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Philosophy and Fundamentals of Sharī’ah for Islamic Finance
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Avoiding harm in safeguarding intellect includes:
a. Prohibition of anything that would possibly harm the ability
and function of brain such as the consumption of liquor; and

b. Stern caution to those who practice “blind followers” (taqlīd)
without questioning the validity of their practices.

5. Protection of Wealth

Islām emphasises on prosperity of both worlds. While hereafter is
the ultimate goal and final destination, Islām makes it very clear that
worldly life is a bridge to the next world that has to be equally recognised.
As property and wealth are crucial components of worldly life,
Sharī’ah requires property and wealth to be protected and honoured
accordingly as one of its objectives.

Enjoining benefit in safeguarding wealth includes:
a. Permissibility of numerous contracts that seeks to cater human
needs;

b. Enjoinment of seeking the bounties of Allāh SWT and to utilise
it for the betterment of one’s life; and
c. Observance of zakāh to help the needy.

Avoiding harm in safeguarding wealth includes:
a. Prohibition of taking properties of others illegally or against
their consent;

b. Prohibition of ribā; and

c. Islām imposes severe punishment for those who steal or
fiddle the properties of others.

Allāh SWT says:
“And eat up not one another’s property unjustly (in any illegal way e.g.
stealing, robbing, deceiving, etc.)
(al-Baqarah, 2: 188)

Division of Maqāṣid al-Sharī’ah
The foregoing explains the five domains of Maqāṣid al-Sharī’ah as proposed
by Imām al-Ghazāli. These maqāṣid are further divided into three categories
that represent different levels of importance and urgency. That is to say,
each and every objective can be divided into three categories based on its
significance namely:

1. Essentials (Ḍarūriyyāt): Essential requirements for the establishment
of the five maqāṣid and without which the maqāṣid will be definitely
destroyed. It is the prerequisites or basic needs that ensure the minimal
existence of the five Maqāṣid al-Sharī’ah. For instance, an access to
basic food or nutrition is an essential of maqāṣid in respect of life
as it is the basic need of life.