CONSIDERING DEBT IN THE PERSPECTIVE OF MAQASID AL-SHARIAH: MASLAHAH VERSUS MAFSADAH

Abstract

Debt in Islamic tradition is accepted as an instrument to fulfill necessities for the needy. Islam has made it explicit that one of the trial for man is poverty or having inadequate resources to pursue his living. Therefore, debt is considered as an essential instrument that should not be dismissed for various reasons. Instead of viewing it negatively or as something immoral, Islam comes to regulate the practice by envisaging some rules and ethics and highlighting the appropriate measurement in the light of its impact. This article attempts to explore the Islamic perspective on debt by using maqāṣid al-Shari’ah (objectives of Shariah). In this perspective, debt will be analyzed based on the impact on maslahah (benefit) and mafsadah (harm) in fulfilling the necessities of life and improving welfare. This study uses library research by systematically review the literature from the references for a comprehensive analysis of the discourse. The classification of objective and impact of having debt, proposed in this study, can be a framework of analysis for the justification of debt.