance, along with its adoption of diverse Sharīʿah-compliant instruments and products, provides a rich foundation for the development of the fiqh of modern financial transactions. It also highlights the need to employ the maqāṣid framework at every stage and level of ijtihād. Juristic solutions to complex Sharīʿah compliance issues (makhārij fiqhiyyah) cannot be considered sound without the guiding role of maqāṣid, and the proper evaluation of fatwas cannot be achieved without reference to them. A brief review of the resolutions issued by international fiqh academies and the recommendations of specialised symposia on Islamic economics clearly demonstrates a strong and consistent emphasis on maqāṣid-centered thinking throughout.
It is both timely and beneficial that the International Islamic Fiqh Academy is commissioning studies on the parameters for applying maqāṣid al-Sharīʿah in guiding contemporary financial transactions in accordance with the noble Sharīʿah. The importance of this topic lies in its innovative nature and its significant impact on the field of contemporary ijtihād. In recognition and appreciation, I express my sincere gratitude for the honourable invitation to contribute to this important forum of the Academy, and I pray for the continued success and meaningful contributions of its secretary, members, and researchers.
