Beyond Shari‘ah compliance: achieving Maqasid Al-Shari‘ah through Social Impact Bonds (SIB) and Sustainable & Responsible Investment (SRI) Sukuk

Syed Azman, Syed Marwan Mujahid and Haneef, Mohamed Aslam and Engku Ali, Engku Rabiah Adawiah and Ismail, Suhaiza (2021) Beyond Shari‘ah compliance: achieving Maqasid Al-Shari‘ah through Social Impact Bonds (SIB) and Sustainable & Responsible Investment (SRI) Sukuk. In: Pembinaan tamadun melalui industri patuh Syariah Volum 1: Ekonomi, kewangan dan pengurusan patuh Syariah. Kolej Profesional Baitulmal Kuala Lumpur (KPBKL), pp. 350-362. ISBN 9789671684337

PDF - Published Version Restricted to Registered users only Download (9MB) | Request a copy

Abstract

This paper looks into the underlying principles of Social Impact Bond (SIB) and Sustainable and Responsible Investment (SRI) sukuk as compared to the values embodied within maqasid al-Shari’ah and maslahah. The paper attempts to delineate the elements embedded within these financial tools from an Islamic perspective through a critical review of literature related to SIB, SRI sukuk, maqasid al-Shari’ah and maslahah. The paper explicates that SIB and SRI sukuk are financial instruments that epitomises the ethical and moral framework of the Shari’ah as their underlying principles are congruent with the concepts within maqasid al-Shari’ah and maslahah. Thus, the SIB and SRI sukuk models should be given more attention by Islamic banks and Islamic financial institutions whose philosophical foundation is built upon the principles of maqasid al-Shari’ah and maslahah.

Item Type:	Book Chapter
Uncontrolled Keywords:	Social Impact Bond (SIB), Sustainable and Responsible Investment (SRI) sukuk, Social finance, Maqasid al-Shari’ah, Maslahah
Subjects:	BPH Islamic Economics H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF) Kulliyyah of Economics and Management Sciences
Depositing User:	Dr. Syed Marwan Mujahid Syed Azman
Date Deposited:	14 Jan 2022 17:04
Last Modified:	14 Jan 2022 17:04
URI:	http://irep.iium.edu.my/id/eprint/95922

Actions (login required)

View Item