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Perception of IIUM Staff towards the ethicality of Islamic banking products and services in the light of Maqasid al-shari‘ah

Sumairi, Nor Sazwana and Musa, Muhammad Adli and Ahmad, Nadzrah (2017) Perception of IIUM Staff towards the ethicality of Islamic banking products and services in the light of Maqasid al-shari‘ah. In: 6th International Conference on Islamic Jurisprudence (ICIJ 2017), 21st-23rd Feb. 2017, Kuala Lumpur.

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Ethics is a discipline that deals with “the science of conduct”, which is concerned with two opposing dimensions of moral action such as right or wrong, good or bad, and virtue or vice. In the context of Islamic finance, ethics has become a vital component in the financial services sectors in order to provide “value” for consumers. Unfortunately, the current practices of Islamic financial institutions have been criticised for their failure to promote such values. The products and services offered by Islamic financial institutions must meet the requirement of the shari’ah, where all transactions are void of any illegal and unethical elements. There are numerous Qur’anic injunctions and Prophetic traditions concerning ethical principles pertaining to Islamic finance, particularly those related to ethics of business transactions. Ethics should be uncompromisingly infused in financial transactions to curb corruption, injustice, and exploitation, and this is all consistent with objectives of the Shari’ah (maqasid al-Shari‘ah). This study employs a quantitative method by surveying consumer perception on the ethicality and “Islamicness” of Islamic finance products and services through a structured questionnaire comprising close-ended questions. It is thus important to educate consumers about ethical finance, enhance ethicality of Islamic finance through specific standards, and encourage Islamic financial institutions to demonstrate their commitment and efforts in providing added values to consumers.

Item Type: Conference or Workshop Item (Plenary Papers)
Additional Information: 7412/56203
Uncontrolled Keywords: Ethics, financial transaction, Islamic Finance, products and services, consumer perceptions.
Subjects: H Social Sciences > HG Finance > HG1501 Banking
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Kulliyyah of Islamic Revealed Knowledge and Human Sciences > Department of Qur’an and Sunnah
Depositing User: DR NADZRAH AHMAD
Date Deposited: 22 May 2017 10:31
Last Modified: 03 Nov 2017 16:28
URI: http://irep.iium.edu.my/id/eprint/56203

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