ABSTRACT
The experiences of traditional benchmarking are very interesting. Buyers and sellers bargain prices by benchmarking on prices of equivalent goods. Coupled with the forces of supply and demand in a free market regulated by the Sharī ͑ah, this traditional benchmarking was able to achieve several dimensions of Maqasid al-Sharī ͑ah related to the preservation of wealth. Yet researchers have not taken a keen interest in this interesting area of research. A review of the literature shows that much of the effort was expended in examining price control and price determination in the traditional benchmarking experiences. At the same time, works on Maqasid failed to create links with the traditional benchmarking experiences. The present study has adopted an exploratory research design. It uses a qualitative method in the form of literature survey, meta-analysis, and thematic analysis to investigate traditional benchmarking from the perspective of Maqasid al-Sharī ͑ah, specifically on the dimensions related to the preservation of wealth. The study found that traditional benchmarking had a great role in terms of establishing fair prices of products and services in the market, mutual consent among contracting parties. The study has assessed the extent to which the traditional benchmarking has adhered to Maqasid al-Sharī ͑ah. The findings reveal that the traditional benchmarking has achieved the following dimensions of the preservation of wealth: circulation of wealth to ensure fair pricing, clarity to attain transparency in pricing, stability of price, justice in market price, and development due to fair pricing, wealth circulation, stability, and transparency. The findings chart a new direction for future study on benchmarking based on Maqasid al-Sharī ͑ah.
