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Exploring the Concept of Debt from the Perspective of the Objectives of the Shariah

Zainol, Zairani and Khairol Nizam, Aini Nur Hajjar and Ab Rashid, Rosemaliza (2016) Exploring the Concept of Debt from the Perspective of the Objectives of the Shariah. International Journal of Economics and Financial Issues, 6 (S7). pp. 304-312. ISSN 2146-4138

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Debt is now considered a norm in everyone’s life. In Malaysia, the robust expansion of loans to the household sector has led to rising household debts.The objective of this paper is to explore the concept of debt in Islam from the perspective of the objectives of the Shariah (Maqasid Shariah).This study employs the qualitative methodology utilizing an in-depth interview with selected informants representing experts in the Shariah.The findings indicate that from the goals and objectives of the Shariah point of view, the rules for incurring debt differ according to specific circumstances.Debt should only be incurred for the purpose of necessity (daruriyyat) where the absence of debt might bring harm to the person in need. In general, acquiring debt for the purpose of complementary benefits (hajiyyat) and embellishment (tahsiniyyat) are still allowed but is not encouraged.

Item Type: Article
Uncontrolled Keywords: Debt, Islam, The Objectives of the Shariah
Subjects: H Social Sciences > HG Finance
Divisions: Islamic Business School
Depositing User: Mrs. Norazmilah Yaakub
Date Deposited: 24 May 2018 00:19
Last Modified: 24 May 2018 00:19
URI: http://repo.uum.edu.my/id/eprint/24137

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