A Systematic-Thematic Analysis on The Pattern of Research with regards to Maqāsid al-Sharīʿah in Islamic Finance

Mohamad Shafiq Mohd Aswadi; Mohd Fuad Sawari; Miszairi Sitris; Ahmad Syukran Baharuddin

Authors

Mohamad Shafiq Mohd Aswadi International Islamic University Malaysia
Mohd Fuad Sawari International Islamic University Malaysia
Miszairi Sitris International Islamic University Malaysia
Ahmad Syukran Baharuddin Universiti Sains Islam Malaysia

Keywords:

ATLAS.ti software, , Islamic finance, maqāsid al-Sharīʿah, PRISMA, systematic literature review

Abstract

The study aims to investigate the pattern of the research with regard to maqāsid al-Sharīʿah in Islamic finance from the year 2015 until 2020. It is pertinent for the current pattern of research to be systematically and thematically analysed so that the identified research gap could be duly addressed. Regardless of the abundance of previous literature which discussed maqāsid al-Sharīʿah in general, to the best knowledge of the authors, there is no systematic-thematic review paper discussing the current literature pattern regarding maqāsid al-Sharīʿah in Islamic finance. This study focuses on English journals without denying the fact that maybe other literature in another language might as well exist. The ATLAS.ti software was used in analysing the data systematically and thematically via the matrix table, open network diagram and word cloud analysis. The methodology of this paper begins with the systematic screening process based on PRISMA subsequently followed by a thematic review approach. The screening process begins with the keyword search and inclusion criteria by using four databases namely Scopus, Emerald, Science Direct and Mendeley. The process has resulted in the identification of 104 indexed journals. However, the finalised items are 24 journals with 13 initial codes subsequently summarized into five main themes: Sharīʿah contracts, economics, Islamic banking, microfinance/ microcredit & Value Based Intermediation, Sustainable Development Goals and waqf. The analysis of results shows that the concentration areas are identified in waqf, Islamic economics and Islamic banking. Therefore, future research should further focus on the other segments such as technologies in the industrial revolution, takāful, Islamic capital market and Islamic social finance.

Downloads

Download data is not yet available.

Author Biographies

Mohamad Shafiq Mohd Aswadi, International Islamic University Malaysia

Abdulhamid Abusulayman Kulliyyah of Islamic Revealed Knowledge and Human Sciences, International Islamic University Malaysia

Mohd Fuad Sawari, International Islamic University Malaysia

Associate Professor at Abdulhamid Abusulayman Kulliyyah of Islamic Revealed Knowledge and Human Sciences, International Islamic University Malaysia

Miszairi Sitris, International Islamic University Malaysia

Abdulhamid Abusulayman Kulliyyah of Islamic Revealed Knowledge and Human Sciences, International Islamic University Malaysia

Ahmad Syukran Baharuddin, Universiti Sains Islam Malaysia

Fakulti of Shariah and Law, Universiti Sains Islam Malaysia

References

Abdullah, M. (2018), "Waqf, Sustainable Development Goals (SDGs) and maqasid al-Shariah", International Journal of Social Economics, Vol. 45 No. 1, pp. 158–172.

Abdullah, M. (2020), "Reflection of maqāṣid al-Sharī’ah in the classical Fiqh al-Awqāf", Islamic Economic Studies, Vol. 27 No. 2, pp. 79–90.

Abozaid, A. J. (2019), "Maqasid-based analysis of deferring both counter values in financial transactions and its impact on contemporary applications", Journal of King Abdulaziz University, Islamic Economics, Vol. 32 No. 3, pp. 61–83.

Aidi, A. H. bin H. and Salama, M. (2019), "Guarantees in Sukūk between Sharī’ah objectives and contract conditions", Journal of King Abdulaziz University, Islamic Economics, Vol. 32 No. 1, pp. 127–144.

Al-Fayumi, A. (2010), "al-Misbah al-munir fi gharib al-sharh al-kabir", al-Maktabah al-Ilmiyyah, Beirut, Lebanon.

Al-Fijawi, M. F. A., and Yunus, S. M. (2019), "Modern applications of profit-sale (bayʿ murābaḥah) from a maqāṣid sharīʿah perspective", al-Shajarah, Vol. 24 No.1, pp.49–66.

Alam, M. M., Hassan, S. and Said, J. (2015), "Performance of Islamic microcredit in perspective of maqasid al-Shariah", Humanomics, Vol. 31 No. 4, pp. 374–384.

Alkhan, A. M. and Hassan, M. K. (2020), "Does Islamic microfinance serve maqāsid al-shari’a?", Borsa Istanbul Review, Vol. 21 No. 1, pp. 57-68.

Asyur, M. al-T. I. (2007), Maqasid al-Shariah al-Islamiyyah, Dar al-Kutub al-Misri, Cairo, Egypt.

Ayub, M. (2019), "Islamic finance: focusing project financing for growth and realizing the higher objectives of Sharīʿah", Journal of Islamic Business and Management (JIBM), Vol. 9 No. 2, pp. 235–247.

Baehaqi, A., Birton, M. N. A. and Hudaefi, F. A. (2020), "Time value of money in Islamic accounting practice: a critical analysis from maqāṣid al-Sharī‘ah", Journal of Islamic Accounting and Business Research, Vol. 11 No. 9, pp. 2035–2052.

Baharuddin, A. S., Ismail et al. (2019), "An appraisal of maqāsid al-shariʿah classic and recent literature: systematic analysis", Library Philosophy and Practice, pp. 3730.

Clarke, V. and Braun, V. (2013), "Teaching thematic analysis :overcoming challenges and developing strategies for effective learning associate professor in sexuality studies department of psychology faculty of health and life sciences University of the West of England Coldharbour Lane Br.", University of the West of England, Vol. 26, pp. 120–123.

Gwadabe, N. A. and Rahman, A. A. (2020), "The role of Islamic finance in mitigating the economic impact of covid-19 towards the attainment of maqasid al-Shariah: a case study of waqf institutions in Kano, Nigeria", Journal of Muamalat and Islamic Finance, Vol. 17, pp. 59–70.

Hassan, R., Salman, S. A. and Yusoff, A. (2018). "Idealism versus realism: performance of Islamic financial institutions in the light of maqasid al-Shari’ah". Proceedings of the 32nd International Business Information Management Association Conference, IBIMA 2018 - Vision 2020: Sustainable Economic Development and Application of Innovation Management from Regional Expansion to Global Growth.

Hudaefi, F. A. and Noordin, K. (2019), "Harmonizing and constructing an integrated maqāṣid al-Sharīʿah index for measuring the performance of Islamic banks", ISRA International Journal of Islamic Finance, Vol.11 No. 2, pp. 282–302.

Ibrahim, A. A. M. and Khan, S. H. (2019), "Waqf management in the light of maqasid al shariah: bangladesh perspective. in revitalization of waqf for socio-economic development", Springer International Publishing, Vol. 2, pp. 229–248.

Investopedia (n.d.), "Meaning of economics", available at: https://www.investopedia.com/terms/e/economics.asp (accessed 28 May 2021).

Ishak, M S I and Asni, F. (2020), "The role of maqasid al-Shariʿah in applying fiqh muamalat into modern Islamic banking in Malaysia", Journal of Islamic Accounting and Business Research, Vol. 11 No. 9, pp. 2137–2154.

Ishak, Muhammad Shahrul Ifwat and Asni, F. (2020), "The role of maqasid al-Shariʿah in applying fiqh muamalat into modern Islamic banking in Malaysia", Journal of Islamic Accounting and Business Research, Vol. 11 No. 9, pp. 2137–2154.

IslamicMarkets.com. (n.d.), "Islamic law of contract", available at: https://islamicmarkets.com/education/islamic-law-of-contract (accessed 22 February 2021).

Julia, T. and Kassim, S. (2019), "Exploring green banking performance of Islamic banks vs conventional banks in Bangladesh based on Maqasid Shariah framework", Journal of Islamic Marketing, Vol. 11 No. 3, pp. 729–744.

Khairul Mukminin (2019), "Profit maximization in islamic banking: an assemblage of maqasid shariah conception", European Journal of Islamic Finance.

Khattak, M. A. (2018), "Protection and distribution of wealth, islamic commercial and financial transactions: a maqasid al-shariah perspective", European Journal of Islamic Finance.

Lehner, O. M. (2017), "Islamic Banking and finance as an ethical alternative: a systematic literature review", SSRN Electronic Journal, Vol. 2, pp. 42–64.

MAGIC (n.d.), " Malaysian Global Innovation & Creativity Centre ", available at: https://www.mymagic.my/about (accessed 28 May 2021).

Mahyudin, W. A. and Rosman, R. (2020), "Value-based intermediation and realisation of maqasid al-Shariah: issues and challenges for islamic banks in Malaysia", Advanced International Journal of Banking, Accounting and Finance, Vol. 5 No. 2, pp.34–44.

Mukhibad, H. (2019), "The Role of Sharia supervisory boards in meeting maqasid Syariah – study on Islamic banks in Indonesia", European Journal of Islamic Finance, n.v., No, 13, pp. 1–10.

Mukhlisin, M. (2020), "Level of maqāsid ul-Shari’āh’s in financial reporting standards for Islamic financial institutions", Journal of Islamic Accounting and Business Research, Vol. 12 No. 1, pp. 60–77.

Page, M. J. et al. (2021), "The PRISMA 2020 statement: An updated guideline for reporting systematic reviews", The BMJ, pp. 372.

Pichaeats (n.d.), " Pichaeats ", available at: https://pichaeats.com/en/ (accessed 28 May 2021).

Rafikov, I. and Akhmetova, E. (2020), "Methodology of integrated knowledge in Islamic economics and finance: collective ijtihād", ISRA International Journal of Islamic Finance, Vol. 12 No 1, pp.115–129.

Rafikov, I. and Saiti, B. (2017), "An analysis of financial speculation: from the maqasid al-Shari’ah perspective", Humanomics, Vol. 33 No.1, pp.2–14.

Shinkafi, A. A., Ali, N. A. and Choudhury, M. (2017), "Contemporary Islamic economic studies on Maqasid Shari’ah : a systematic literature review", Emerald, Vol. 33 No. 3, pp. 315–334.

Sirajud Din, M. S. M. A. (2018), "Islamic banking and the application: microscope of maqasid Shariah", COMSATS Journal of Islamic Finance, Vol. 3 No. 1, pp. 101–108.

Soualhi, Y. (2015), "Application of Shariah contracts in contemporary Islamic finance: a maqasid perspective", Intellectual Discourse, Vol. 23, pp. 333–354.

Soualhi, Y. and Bouheraoua, S. (2018), "Islamic finance regulations in Malaysia: A macro maqasidic approach", al-Shajarah, Special Issue: Islamic Banking and Finance, pp. 307–336.

Zain, N. R. M. and Ali, E. R. A. E. (2017), "An analysis on Islamic social finance for protection and preservation of maqāṣid al-Sharī’ah, Journal of Islamic Finance, No. 6 (Special Issue), pp. 133–141.

Zairul, M. (2021), "A thematic review on Industrialised Building System (IBS) publications from 2015-2019: analysis of patterns and trends for future studies of IBS in Malaysia", Pertanika Journal of Social Sciences and Humanities, Vol. 29 No. 1, pp. 635–652.

Zaman, Q. U. et al.. (2019), "Does the interest tax shield align with maqasid al-Shariah in finance?", Borsa Istanbul Review, Vol. 19 No.1, pp. 39–48.