Achievement of Maqasid-al-Shari`ah in Islamic Banking: An Evaluation of Islami Bank Bangladesh Limited

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Mohammad Abu Hurayra
Mohammad Abu Hurayra
1 Bangladesh Islami University

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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.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

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No ethics committee approval was required for this article type.

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Not applicable for this article.

Mohammad Abu Hurayra. 2015. \u201cAchievement of Maqasid-al-Shari`ah in Islamic Banking: An Evaluation of Islami Bank Bangladesh Limited\u201d. Global Journal of Computer Science and Technology - A: Hardware & Computation GJCST-A Volume 15 (GJCST Volume 15 Issue A1): .

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Crossref Journal DOI 10.17406/gjcst

Print ISSN 0975-4350

e-ISSN 0975-4172

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March 17, 2015

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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.

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Achievement of Maqasid-al-Shari`ah in Islamic Banking: An Evaluation of Islami Bank Bangladesh Limited

Mohammad Abu Hurayra
Mohammad Abu Hurayra Bangladesh Islami University

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