The framework of Maqāṣid al-Sharī’ah and its impact on waqf law and economy

In Islamic law, the Waqf is a significant institution that engages with the dedication of property for charitable purposes. Waqf assets are utilized to fund a variety of social and religious endeavors, such as education, healthcare, and the alleviation of poverty. This study will examine the significance of Maqasid al-Shari’ah in Waqf law and the economy. Maqasid al-Shari’ah, a key idea in Islamic jurisprudence, refers to the aims and purposes of Islamic law. Maqasid al-Shari’ah is used as a framework for understanding Islamic law's underlying principles and values and is applied in numerous fields, including economics, finance, and government. Waqf is an effective means of achieving Maqasid al-Shari’ah, particularly in the areas of social welfare and economic development, according to the findings of this study. The waqf and other kinds of endowments/charities that serve similar purposes are not compared in this paper. The framework for the Maqasid-oriented waqf-based development plan is presented in this paper, and it is followed by some critical recommendations on how the global awqaf might lead the effort of Islamic charities to bring about the Maqasid al-Shariah in Muslim-majority nations. This paper contributes original insight to the existing literature on the development potential of waqf. The concept of Maqasid al-Shari’ah, its influence on Waqf law and economy, and how it can be used to advance both individual and societal welfare will all be better understood as a result of this research paper