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After presenting the Sharī'ah objectives of both tabarru'īt and hibah briefly, this paper looks at the applications of hibah as a "supporting Sharī'ah concept" in four contracts proposed to the Shariah Advisory Council of Bank Negara Malaysia (SAC). The four contracts are (1) Interbank Mudarabah Investment Contract, (2) al-Ijarah thumma-l-Bay' Contract, (3) Wadi'ah Contract, and (4) Qard Contract. Do these modern applications of hibah realize the maqāṣ id of al-tabarru'āt and hibah? Beside positive maqāṣ id, the paper also looks into instances in which hibah is utilized to serve purposes which are negative in nature such as ribā' and bribery (rishwah). Based on the maqasidic approach to tabarru'āt and hibah, the paper recommends terms and conditions when combining hibah with other transactions and contracts. These conditions will seek to overcome the violation of the original maqāṣid of the hibah and tabarru'āt. [ABSTRACT FROM AUTHOR]

The foundational principles of modern neoclassical economics, as of other disciplines of the social sciences, have been influenced by the overall trajectory of post-enlightenment, secular, humanistic thought and its epistemological roots such as rationalism, methodological individualism, and the assumed supremacy of the scientific method as a way of evaluating all forms of knowledge. This paper contends that an Islamic economics and finance bereft of analyzing and addressing these principles has inadvertently reinforced the very same problematic structures it originally intended to replace. [ABSTRACT FROM AUTHOR]