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Philosophy and Fundamentals of Sharī’ah for Islamic Finance
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2. Specific Objectives (Maqāṣid Khāṣṣah): These maqāṣid are observed
in a specific chapter of the Islamic law, such as the welfare of children
in the family law, preventing criminals in the criminal law, and preventing
monopoly in the financial transaction law.

3. Partial Objectives (Maqāṣid Juz’iyyah): These maqāṣid refer to particular
objectives intended by Allāh SWT in specific Sharī’ah rulings. These
intented and specific scripts or rulings, such as the intent of discovering
the truth in seeking a certain number of witnesses in certain court
cases, the intent of alleviating difficulty in allowing an ill and/ or a
fasting person to break his/her fasting, and the intent of feeding the
poor such as in the case of banning Muslims from storing meat
during Eid/‘iīd days during the early days of Islām.

General

Diagram 6 : Dimension of Objectives of Sharī’ah

Objectives of Sharī’ah in Islamic Finance
In general, the objective of Islamic finance falls within the generic protection
of wealth. In a more specific term, Muslim scholars observed that there are
a few objectives in Islamic finance as enshrined in the Qur’ān and Prophetic
tradition. These objectives include:

1. Wealth creation and wealth transfer
Islamic finance seeks to create wealth underpinned by real economic
activities. Economic activities will eventually stimulate a sustainable
and real wealth transfer within the economic system. This objective
primarily centred at the idea that wealth must be circulated to the
widest circulation of society instead of circulating within the selected
few.