The Objectives (Maqāṣid) and Their Role in Settlement (Takharruj) in Financial Transactions

Abstract

This study examines the role of *Maqāṣid al-Sharīʿah* (the higher objectives of Islamic law) in *takhāruj* as a practical mechanism for addressing problems and resolving certain disputes related to wealth. It explores how these objectives contribute to achieving justice in financial transactions, particularly contemporary ones considering the diverse forms of companies and partnerships, and the evolving methods of investment and modern financial rights. The research also aims to clarify how the overarching Sharīʿah objectives can be applied within financial dealings such as establishing justice, alleviating hardship, securing benefits, averting harm, and protecting wealth and how these objectives can be placed within a methodological framework and practical application to regulate the rulings of *takhāruj*. The study employs descriptive, analytical, and inductive methodologies. The findings indicate that the Sharīʿah objectives serve as an effective tool for developing the rulings of *takhāruj* in a manner consistent with modern realities, taking into account the balance between individual and collective interests, and offering flexible Sharīʿah-compliant alternatives that align with the evolving landscape of Islamic financial markets.