Maqaṣid Al Quran in Al Mu’amalat Al-Maliyyah (Islamic Financial Transactions): An Assessment of Islamic Financial Products in Nigeria

Maqaṣid al-Qur'an means the all-encompassing objectives of the Qur'an in shaping human conduct, which are justice (ʿadl), public benefit (maṣlaḥah ammah), and prevention of harm (ḍarar). These essential components of the Shariah system offer a useful evaluative framework for examining the ethical and functional aspects of financial systems. This study delves into the application of Maqaṣid al-Qur'an (the objectives of the Qur'an) in the sphere of al-Muʿamalat al-Maliyyah (financial transactions), with reference to practices in alignment with Islamic finance in Nigeria. The study employs a qualitative case study method, concentrating on a group of Islamic financial institutions in Nigeria and their products. It examines how their financial instruments such as spanning non-interest banking, profit-and-loss sharing frameworks, and zakat-based products capture the Qur'anic goals of attaining socio-economic equilibrium, expanding financial inclusion, and safeguarding wealth using permissible means. The research also evaluates how far the institutions surmount the practical hurdles thrown up by Nigeria's dualistic financial and legal structure, the predominance of conventional banking, regulatory limitations, and levels of public awareness. The results reveal that, while Nigeria’s Islamic finance has expanded remarkably and is aligned with fundamental maqaṣid principles, challenges such as implementation flaws, limited public engagement, and institutional development persist. The paper concludes by recommending a series of policy, regulatory, and educational reforms for the maximization of Maqaṣid al- Qur'an approach in Nigeria's Islamic finance.