Abstract
This chapter introduces the concept of Maqasid Al Shariah, the objectives and principles guiding Islamic law, as a foundational framework for understanding Islamic finance’s role in promoting financial inclusion. Maqasid Al Shariah embodies key ethical principles such as justice, equity, and welfare that aim to ensure human well-being across various facets of life, including economic participation. As such, it offers a comprehensive model for financial practices that prioritise social welfare and economic justice. The discussion extends into the objectives and characteristics of Maqasid Al Shariah, examining historical developments, the evolution of modern interpretations, and its applications in countries like Malaysia. By connecting these principles to discussions on justice and equity, the review reveals how Maqasid Al Shariah offers a robust ethical foundation for financial inclusion initiatives. Beyond theoretical discourse, the review examines the tangible impact of Islamic banking in promoting financial inclusion and social welfare. By analysing studies from Malaysia and the UK, the paper highlights how Islamic banking can improve financial access for underserved and marginalised groups. The paper concludes by considering Islamic banking’s potential to create more equitable economic systems and advocates for advancing this field to address financial inclusion.
Presenters
Cameron IqbalPhD Student, Islamic Institute of Banking and Finance, International Islamic University Malaysia, Malaysia
Details
Presentation Type
Paper Presentation in a Themed Session
Theme
Religious Community and Socialization
KEYWORDS
UK, Malaysia, Islam, Finance, Religion, Maqasid Al Shariah
