Maqasid of Shari'ah: A Practical Introduction to Islamic Financial Institutions

AlBaraka Forum for Islamic Economy will hold a practical workshop titled “Maqasid of Shari’ah: A Practical Introduction to Islamic Financial Institutions” which will be held on the sidelines of the AlBaraka Symposium (44) on (1 March 2024) (20 Shaaban 1445) at 3:00 – 6:00 pm, hosted by AlMadinah AlMunawarah Chamber, Madinah, Saudi Arabia.

Introduction:

The Islamic Sharia, with its provisions and Maqasid (objectives), represents a practical and applicable approach suitable for every time and place, guiding human beings towards righteous actions and enabling them to attain a good life and overcome challenges faced by individuals and communities. Among the most significant challenges facing societies in general, and Muslim societies in particular, are two fundamental issues:

  • The effects of climate change and the resulting problems in food, health, and others.

  • The increasing pace of digital and technological transformation.

In addition to these two issues, there is a severe deviation from human principles, whereby the essence and core of humanity are undermined, resulting in a strange contradiction between attempts to alleviate the problems of the era and inflicting harm on human beings. This separation from an intellectual reference point places humanity in an inappropriate position. As a result, the true meaning of life is lost, while feelings of exclusion, marginalization, confusion, anxiety, and unrest emerge.

In this general context, it becomes evident that Maqasid Sharia will significantly contribute to shaping the practical methodology for developing strategies, action plans, and effective governance frameworks to address economic and environmental crises, as well as all aspects related to food, and to serve and develop human beings according to the will of Allah. This is especially important given the considerable intellectual and practical vacuum at the international level.

Main Topics:

  1. An introductory grounding in the knowledge of Maqasid Sharia.
  2. The objective and procedural conditions necessary for enabling Islamic financial institutions to adopt the Maqasid-oriented approach.
  3. How to integrate the Maqasid-oriented approach into the methodology of formulating strategies for Islamic financial institutions to confront general societal challenges and develop applicable action plans and effective governance frameworks.
  4. Identifying the true additions that the Maqasid-oriented approach can provide compared to international standards concerning the work of financial institutions in facing various challenges.
  5. The connection between the Maqasid-oriented approach and the ethical dimension in accordance with Islamic references, to demonstrate how it can contribute to solving some ethical issues in various fields such as artificial intelligence and climate change.
  6. Building a vision for the adoption of the Maqasid-oriented approach in the work of Islamic financial institutions.