The actualization of maq  a  sid al-Sharīʿ ah in Islamic finance: a conceptual framework Abu Talib Mohammad Monawer, Noor Naemah Abdul Rahman, Ameen Ahmed Abdullah Qasem Al-Nahari, Luqman Haji Abdullah and Abdul Karim Ali Fiqh and Usul, University of Malaya, Kuala Lumpur, Malaysia, and Achour Meguellati Islamic History and Civilization, University of Malaya, Kuala Lumpur, Malaysia Abstract Purpose – This paper aims to formulate a conceptual framework that will facilitate the actualization of maq a  sid al-Sharīʿ ah in product design and consumption within Islamic financial institutions (IFIs). Design/methodology/approach – This paper relies on the classical and contemporary literature on maq a  sid al-Sharīʿ ah and Islamic finance and adopts a qualitative content analysis method and an inductive approach to outline the constituent elements that formulate the framework. Findings – This study determines six vital constituents of maq a  sid al-Sharīʿ ah, namely, parameters of maq a  sid, particular objectives, appropriate means, micro provisions, level of need and legal maxims to develop a conceptual framework of actualizing maq a  sid al-Sharīʿ ah in Islamic finance. The framework covers the following three stages: identification of maq a  sid, operationalization of maq a  sid in product design and consumption based on maq a  sid. Research limitations/implications – This paper proposes a conceptual framework without investigating the practice of any particular industry or products. Further research would focus on formulating a practical framework based on a focus group discussion with industry experts, elaborating the parameters of maq a  sid, scrutinizing the maq a  sid available in the literature by the parameters of maq a  sid and assessing the IFIs’ products and services using the proposed framework. Practical implications – This paper provides insights into the importance of maq a  sid elements and the effects of overlooking them on IFIs and customers’ product consumption. Furthermore, a major implication of the proposed framework is to learn how to use the maq a  sid approach as the baseline for designing new financial products. Originality/value – The novelty of this paper lies in its pioneering attempt of harmonizing all essential maq a  sid elements and using them as constituents to formulate a comprehensive framework that actualizes maq a  sid al-Sharīʿ ah in the Islamic finance industry. Keywords Maq a  sid actualization, Islamic finance, Product design, Product consumption, Conceptual framework, Financial product design Paper type Conceptual paper The authors would like to thank the University of Malaya for providing financial assistance to carry out this research under the research grant Bantuan Kecil Penyelidikan (BKP), project no. BK011– 2018. Conceptual framework Received 17 June 2020 Revised 17 January 2021 27 July 2021 29 September 2021 Accepted 12 November 2021 International Journal of Islamic and Middle Eastern Finance and Management © Emerald Publishing Limited 1753-8394 DOI 10.1108/IMEFM-06-2020-0293 The current issue and full text archive of this journal is available on Emerald Insight at: https://www.emerald.com/insight/1753-8394.htm