Implementation of Maqasid al-Sharia in Islamic Banking: Historical Trajectory and Significance
DOI:
https://doi.org/10.58824/arjis.v5i3.646Keywords:
Islamic Banking, Maqasid al-Syari’ah, MaslahahAbstract
Maqasid syariah is a fundamental pillar of Islamic law oriented toward the attainment of human welfare (maslahah), particularly in the economic sector. It plays a strategic role as the philosophical foundation for Islamic banking practices, product development, and systems, enabling them to respond ethically to contemporary business dynamics. This study aims to examine the definition, significance, classification, and historical trajectory of maqasid al-sharia and to analyze its implementation in the current Islamic banking industry. Methodologically, it is qualitative library research employing content analysis of primary sources (the Qur’an, the Sunnah, and classical works of usul al-fiqh, especially al-Shatibi’s al-Muwafaqat) and secondary sources (Scopus- and SINTA-indexed journal articles and official statistics of the Indonesia Financial Services Authority OJK). The findings show that maqasid al-sharia thought evolved through pre-codification and codification phases and that its implementation in Islamic banking is not merely the fulfillment of formal legality but the embodiment of five main indicators (al-daruriyyat al-khams): the protection of religion (al-din), life (al-nafs), intellect (al-’aql), lineage (al-nasl), and wealth (al-mal). As empirical corroboration, a synthesis of Maqasid Index evidence shows that Indonesian Islamic banks recorded higher maqasid attainment than several Malaysian banks (Bank Muamalat Indonesia = 15.12%), although the industry’s national market share reached only 7.72% in 2024 (OJK), signaling a persistent gap between formal sharia compliance and substantive maqasid realization. Strengthening the understanding of maqasid al-sharia is therefore crucial for stakeholders to safeguard the integrity, business morality, and competitiveness of Islamic banking amid rapid global change.
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