The Role of Five Major Shari’ah Legal Maxims ( Al-Qawaid Al-Kubra ) in the Establishment of Maqasid Al-Shari’ah in Islamic Financial Products: A Discussion on Some Cases

Abstract

Maqasid al-shari’ah is the science in Islamic jurisprudence that combines the elements of usul al-fiqh and qawa’id al-fiqhiyah. This article limits the discussion of maqasid al-shari’ah only on the role of qawa’id al-fiqhiyah. It aims to analyze some of the shari’ah legal maxims that are founded based on the understanding of maqasid al-shari’ah, and simultaneously contribute in building the science in the Islamic finance sector. The methodology used is content analysis from the ideas of traditional as well as contemporary scholars by focusing on the five major shari’ah legal maxims (al-qawaid al-kubra) with reference to the some cases applied in Islamic finance practices today. The study finds that the science of qawaid al-fiqhiyah plays significant role in establishing the objectives of shari’ah in general view and contributes ideas and opinions in designing the methodologies, parameters and characteristics for the comprehensive formation of maqasid al-shari’ah in modern Islamic finance products.

Keywords:Qawaid al-Fiqhiyah, Maqasid al-Shari’ah, Islamic Finance