Common conceptual flaws in realizing maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah vis-a-vis Islamic finance

PurposeThis paper aims to scrutinize the misconceptions about maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah (objectives of Islamic law) that complicate its actualization, particularly in Islamic finance.Design/methodology/approachThis study adopts a qualitative inductive method to identify the flaws in understanding maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah vis-a-vis Islamic finance. It uses the views of classical and modern maqasid scholars to critically examine the flaws.FindingsThis study concludes that the five objectives of the ShariMODIFIER LETTER LEFT HALF RINGah constitute the framework of maslahah (well-being). The levels of maslahah ? namely daruriyyat (essentials), hajiyyat (needs) and tahsiniyyat (embellishments) ? are the categories of the means to ends. The demand for financial products falls under the hajiyyat and tahsiniyyat categories, not daruriyyat. The maqasid (objectives) are derived from ahkam (provisions) being verified by the parameters, while ahkam are guided by maqasid.Research limitations/implicationsThis study recommends further research to theorize the concepts of daruriyyat, hajiyyat, tahsiniyyat and mukammilat (complements); to harmonize the maqasid with their essential elements and to formulate a conceptual framework for actualizing maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah in Islamic finance.Practical implicationsThis paper will improve perceptions and bridge gaps between the understanding of maqasid theory and existing practices. It suggests that instead of daruriyyat, Islamic financial institutions (IFIs) should refer to hajiyyat and tahsiniyyat.Originality/valueThis paper identifies and clarifies the misconceptions about maqasid al-ShariMODIFIER LETTER LEFT HALF RINGah vis-a-vis Islamic finance in the existing literature. The findings align with the views of leading maqasid scholars in understanding the idea.