Realisation of maqasid al-shariah using value-based intermediation (VBI) in Islamic banks / Aizurra Haidah Abdul Kadir

Maqasid al-Shariah refers to the objectives and rationales of the Shariah which reflect the general view of Islam as a complete and integrated code of life of an individual and a society as a whole, in this world and hereafter. The main objectives in Maqasid al-Shariah are protection of religion, life, intellect, wealth and posterity. Value-Based Intermediation (VBI) is a strategy proposed by Bank Negara Malaysia (BNM) as an intermediary tool to deliver the intended outcomes of Shariah through practices, conducts and offerings that generate positive and sustainable impact and values towards the economy, community and environment. Conflict arose when some banks decided not to adopt VBI in their current operation due to the existence of similar concept or strategy as VBI that has been adopted much earlier by them except with different term and they have come out with the same idea as VBI which is to achieve Maqasid al-Shariah. Consequently, there are four (4) objectives in this research. The first objective is to explore the perspectives of the Islamic Banks in Malaysia on the realisation of Maqasid al-Shariah using VBI. The second objective is to investigate the reason(s) behind the acceptance and rejection of VBI among the Islamic Banks in Malaysia. The third objective is to identify the efforts of the Islamic Banks in Malaysia in realising Maqasid al-Shariah using VBI and the fourth objective is to propose a research model on the realisation of Maqasid al-Shariah using VBI.