Maqasid Shariah and Sustainability: Forging a Just and Sustainable Future

Understanding Maqasid Shariah

Maqasid Shariah is a fundamental concept in Islamic jurisprudence that goes beyond the mere application of religious law. It encompasses the broader goals and higher objectives that Islamic law seeks to achieve, focusing on the well-being of individuals and communities. The concept of Maqasid Shariah is rooted in the idea that the primary purpose of Islamic law is to protect and promote the interests of the people while preventing harm.

The framework of Maqasid Shariah identifies five primary objectives:

1. Preservation of Religion (Hifz al-Din): This objective emphasizes safeguarding the Islamic faith and ensuring the freedom to practice it. It underscores the importance of religious freedom and the right to worship, which are fundamental to the well-being of individuals and societies.
2. Preservation of Life (Hifz al-Nafs): Protecting human life, health, and overall well-being is central to Islamic law. This objective highlights the sanctity of life and the importance of safeguarding it through healthcare, safety measures, and the provision of necessities.
3. Preservation of Intellect (Hifz al-Aql): Intellectual growth, education, and mental well-being are critical components of Maqasid Shariah. This objective stresses the value of knowledge, education, and the pursuit of intellectual development as essential for personal and societal progress.
4. Preservation of Lineage (Hifz al-Nasl): Upholding the stability of family structures and lineage is vital in Islamic law. This objective emphasizes the importance of family, marriage, and the continuity of generations, ensuring the social fabric remains intact.
5. Preservation of Property (Hifz al-Mal): Protecting property rights and ensuring economic stability are key components of Maqasid Shariah. This objective promotes economic justice, fair trade, and the protection of wealth from exploitation and injustice.

These objectives are not only relevant to the Muslim community but also offer a universal framework that addresses contemporary global challenges. The Maqasid Shariah framework is increasingly being recognized as a holistic approach that can contribute to the global discourse on ethics, sustainability, and responsible finance.

The Synergy Between Maqasid Shariah and the Global Sustainability Agenda

In recent years, the United Nations’ Sustainable Development Goals (SDGs) have emerged as a global blueprint for addressing some of the most pressing challenges facing humanity, including poverty, inequality, climate change, and environmental degradation. The SDGs set forth 17 goals that aim to achieve a more sustainable and equitable world by 2030. While the SDGs are secular, there is a significant overlap between these goals and the principles of Maqasid Shariah.

At KLIFF 2023, Dr. Bakar emphasized the alignment between Maqasid Shariah and the SDGs, highlighting how Islamic finance can serve as a powerful tool in advancing the global sustainability agenda. This alignment is evident in several key areas:

• Social Justice and Wealth Distribution: One of the core principles of Maqasid Shariah is the promotion of social justice and the equitable distribution of wealth. Islamic finance instruments such as zakat (charitable giving) and the prohibition of riba (usury) are designed to redistribute wealth and promote financial inclusion. These principles align closely with SDG 1 (No Poverty) and SDG 10 (Reduced Inequalities), both of which aim to reduce poverty and bridge the gap between the rich and the poor.
• Environmental Stewardship: Islamic teachings place a strong emphasis on environmental conservation and the responsible use of natural resources. The Quran and Hadith (sayings of the Prophet Muhammad) advocate for the protection of the environment and discourage wastefulness. Islamic finance, therefore, encourages investments in projects that are environmentally sustainable and discourages activities that harm the environment. This aligns with SDG 13 (Climate Action) and SDG 15 (Life on Land), which focus on combating climate change and preserving biodiversity.
• Ethical Business Practices: Maqasid Shariah underscores the importance of ethical behavior in business and commerce. Islamic finance promotes fair trade, responsible corporate governance, and ethical labor practices, all of which are in line with SDG 8 (Decent Work and Economic Growth). This SDG aims to promote sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all.
• Human Development: The objectives of Maqasid Shariah also include the promotion of education, health, and personal development. These objectives contribute directly to SDG 3 (Good Health and Well-being), SDG 4 (Quality Education), and SDG 5 (Gender Equality). Islamic finance can play a significant role in supporting initiatives that improve health outcomes, provide access to quality education, and promote gender equality.

The Role of Islamic Finance in Advancing Maqasid Shariah

Islamic finance is built on principles such as risk-sharing, asset-backing, and profit-and-loss sharing, which differentiate it from conventional finance systems. These principles are not only in harmony with the objectives of Maqasid Shariah but also offer a viable alternative to the conventional financial models that have often been criticized for contributing to economic instability and social inequality.

Islamic finance can contribute to the global sustainability agenda in several ways:

1. Ethical Investments: One of the key tenets of Islamic finance is the encouragement of investments in projects that are ethical and socially responsible. This includes investments in renewable energy, affordable housing, healthcare, and education, among others. By focusing on ethical investments, Islamic finance can foster economic growth without compromising environmental sustainability or social equity. This approach aligns with the principles of Maqasid Shariah and the SDGs.
2. Inclusive Finance: The prohibition of interest in Islamic finance ensures that financial services are accessible to a broader segment of the population, including those who are often excluded from conventional financial systems. This inclusivity helps to reduce poverty and promote financial inclusion, which is critical to achieving the objectives of Maqasid Shariah and several SDGs, including SDG 1 (No Poverty) and SDG 10 (Reduced Inequalities).
3. Risk Mitigation: Islamic finance is based on the principle of risk-sharing, which promotes financial stability and resilience. By sharing risks between investors and entrepreneurs, Islamic finance reduces the likelihood of financial crises and contributes to economic stability. This risk-sharing mechanism is in line with the objective of Maqasid Shariah to preserve wealth and property and supports the broader goal of sustainable development.

Maqasid Shariah: A Path to a Just and Sustainable Future

As the world grapples with complex challenges such as climate change, social inequality, and economic instability, the principles of Maqasid Shariah offer a comprehensive and ethical framework for addressing these issues. Islamic finance, guided by the objectives of Maqasid Shariah, has the potential to catalyze positive change, providing innovative solutions that align with the global sustainability agenda.

The integration of Maqasid Shariah into the sustainability agenda is not only beneficial for the Muslim world but also offers valuable insights for the global community. By aligning the objectives of Maqasid Shariah with the United Nations’ Sustainable Development Goals, Islamic finance can contribute to creating a more just, equitable, and sustainable future for all.

In conclusion, the discourse at KLIFF 2023, led by thought leaders like Tan Sri Dr. Mohd Daud Bakar, highlights the growing recognition of the role that Islamic finance and Maqasid Shariah can play in advancing global sustainability efforts. As the world seeks innovative and ethical solutions to its most pressing challenges, the principles of Maqasid Shariah offer a promising path forward, one that balances economic growth with social justice and environmental stewardship.