Achievement of Maqasid-al-Shari`ah in Islamic Banking: An Evaluation of Islami Bank Bangladesh Limited
Shari`ah is the foundation of Islamic banking and also any other form of Islamic organization. The ultimate goal of the Islamic organization is to achieve the Shari`ah objectives, that is, Maqasid-al-Shari’ah. A comprehensive and careful examination of the Shari`ah rulings entails an understanding that Shari`ah aims at protecting and preserving public interests (i. e., Maslahah) in all aspects and segments of life. This study is a noble effort of evaluating the products of Islami Bank Bangladesh Limited (IBBL) to justify how far these products are achieving the Maqasid-al-Shari’ah. The study found that the bank has been achieving the main and upmost (macro) Maqasid-al-Shari`ah, that is, public interest and the prohibition of riba over the last two decades. These two objectives have been achieving from the inception of the bank. However, the minor Maqasid-al-Shari`ah such as freeing from any kinds of debt and other benefits that related to macro-economics of the country is yet to be achieved in Islami Bank Bangladesh Limited.
