Alshelfan, Ayman Ibrahim (2014) Maslaha: a New Approach for Islamic Bonds. PhD thesis, Victoria University.

Abstract

Islamic finance is inextricably linked to Islamic law, or sharia, which is richly detailed and difficult to distil into simple rules. In particular, it invokes the concept of maslaha to prohibit or permit actions and choices on the basis of whether or not it serves the best interest of the community at large. This aspect of Islamic finance has not been addressed and the purpose of this thesis is to fill this gap in knowledge. This thesis conducts a comprehensive investigation of application of the concept of maslaha as a new approach for Islamic bonds in theory and practice. Integrated into this is a comprehensive analysis of sharia auditing where knowledge in the areas of Islamic economics, finance, and law are brought together to articulate a holistic framework for Islamic finance. The thesis argues that the concept of maslaha must be applied in its entirety in determining sharia compliance of financial contracts in order to avoid increasing the level of risk faced by the participants in the Islamic finance sector. Impaired contracts, apart from increasing the level of risk, increase the probability of costly litigations and diminish the degree of market competitiveness of Islamic financial products.

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