Critical Perspectives on Maqashid al-Shariah in Modern Financial Systems

Mutia Febrina Sari; Ferdi Prayoga

doi:10.30983/gic.v3i1.847

Authors

Mutia Febrina Sari UIN Sjech M.Djamil Djambek Bukittiggi
Ferdi Prayoga UIN Sjech M.Djamil Djambek Bukittiggi

DOI:

https://doi.org/10.30983/gic.v3i1.847

Keywords:

Maqashid al-Shariah, Islamic Finance, Modern Financial Systems, Ethical Finance, Shariah Objectives, Financial Innovation, Sustainable Finance

Abstract

This study offers Critical Perspectives on Maqashid al-Shariah in Modern Financial Systems, delving into the theoretical foundations and practical applications of Islamic legal objectives within contemporary finance. It examines how the traditional framework of Maqashid al-Shariah, encompassing the preservation of faith, life, intellect, progeny, and wealth, is interpreted and applied to guide the development and operation of Islamic financial products and institutions. The research critiques existing approaches, highlighting challenges such as the potential for formalistic interpretations that may deviate from the spirit of Maqashid, the complexities of adapting immutable principles to rapidly evolving financial innovations, and the tension between ethical ideals and market realities. It also explores opportunities for Maqashid-oriented finance to offer more equitable, sustainable, and socially responsible alternatives to conventional models, emphasizing areas like inclusive finance, ethical investments, and risk-sharing mechanisms. Ultimately, this abstract underscores the ongoing need for dynamic ijtihad and rigorous re-evaluation to ensure that modern Islamic finance genuinely embodies and effectively serves the holistic objectives of Shariah.

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