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Philosophy and Fundamentals of Sharī’ah for Islamic Finance
SHA0011

Technically, Maqāṣid al-Sharī’ah is defined as “the deeper meanings and inner
aspects of wisdom (ḥikam) considered by the Lawgiver (Allāh SWT) in all or
most of the areas and circumstances of legislation.”

According to Imam Al-Ghazāli:

“The objective of Shari’ah is to promote the well-being of all mankind, which
lies in safeguarding their faith (dīn), life (nafs), lineage (nasl), intellect (‘aql), or
wealth (māl). Whatever ensures the safeguard of these five principles serves
public interest and is therefore desirable”.

5 1
Wealth Faith

4 Safeguarding 2
Intellect Life
(’aql) (nafs)

3
Lineage (nasl)

Diagram 4 : Objectives of Sharī’ah

Al-Ghazāli's categorisation of maqāṣid into five principles has become a matter
of consensus agreement of the later scholars when discussing the notion of
Maqāṣid al-Sharī’ah,except those who added safeguarding of dignity as the
sixth maqṣad of Sharī’ah.

Sharī’ah Safeguards these Objectives in Twofold:

1. Enjoining Benefit (Jalb Maṣāliḥ): Enjoining whatever that could
enhance these objectives whether directly or indirectly. Thus, all
the Sharī’ah commandments of doing something would come under
any of these objectives such as the imperative order of conducting
business by mutual consent that is aimed at safeguarding wealth.
Likewise, the order to put into writing of loan contract is to ensure
tranparency within the objective to safeguard wealth.

2. Avoiding Harm (Dar’ al-Mafāsid): Prohibiting those activities that
may defeat or erode these objectives. Prohibition of usury (ribā)
for instance is aimed at ensuring the proper creation of wealth.
This is within the objective to safeguard wealth.

In short, whatever ensures the safeguard of these five principles and serve
public interest, is therefore desirable, and those that harm these five principles
should be avoided. This is within the objective to safeguard wealth.