The Maslahah Concept in the Islamic Finance Institutions

Abstract

The sharia economy has grown rapidly in Indonesia for the past three decades. Sharia finance is an inseparable part of the Islamic economy. The market share of sharia finance in Indonesia consists of sharia banking, sharia insurance, sharia finance, sharia mutual funds, government sukuk and sharia stocks. In addition, there are still Islamic social finance sectors such as zakat and waqf. The development of sharia finance in Indonesia has undergone improvements from the previous stages. Studies that initially revolved around halal - haram, and seemed to repeat the classic debates, began to open to the renewal of Islamic law. As Fazlur Rahman said that Islamic law (in terms of fiqh) is not a rigid, and sacred thing towards changes because Islamic law is required to be able to provide juridical answers to various demands and issues of human life, while the dynamics of life always tend toward changes. Therefore the study of Islamic law in Indonesia must always be opened and it pays attention to the social implications from the application of law thoughts, and how the objectives of Islamic law (Maqashid Syari'ah) are manifested in the development of modren syari'ah financial industry. This study is a normative research, with a historical and analytical approach. The researcher concluded that, the realization of Maqashid Syariah in Islamic finance was a necessity. The products, the governance and the management of financial companies must be in order of Hifz ad-Diin, Hifz nafs, Hifz Aqal, Hifz Maal, Hifz Nasab, to achieve the benefit for the people and the advance of national economic development.

Keywords: Maqashid Syari'ah, Sharia finance, Islamic economy, Islamic law

DOI: 10.7176/JLPG/87-12

Publication date:July 31^st 2019