Maulana, Hartomi (2018) ISLAMIC MICROFINANCE AND MAQASID SHARIAH: AN OEVERVIEW OF SELECTED EXPERTS. ISLAMIC MICROFINANCE AND MAQASID SHARIAH: AN OEVERVIEW OF SELECTED EXPERTS, - (-). pp. 391-418. ISSN 978-602-5620-10-2

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Abstract

Although the Islamic banking industry is growing extensively, however the industry are still out of reach from the hardcore poor. The population under poverty remains financially excluded from the mainstream banking services. This is relatively opposite from the purpose for which Islamic banks were created which is maqasid Shari‟ah. Islamic microfinance institutions (MFIs) on the other hand trying to financially include those who have no access to mainstream banking. The aim of this paper is to assess what extent to which the activities of Islamic MFIs are fulfilling maqasid Shari‟ah based on expert perspectives. By carrying out qualitative approach, the paper employs semi-structured interviews of seven experts to understand the degree of achievement by Islamic MFIs with respect to maqasid Shari‟ah. The study indicates that the current practices of Islamic MFIs are not really in line with maqasid Shari‟ah. The study also suggests that Islamic microfinance should focus on community-based activities as they may utilize funds from Islamic philanthropy such zakat, awaqf, shodaqah and CSR (corporate social responsibility). Finally, role of government, education program and funding issues appeared to be the main obstacles of Islamic microfinance to achieve maqasid Shari‟ah.

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