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Maqasid al-Shariah Framework for Evaluating Islamic Microfinance Programs
Yusuf Abdulrahman BakareUniversity of IbadanCorresponding
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Abstract
Islamic microfinance has emerged as a promising tool for financial inclusion and poverty alleviation in Muslim-majority communities. However, existing evaluation frameworks often fail to capture the holistic objectives of Islamic finance beyond mere financial sustainability. This paper proposes a comprehensive evaluation framework grounded in Maqasid al-Shariah (objectives of Islamic law), incorporating the five essential elements of protection: religion (din), life (nafs), intellect (aql), progeny (nasl), and wealth (mal). Through case studies of three Islamic microfinance institutions in Indonesia, Pakistan, and Bangladesh, we demonstrate how this framework provides richer insights into program effectiveness compared to conventional impact assessment methods. Our findings suggest that programs explicitly designed around Maqasid principles achieve higher social impact scores while maintaining financial viability.
Keywords
Islamic microfinanceMaqasid al-Shariahfinancial inclusionpoverty alleviationimpact assessment
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How to Cite this Article
Yusuf Abdulrahman Bakare, et al. (2025). Maqasid al-Shariah Framework for Evaluating Islamic Microfinance Programs. Journal of Islamic Financial Research, 1(1), 53-78. https://doi.org/10.12345/jifr.2025.003
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