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All Journal Global Review of Islamic Economics and Business Talaa : Journal of Islamic Finance
Mohd Owais
Unknown Affiliation
Economics, Econometrics & Finance

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Exploring the Importance and Presence of Maqāsid al-Sharī’ah in Islamic Banking Products and Services Qutaiba, Mohammad; Mohd Owais
Talaa : Journal of Islamic Finance Vol. 4 No. 2: December 2024
Publisher : Department of Sharia Financial Management, Institut Agama Islam Negeri Sultan Amai Gorontalo, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/talaa.v4i2.767

Abstract

This study explores the importance and presence of Maqāsid al-Sharī’ah in Islamic banking products and services, emphasizing their role in promoting justice, equity, and general welfare. While Islamic banking adheres to Shariah principles, such as the prohibition of riba and gharar, questions persist about the alignment of its products with the broader ethical objectives envisioned by Maqāsid al-Sharī’ah. These objectives, which include the preservation of religion, life, intellect, lineage, and wealth, aim to transform financial practices into instruments of socio-economic justice and communal well-being. The study critically examines whether Islamic banking products, such as Mudarabah and ijarah, genuinely uphold these principles or simply replicate conventional financial instruments under a Shariah-compliant framework. Drawing from academic literature, industry reports, and case studies, the research evaluates the design, implementation, and impact of key Islamic banking products to assess their alignment with Maqāsid al-Sharī’ah. It also highlights successes and areas for improvement within the industry, addressing concerns about the practical realization of ethical objectives in a competitive financial landscape. This paper underscores the necessity of integrating these higher objectives into financial practices. The findings contribute to a deeper understanding of how Islamic banking can serve as a true alternative to conventional systems, fostering holistic socio-economic progress and addressing global challenges such as poverty alleviation, wealth inequality, and environmental sustainability
Introduction of Takaful (Islamic Insurance) as a Potential Business Model in Indian Market Mohd Owais; Ali, Jawwad; Hassan, Rusni
Global Review of Islamic Economics and Business Vol. 11 No. 2 (2023)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2023.112-04

Abstract

Globalization has prompted many companies to invest in foreign markets, as a result of which many countries are implementing business models that appeal to investors. Takaful is one type of Islamic insurance system that has proved to be highly popular in Muslim nations. Many individuals who intend to start a new venture will benefit from this type of business model, which has also gained popularity in non-Muslim nations. This paper will analyze the suitability of Takaful to be introduced as a business model in India. This study adopts a mixed method of quantitative and qualitative analysis using surveys and interviews. The number of respondents selected was 50 for quantitative analysis with the target participants being people of India through social media and LinkedIn. Apart from that, for Qualitative analysis employees related to insurance companies in Malaysia were selected to assess their points of view of the Indian insurance market. The conclusion reveals that the Indian market is suitable and favorable for the Takaful business model irrespective of religion, people are willing to accept the model. Hence it is recommended that the model be introduced in the Indian market. Originality/Value: Unlike prior research, which focuses primarily on Muslim nations, this study provides valuable insights for policymakers and industry stakeholders in non-Muslim countries. Our findings underscore the potential viability of Takaful in India, emphasizing its inclusive nature and ability to cater to diverse insurance needs. Overall, this paper offers a fresh perspective on Islamic finance and the adaptation of innovative business models in emerging markets.
Co-Authors Ali, Jawwad Qutaiba, Mohammad Rusni Hassan, Rusni