Public Interest (Maslahah Mursalah) (Autosaved)
Public Interest (Maslahah Mursalah) (Autosaved)
Public Interest (Maslahah Mursalah) (Autosaved)
Maslahah al-Mursalah
المرسلة مصلحة
A member of
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International Centre for Education in Islamic Finance
International
(INCEIF)Centre
(Company
for Education
No.718736-K)
in Islamic Finance (INCEIF) (Company No.718736-K)
INCEIF was set up by Bank Negara Malaysia in 2005 to develop human capital and knowledge leadership for the global Islamic finance
industry. Apart from its academic programmes, which are Masters of Islamic Finance Practice, MSc in Islamic Finance and PhD in Islamic
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knowledge and thought leader in Islamic finance.
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Since 2015, INCEIF’s research has been ranked 1st in Malaysia amongst the Today there are 1,585 agents for change in the world from
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2017 | A member of AACSB A member of
International Centre for Education in Islamic Finance (INCEIF) (Company No.718736-K) 2
Contents • Definition, Justification, Conditions
• Application of Maslahah
• Maslahah, Qiyas and Istihsan
© INCEIF 2018
2017 | A member of AACSB A member of
International Centre for Education in Islamic Finance (INCEIF) (Company No.718736-K)
Definition, Justification, Conditions
© INCEIF 2018
2017 | A member of AACSB A member of
International Centre for Education in Islamic Finance (INCEIF) (Company No.718736-K)
Definition, Justification, Conditions
© INCEIF 2018
2017 | A member of AACSB A member of
International Centre for Education in Islamic Finance (INCEIF) (Company No.718736-K)
Definition, Justification, Conditions
Conditions
A maslahah should be
1. Rational and related to practical issues (لعمليةGG اGحكامG ) أand not to matters of faith
()عقائد
2. Harmonious with the spirit of Shariah and not in conflict with it
3. Essential or necessary ( related to the protection of five fundamental values) and
not concerning decorative or luxuries (Tahsiniyyat)
4. Genuine ( )حقيقيةand not imaginative based on a mere suspicion of plausibility
– Relate to the protection of the five essential values
5. General- protect the public interest and not the interest of a particular person or
group of persons
6. Prevent or remove harm from the people
© INCEIF 2018
2017 | A member of AACSB A member of
International Centre for Education in Islamic Finance (INCEIF) (Company No.718736-K)
Application of Maslahah
• Cases/Examples of Masalih
• An example of Maslahah in Surah Yusuf
• Maslahah Mursalah could also be used to introduce policies that would stabilize the
prices of essential commodities and inflation
– The debate on price determination (Tas’ier)
• Examples of rulings made by the companions on the basis of Maslahah al-Mursalah
– Issuing currency
– Approving the building of prisons
– Umar (r.a.) held his officials accountable for the wealth they had accumulated
in abuse of public office and expropriated such wealth (Anti-corruption
agencies)
– Leaving the conquered land with the people of Iraq and imposing Kharaj on
them
© INCEIF 2018
2017 | A member of AACSB A member of
International Centre for Education in Islamic Finance (INCEIF) (Company No.718736-K)
Application of Maslahah
• Cases/Examples of Masalih
• An act which is initially mandub could be made wajib
– Official documentation of marriages, real properties, vehicles, etc.
• To prevent harm ( )مفسدةwhich is the prevalence of perjury in the proof of these claims
– Compulsory Ibra
• SAC Resolution
• Mubah could be made wajib
• Mubah could be restricted (taqayyid al-mubah)
– The requirement to take license/permission in order to do permissible acts
• Ihya al-mawat
• Taking deposits by licensed institutions
• Driving licenses
• Marrying a second wife
– Making permissible things/acts difficult
• Restrictions on buying second or third houses to avoid speculation
– The acts remains mubah but the persons performing them must fulfil some conditions
• Haram can never be made mubah on the basis of Maslahah
© INCEIF 2018
2017 | A member of AACSB A member of
International Centre for Education in Islamic Finance (INCEIF) (Company No.718736-K)
Application of Maslahah
• Cases/Examples of Masalih
• Provision of third party guarantee for capital and/or profit in a wadiáh/qardh deposit
transaction
– Depositors’ insurance Scheme
• Regulatory requirement that a Takaful operator should provide a qardh to the
Participant Fund in case of deficit
• Provision of Hibah to depositors
• Financier of Last Resort
• Fixing the prices of essential commodities in certain situations
• Imposing capital control
• Pegging of currencies
© INCEIF 2018
2017 | A member of AACSB A member of
International Centre for Education in Islamic Finance (INCEIF) (Company No.718736-K)
Application of Maslahah
• Cases/Examples of Masalih
• Maslahah is also more relevant to macro-economic and policy issues
• Monetary policy and exchange rate
– Control inflation and stabilize prices
– Encourage investments and job creation
– Import and export policies
• An evaluation of free trade agreements
• Taxing imported goods
• Fiscal policy
– Imposing taxes besides zakat
• Measures that prevent market distortion
– Anti Monopoly measures
• Measures that increase market efficiency
• Minimum wage policy
• Creation and protection of jobs and economy
• A regulatory framework for financial institutions
– Does short selling increase market efficiency?
• Pooling resources/funds for a greater common good/public interest
– Banks, cooperatives, Sukuk, crowd-funding
© INCEIF 2018
2017 | A member of AACSB A member of
International Centre for Education in Islamic Finance (INCEIF) (Company No.718736-K)
Maslahah, Qiyas and Istihsan
© INCEIF 2018
2017 | A member of AACSB A member of
International Centre for Education in Islamic Finance (INCEIF) (Company No.718736-K)
Thank you