Purpose The purpose of this paper is to come-up with a systematic exertion on Maqasid Shari’ah in Islamic economics, banking and finance, with a clear focus on forming an appropriate and novel framework that identifies the effort of contemporary scholars and detects the existing gap that might possibly champion new research commitments. Design/methodology/approach A systematic approach to literature review was steered through the means propagated by the Centre for Reviews and Disseminations (DSR), but modified to the precise requirements of this review. Google Scholar was searched throughout the passage. The search criteria are confined to English documents that are within the period of 2006-2016. Articles that did not score or did not convince that the subject of Maqasid Shari’ah has been applied in Islamic economy, Islamic banking, Islamic finance, Islamic financing products and economic development are excluded. Appropriate search keys are used to gather better results. Findings The findings inform that contemporary scholars show a robust commitment to the themes of the result during the stated period. The outcome reveals that contemporary scholars designate more interest and attention on Islamic banking and expose their potential specialty in the expanse than other themes. The study further highlighted the gap of some significant areas that are either outside the coverage of the reviewed documents or require more attention from contemporary scholars, for instance, wealth formation and management, wealth consumption, socioeconomic security, risk management, corporate governance, management policy, human resource development, prohibition of Riba, profit and loss sharing (PLS), etc. Research limitations/implications The paper is limited to contemporary aspects of Islamic economics, banking, finance and economic development that have a link with the subject of Maqasid Shari’ah. Practical implications A review of these scholarly reported documents has the potential to draw attention toward filling the existing gap that will likely result in salvation of current issues on the subject of Maqasid Shari’ah that has a direct association with Islamic economy, banking and finance. Originality/value The paper is original in its nature considering the fact that it is assumed as the maiden attempt of its kind in the field. It is a treasure to all those who may cherish and find it relevant in their progressive and rounded convention or application on the matter.

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Zakat is an important Islamic institution in Malaysia. The development of the institution has been through time influenced by the changing social, political and economic situation of the country. One of the important phenomena that shaped the institution is the Islamization process which happened during Islamic revivalism which ushered in the early 1970s. The scenario and the social change that happened during the era have resulted in the zakat has been one of the institutions which government keened to enhance in the later decades. This article discusses the brief development of zakat institution in post Malaysian Islamic revivalism era, through which eventually, the impact of the revivalism on the institution will be clearly observed. As has been self-evident throughout the discussion, supported by the data of collection over the years, the zakat institution, apart from its fundamental role as religious duty, has been through time playing a greater role in social and economy. .

Islamic business ethics is one that should be the practice of Muslim traders, because Islam promotes this method for fairness, honesty and the benefit of people. Ethical values of Islam must be known and understood by all Muslim traders to avoid cheating that may oppress customers. This study uses qualitative methods and obtains data from the interviewers and observations. The study found that the majority of Aceh traders has understood the ethical businessmen in Islam which can be seen from the activities they are doing in each of its business practices. Aceh dealers are usually honest, fair, occupying commitment, hardworking and making efforts in business.