'MAQASID AL-SHARIAH' IN ISLAMIC BANKS BEFORE VALUE-BASED INTERMEDIATION IMPLEMENTATION

Bank Negara Malaysia (BNM) had introduced Value-Based Intermediation (VBI) initiatives to help Islamic banks implement a structuralised form of maqasid al-shariah (objectives shariah (Islamic law)) in their banking operations. Thus, questions were raised by the public on whether or not institutions been achieving operations prior VBI. This paper aims discuss real concept that should be realised and investigate truly before introduction Library research is conducted obtain information qualitative methodology adopted gain from three bankers representing via semi-structured interviews. The researchers found fundamental includes protection religion, life, intellect, progeny wealth human life through products services offered banks. have developed achieve even VBI was BNM. However, with VBI, proper framework has developed.