Kuala Lumpur Declaration and Maqasid Al Shari'ah - Déjà vu?

A very warm welcome back to the second edition of my blog. I was torn between the above title and an alternative of “Back to the future”, but decided to show off my modest grasp of the French language! The point of the title is to draw your attention to something we have seen before and perhaps, have not paid as much attention to as we should. Let me continue.

About a month ago I was having a detailed discussion with one of our senior professors on the state of play regarding Responsible Finance, Risk Sharing, and The Islamicity Index and fulfilling the objectives of Maqasid Al Shari'ah. The Kuala Lumpur Declaration was mentioned, so I decided to revisit it.

Many leading shari'ah scholars and Islamic economists helped to craft and signed off on the Declaration, which I...