Dr. Mohamed Mostafa Shoaib, Director of the Research and Studies Department, represented the Academy at the 2nd Strategic Meeting on Islamic Economics, organized by the General Council of Islamic Banks and Financial Institutions (CIBAFI) in Jeddah. The event, titled “Sustainable Innovation in Islamic Finance: Achieving the Purposes of Sharia in Product Development,” was held on Wednesday 25 Jumada Al-Ula 1447, corresponding to 27 November 2024.

During his speech, Dr. Shoaib highlighted the significance of Maqasid al-Sharia (Objectives of Islamic Law), emphasizing their broad benefits for humanity, both in this life and the hereafter. He explained that the Maqasid are central to Islamic law, representing its essential principles, goals, and spirit—factors that ensure its enduring relevance, wisdom, and adaptability over time, based on the changing human circumstances, aiming to benefit people and protect them from harm and corruption.

Dr. Shoaib further also explored the specific role of Maqasid al-Sharia in the context of Islamic finance, focusing on how it influences innovation and sustainability in financial products. He defined the key objectives of Islamic finance as those Sharia-driven goals embedded in financial transactions, which include the preservation of wealth, its fair distribution, transparency, and justice. Under these overarching goals are several sub-objectives, such as promoting employment, ensuring lawful earnings, securing societal sufficiency, encouraging excellence in work, fostering honesty and integrity, and ensuring that earnings do not detract from the fulfillment of obligatory rights on the eligible person, which also include numerous other partial objectives of Sharia.

He concluded by stressing that sustainability in Islamic finance involves balancing financial objectives with ethical principles, in line with Sharia. This balance must address economic, social, and environmental considerations. Dr. Shuaib emphasized that achieving sustainability in Islamic finance products, social justice, environmental protection, and economic well-being is impossible without aligning with the general and specific purposes of Sharia, especially in financial products.