Page 72 - CMP3

Box Article 1
MAQASID AL-SHARIAH FOR THE STAKEHOLDER ECONOMY
It is crucial for Malaysia to provide leadership in shaping the future landscape of Islamic finance, and in particular, ICM, to find a balance between economic development and societal good. Maqasid al-Shariah underlines the essence of sustainable economic development – an agenda that has gained traction globally following the adoption of the UN SDGs by world leaders
in 2015 – and encompasses key aspects of life and community. This includes inclusivity and facilitating investments for socially- beneficial outcomes, which can be achieved more efficiently with the advent of digital technology as enablers, contributing to long-term value creation – the essence of a stakeholder economy.
Achieving the higher intents and objectives of Shariah requires righteous behaviour and high standards of moral conduct in all dealings. It is not limited to just prohibitive rulings to discourage immoral conduct and actions harmful to stakeholders and the community. Maqasid al-Shariah emphasises a holistic view of life in Islam and has to be looked at as a foundation towards a righteous way of life with the aim to preserve and promote the five essentials of mankind – faith, life, intellect, lineage and wealth.
As an extension to the core objectives of the maqasid al-Shariah, the following outcomes can be achieved:
Fulfilment of basic human needs
Optimisation of natural resource consumption
Promotion of economic
well-being and social justice
Poverty alleviation and reducing income disparities
Adopting permissible and productive activities (halal) to promote public interest (maslahah) and to do what is right (amal ma’ruf)
Rejecting prohibited and harmful activities (haram) to prevent what is reprehensible
(nahi munkar) and prohibit evil (mafsadah)
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