4/14 The Higher Objectives of Islamic Finance

The main article of this book addresses the Maqasid (Higher Objectives of Sharia) of Tamweel (finance) in connection with the individual, the community, the state, and the global economy. It attempts to answer critical questions including How to evaluate the progress made by Islamic finance so far (e.g. the Islamic banks, Islamic Development Bank, and the Dow Jones Islamic Market Indices). And to what extent has Islamic finance introduced an alternative

paradigm? Conversely, is it possible to say that it (Islamic finance) continues to be restricted by the current neoliberal economy? In answering these questions, the author explained the key concepts pertaining to the Higher Objectives of Sharia and Islamic Finance from various perspectives providing the definition, types, and significance of maqasid and highlights the facts that reforming the earth, pursuit of good, and acquisition of wealth and progress are all essential maqasid. He went on to define Islamic finance and elaborate on its maqasid in relation to the individual, society, state, and global economy. He concluded with providing some recommendations for improving the theory and practice.

In response to the main article, the author provided further explanation of the key terms of Higher Objectives of Sharia and Islamic Finance. Then, commented on some issues such as sukuk, tawarruq,credit card, Islamic Indices, stock markets, independence of Islamic Banking and other matters in Islamic Finance.