Structuring Corporate Sukuk Through The Lens of Maqasid Al-Shariah: A Qualitative Insight From Sharia Advisory Council (SAC) Of Islamic Financial Institutions ((IFIs)

Purpose: This study aims to develop a Maqasid al-Shariah framework in assessing the activities and impacts of corporate Sukuk structures. Specifically, it examines how corporate Sukuk can serve as a mechanism to fulfill the five key dimensions of Maqasid al-Shariah, namely preservation of religion (hifz al-din), preservation of life (hifz al-nafs), preservation of intellect (hifz al-aql), preservation of lineage (hifz al-nasl), preservation of wealth (hifz al-mal). The research seeks to critically map the alignment between Sukuk practices and the higher ethical and socio-economic objectives of Shariah. Design/methodology/approach: A qualitative, research design was employed. Semistructured interviews with Islamic finance practitioners and Shariah scholars were conducted to gather insights. Thematic analysis utilizing NVivo software produced a total of 65 codes, which were synthesized into 20 major themes. Specifically, examination across the five dimensions of Maqasid al-Shariah revealed 42 codes that were grouped into 11 major themes. These themes critically illustrate how corporate Sukuk activities, and their socio-economic impacts align with the broader objectives of Islamic law. Triangulation with existing literature enhanced the theoretical grounding and validity of the findings. Findings: The study finds that corporate Sukuk structures contribute to the realization of Maqasid al-Shariah both directly and indirectly. Activities such as financing business expansion, educational programs, social welfare, ethical investments, and sustainable infrastructure projects demonstrate how Sukuk proceeds can be effectively structured to support wealth preservation, family protection, religious system development, intellectual growth, and life sustainability. However, the findings also reveal that Sukuk’s alignment with Maqasid objectives is often implicit rather than deliberate, highlighting the need for more intentional Maqasid-based Sukuk designs. Practical implications: The research offers practical guidelines for Sukuk issuers, regulators, and scholars to embed Maqasid al-Shariah values into Sukuk structuring processes. It proposes the development of impact measurement frameworks that evaluate Sukuk issuances not solely on compliance, but on their broader contributions to societal welfare, ethical governance, and sustainable development. This approach will enhance the authenticity, credibility, and societal relevance of Islamic capital market products. Originality/value: This study is among the first to systematically develop a thematic Maqasid al-Shariah framework for corporate Sukuk activities and impacts through empirical qualitative analysis which aligns with the Securities Commission Malaysia's of Maqasid al-Shariah Guidance for Islamic Capital Market (2023). By advancing a holistic model that bridges Shariah compliance with Maqasid realization, the research offers a new perspective for structuring Sukuk in ways that better serve Islamic ethical, economic, and social objectives. The findings contribute significantly to the evolution of Islamic finance towards a valuesdriven, socially impactful financial system.