Application of Maqasid Al-Shariah and Rules of Shariah in Managing Wealth and Financial Transactions

Abstract

Shariah or Islamic Law is a comprehensive set of laws that includes principles and guidelines for every component of human living. The main objectives of Shariah are known as Maqasid al-shariah, which are meant for humans to live a successful, enjoyable, and an easy life both here on earth and in the hereafter compounded within certain boundaries. Shariah also has a comprehensive set of principles and approaches according to universal objectives to manage financial transactions and wealth accordingly. It simultaneously offers several prohibitions and restrictions so that in the end, humans achieve a society that is fair, just, and transparent. There are some approaches and principles of Islamic financial dealings and transactions of wealth according to Shariah’s rules as well as Shariah’s objectives (Maqasid Al-shariah) which work as a guideline for Muslim, and non-Muslim who are interested to work on Islamic finance and to apply the Shariah objectives in their transactions.

Keywords: MaqasidAl-shariah, Islamic finance, Wealth, Riba, Wealth Management, Muslim, Islam, Haram, Interest