The role of oil wealth in economic development in the light of maqasid al-Shari'ah : a case study of Petroliam Nasional Berhad [PETRONAS] /
Oil is considered one of the most important natural resources; it has become the backbone of modern civilization and appears to be a strategic commodity for each and every country. Whoever controls this commodity and its industry possesses huge power. Consequently, oil history is the history of stru...
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| Format: | Thesis |
| Language: | English |
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| Online Access: | http://studentrepo.iium.edu.my/handle/123456789/7141 |
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| Summary: | Oil is considered one of the most important natural resources; it has become the backbone of modern civilization and appears to be a strategic commodity for each and every country. Whoever controls this commodity and its industry possesses huge power. Consequently, oil history is the history of struggle among the big powers competing for areas of influence. Looking at the importance of oil and its significance in our life, the big question naturally emerges as to who should own this commodity, an individual or local communities or private company or state? The study aims to examine the position of oil in the Qur'an, Hadith and the classical and modern fiqh and determines the ownership of oil in the light of MaqÉÎid al SharÊÑah, and highlights the relationship between oil wealth and economic development indicating how to take the advantage of this resource to achieve economic development. In addition, it takes a case study of Petronas a wholly state owned petroleum company, to examine its contributions towards Malaysia's economic development in the light of MaqÉÎid al SharÊÑah, employing inductive and analytical methods. The study concludes that the ownership of oil should be given to the state to regulate its wealth and utilize it for the betterment of the country. Moreover, the study reaches to the conclusion that Petronas has met most of the Maqasid al Shari'ah (the objectives of Shari'ah) in terms of economic development and distribution of oil wealth. |
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| Physical Description: | xiv, 180 leaves : illustration. ; 30 cm. |
| Bibliography: | Includes bibliographical references (leaves 171-180). |