human life in general. (Monjur E Elahi, 2000)

The major objectives (Maqasid) of shariah in Islamic deposit and investment account are clear through the following:

The prohibition of Interest and uncertainty in these accounts
The Underlying contracts are in compliance with the principles of shariah
Deposit account (Ex: Qard or Wadia)
Investment account (Ex: Musharakah, Mudarabah and Wakalah)
Maqasid Al-Shariah

The Islamic banks must play an important role in providing the Islamic based products and services in order towards the achievement of Maqasid-al-Shariah in the economic system.

Maqasid al-Shariah, or the objectives of Islamic Law, is an important and yet somewhat neglected science of the Shariah. According to Imam al-Ghazzali:

“The objective of the Shari`ah is to promote the well-being of all mankind, which lies in safeguarding their faith (din), their human self (nafs), their intellect (`aql), their posterity (nasl) and their wealth (mal). Whatever ensures the safeguard of these five serves public interest and is desirable. Jurisprudence scholars such as al-Shāṭibī further divide the general objectives or sometimes denote as maṣlaḥah into three sub-categories: al-Shāṭibī calls these the Daruriyyat (essentials), Hajiyyat (complementary) and the Tahsiniyyat (embellishments) (Dusuki & Bouheraoua, 2011). The categories are briefly discussed below:

Ḍarūriyyah (necessities or essentials) is defined as interests of lives which people essentially depend upon, comprising the five aforementioned objectives of the sharīʿah: