| Summary: | The ultimate aim of this thesis is to investigate the compliance of Sukuk (financial certificates or Sharia'a-compliant bonds) with Maqasid Al Sharia’a in hifth al mal, where the Islamic Development Bank’s (IDB) Medium Term Note (MTN) Sukuk Programme represents the case study for this research. To carry out this investigation, the researcher developed a theoretical framework through appraising the conceptions and theories of Maqasid Al Sharia’a, followed by a review to define human development in the context of Maqasid Al Sharia’a, which is directly connected to the concept of benefit (maslaha). The review is then developed to present the first model of Maqasid Al Sharia’a in hifth al mal. The thesis presents a conceptual understanding for Sukuk as an important tool for achieving human well-being and sustainable development, while keeping Maqasid Al Sharia’a in hifth al mal in perspective. The primary data were generated from elite interviews with senior experts and decision makers at the IDB, where their highly significant experience contributes to defining the criteria for the preservation of wealth according to Maqasid Al Sharia’a. From the Maqasid Al Sharia’a theories and the data generated from the interviews, a Maqasid Al Sharia’a model is developed, with this model then employed to analyse the completed IDB projects that were financed by the MTN Sukuk Programme in the 2007–2017 period. The general findings emerging from this research indicate that the MTN Sukuk Programme is serving the basic elements in the Maqasid Al Sharia’a model to a high degree, with considerable potential for the Programme to serve Maqasid Al Sharia’a in hifth al mal. The impact of the MTN Programme in the Maqasid Al Sharia’a model was found to be significantly positive in terms of achieving human well-being and sustainable development. Finally, it is concluded that applying Maqasid Al Sharia’a in hifth al mal to financial contracts will serve the Islamic purpose of promoting well-being and global development.
|
|---|
