The objective of the Shariah (Maqasid Al-Shariah)

Shariah or Islamic law is the framework of Ultimate reality and the ethical guidance that Muslim Scholars have derived from the Direct Revelations of ALLAH to man.  Shariah is the foundation of the relationship between man and His creators, which man should have faith (yakin) in ALLAH alone.

The Ultimate Source of shariah is the Holly Qur’an, which content a divine text that was revealed directly in human language to the prophet Muhammad (PBUH).Shariah  has generally cover every aspect of human activity and has provided the principles that govern and protect life and make living easy and enjoyable. Shariah is the body of Islamic law. The term means "way" or "path"; it is the legal framework within which public and some private aspects of life are regulated for those living in a legal system based on Muslim principles of jurisprudence. Shariah deals with many aspects of day-to-day life, including politics, economics, banking, business law, contract law, sexuality, and social issues. The main objective of shariah is to secure a benefit for the people and to protect them from corruption and evil. The objective of shariah in financial transactions refer to the overall goals and meaning the shariah aims at achieving from it rulings related to financial activities. The purpose of studying of shariah rules is to understand its conceptual part in financial contract and Islamic Banking which will provide the framework within which the meaning of Islamic Law is understood.

There are five rulings of Shariah for all our daily actions: Obligatory (wajib), Recommended (Sunnah), Permissible (Mubah or Halal), Dislike (makruh), Prohibited (haram). The distinctions between the five categories are in whether their performance (P) or non –performance (NP) are rewarded or not rewarded, punished or not punished. This reward and punishment is the relations between man and His creator. The five categories are very significant when dealing with financial contract in Islamic banking. These five categories emerge from the co-operation of laws in the opinion of the majority of Sunni Schools. These five categories are called hukm taklifi or the obligation rule. The main purpose or the objective of shariah is to protect and maintain well all of the aspects of the Ummah (communal) life.  There are five necessities that are highly protected in Islam:

1.     The protection of religions (al-din), it involves defending Islamic faith particularly, if it is being attacked by the enemy of Islam.

2.     The protection of human life (al-nafs), Shariah absolutely forbids suicide and impresses upon man that life belongs to ALLAH.

3.     The protection of human intellect (al-aql), Islam encourage the attainment of knowledge and forbids any activities damaging to the mind.

4.     The Protection of human relationships (al-nasl), meaning that to have a good relationship among the community members and help each other in case of emergency, as well as the protection of public interest (maslahah al-ammah).

5.     The Protection of human property (al –mal). In Islam a property should be obtained in a legitimate way,

“And do not eat up your property among yourselves for vanities” (Al Baqarah 2: 188).

Allah has revealed severe punishment for those who obtain property illegally in order to protect them.

Some of shariah rulings in wealth creations are:

a.Prohibitions of interest (riba).

b. Prohibition of gambling (maisir)

c. Prohibition of fraud (tadlis).

d. Prohibition of hoarding (ihtikar).

e. Prohibition of manipulation (gharar).

All Muslim who obey the rules of Shariah have the same purpose, which is to achieve the Ultimate Happiness – (Sa’ada haqiqiya), in the hereafter or akhirat.