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Maqasid Al-Shari'ah in business transactions: Special focus on sukuk as islamic project finance

Mohamad, Muhammad Hisyam and Ahmad Sarkawi, Azila (2011) Maqasid Al-Shari'ah in business transactions: Special focus on sukuk as islamic project finance. In: 7th International Conference on Multi-National Joint Venture For Construction Works 2011, 28-29 September 2011, Institute Technology of Bandung (ITB), Indonesia. (Unpublished)

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Abstract

One of the social aspects in maqasid al-shari’ah relating to business transactions is joint venture. The idea is well established in Islam with Quranic injunction that “...help one another in furthering virtue and God consciousness, and not in what is wicked and sinful...”(Al-Ma’idah:2). It can be implied in business transactions (mu’amalat) principally through its concepts of risk sharing, musharakah and mudharabah (partnership) where the ultimate aim is inviting good and forbidding bad i.e. maqasid al-shari’ah. Whereby, conventionally, joint ventures are examples of the strategic alliances which are often established between or among business enterprises. Having said that, it is the objectives of the paper to embed the Islamic concept of maqasid al-shari’ah (the objectives of Islamic law) in the mu’amalat system and to disclose the idea of sukuk as a means for Islamic project finance. The paper adopts qualitative methods which deploys library research and document analysis. It appears to be exploratory as the information required is subjective in nature, for instances the Islamic concepts of maqasid al-shari’ah in mua’malat system and sukuk as Islamic project finance. It was found that the considerations of maqasid al-shari’ah are no exception in construction works to ensure its sustainability. Furthermore, sukuk and its various types provide options for project finance. Thus, it is important for the maqasid al-shari’ah and sukuk to be considered and implemented in construction works.

Item Type: Conference or Workshop Item (Full Paper)
Additional Information: 2826/3885
Uncontrolled Keywords: joint venture, construction, maqasid al-shari‟ah, sukuk, mua‟malat (Islamic socio-economic system)
Subjects: L Education > L Education (General)
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Kulliyyah of Architecture and Environmental Design > Department of Urban & Regional Planning
Depositing User: dr azila ahmad sarkawi
Date Deposited: 12 Dec 2011 10:16
Last Modified: 12 Dec 2011 10:16
URI: http://irep.iium.edu.my/id/eprint/3885

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