The Maqasid al-Shari'ah is central to Islamic ethics in protecting individuals against aggressive behaviour of those individuals who manage multinational companies, medium and small businesses, who are pursuing financial gains at the expense of community and the nation as a whole. Islamic ethics fundamentally drives to establish the Maqasid al-Shari'ah with the honest desire of the individual taking responsibility to develop clear and effective intent behind all the daily dealings in business. The purpose of this chapter is to develop an understanding of why the Maqasid al-Shari'ah should be established as key principle as a guide to key stakeholders in dealing with financial matters that ensure justice and contribute to develop the society.
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This chapter purpose is to provide an understanding of the Maqasid al-Shari’ah and discuss the essential objectives of Maqasid al-Shari’ah for whole society within Islamic al-Shari’ah. However, understanding the concept of the Maqasid al-Shari’ah is essential part of the faith. The justice and moral values of individuals are based on faith as a central point when dealing with people and society. Otherwise, Maqasid al-Shari’ah is not possible to accomplish and provide for each other.
Traditional classifications of maqasid al-Shari’ah divide them into three levels including a) necessities (darurāt), b) needs (hajiyāt), and c) luxuries (tahsiniyāt). Necessities are further classified into what ‘preserves one’s faith, soul, wealth, mind, and offspring.’ Some jurists added ‘the preservation of honour’ to the above five widely popular necessities. These necessities were considered essential matters for human life itself.
There is also a general agreement that the preservation of these necessities is the ‘objective behind any revealed law,’ not just the Islamic law. Purposes at the level of needs are less essential for human life. Examples are marriage, trade, and means of transportation. Islam encourages and regulates these needs. However, the lack of any of these needs is not a matter of life and death, especially on an individual basis. Purposes at the level of luxuries are ‘beautifying the life,’ such as using perfume, stylish clothing, and beautiful homes. These are things that Islam encourages to obtain; however, also asserts how they should take a lower priority in one’s life.