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All Journal Jurnal Media Hukum Jambe Law Journal
Ossofo, Assane Buana
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Law, Crime, Criminology & Criminal Justice

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Corporate Social Responsibility under the Maqasid Syariah Concept in Malaysia: Why Does it Matter? Abd Aziz, Hartinie; Abd Ghadas, Zuhairah Ariff; Ossofo, Assane Buana
Jurnal Media Hukum Vol 30, No 1: June 2023
Publisher : Fakultas Hukum Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jmh.v30i1.16916

Abstract

Corporate Social Responsibility (CSR) is an essential component of the shariah corporation framework. In the current corporate model, CSR is still an option rather than a company objective. The need for CSR is still being debated among companies, with some believing that it is in the long-term self-interest of a business to be socially responsible, while others view CSR as weakening a business's primary purpose. Islamic law requires Muslims to not only be governed by the al-Quran and as-Sunnah but also to be subject to the objective of Syariah, namely Maqasid Syariah. The research aims to provide analysis and recommendations to improve the practice of CSR according to the concept of Maqasid Syariah. This qualitative research used doctrinal  legal method with employing secondary data. The outcome of this research is significant as a basis for law reform to develop a Shariah Compliant Corporation. It is crucial to incorporate CSR into the Shariah-compliant business model to ensure that businesses are responsible not only for maximizing profits but also for contributing positively to society. The incorporation of CSR into the Syariah-compliant business model is crucial in achieving the objectives of Syariah, namely, the promotion of human welfare, justice, and sustainability
The Application of Maqasid Shariah in Takaful for The Protection of Unsecured Creditors Ossofo, Assane Buana; Abd Aziz, Hartinie; Abd Ghadas, Zuhairah Ariff; Remli, Norizan; Abdullah, Nurhidayah; Mohiddin, Mas Nooraini
Jambe Law Journal Vol. 8 No. 1 (2025)
Publisher : Faculty of Law, Jambi University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/home.v8i1.384

Abstract

This paper proposes expanding the concept of “Musibah” (calamity) and misfortune within the Takaful framework in Malaysia to encompass financial distress scenarios, such as compulsory winding up due to a court’s order. This expansion seeks to protect unsecured creditors, a group currently vulnerable to such events. In examining the current limitations of Takaful, the study identifies significant gaps in coverage that leave unsecured creditors exposed to financial risks. The current application of Takaful, primarily covering accidents and disasters, is scrutinized for potential extension to unforeseen financial calamities. By applying the principles of Maqasid Shariah, this study explores the transformative potential of Takaful as a mechanism for broader economic security and justice. Through qualitative methods and a critical review of existing Takaful practices, this research underscores the urgent need to reevaluate the operational frameworks to effectively protect unsecured creditors. This proposed expansion aligns with the core principle of mutual assistance and risk sharing in Shariah, thus enhancing the resilience and inclusivity of the Islamic financial system in Malaysia
Co-Authors Abd Aziz, Hartinie Abd Ghadas, Zuhairah Ariff Abdullah, Nurhidayah Mohiddin, Mas Nooraini Remli, Norizan