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All Journal Tasharruf : Journal of Islamic Economics and Business Referensi Islamika: Jurnal Studi Islam
M. Sholeh Wafie
Universitas Nahdlatul Ulama Pasuruan
Religion Humanities Economics, Econometrics & Finance

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Manajemen Risiko Kepatuhan Syariah dalam Lembaga Keuangan Syariah Hasnah Haron; M. Sholeh Wafie; Salsabila Firdaus
Tasharruf : Journal of Islamic Economics and Business Vol. 6 No. 2 (2025): Tasharruf : Journal of Islamic Economics and Business (November)
Publisher : Universitas Nahdlatul Ulama Pasuruan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55757/tasharruf.v6i2.1152

Abstract

Sharia compliance is a key pillar in the operations of Islamic financial institutions, which continues to grow along with the development of the global Islamic financial industry. Sharia compliance risk management is a crucial factor in protecting institutions from the risk of non-compliance, which can seriously impact business sustainability, reputation, and consumer trust. This article discusses critical aspects of Sharia compliance risk management, including (A) definitions and basic principles, (B) risk identification and evaluation, (C) mitigation strategies, and (D) the application of technology in risk management. Case studies and practical examples are presented to provide a concrete picture of the challenges and solutions faced by Islamic financial institutions. With a comprehensive approach, this article is expected to provide insight into the importance of Sharia compliance risk management in maintaining the integrity and stability of Islamic financial institutions in the global market.
Examining the collapse of Islamic microfinance Institutions: A Maqasid al-Shari’ah-based Auda systems analysis of risk governance failure M. Sholeh Wafie; Helmi Muhammad; Ika Rinawati
Referensi Islamika: Jurnal Studi Islam Vol. 4 No. 4 (2026): August
Publisher : Academic Bright Collaboration

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66053/ri.v4i4.904

Abstract

This study examines how the collapse of Islamic microfinance institutions, particularly Baitul Maal wat Tamwil (BMT), can be understood as a systemic failure of risk governance rather than merely a liquidity or financing problem. It focuses on how cognitive, structural, procedural, and sharia-ethical failures disrupt maqasid al-shari'ah protection. This study employed a qualitative comparative post-collapse case study of two Islamic microfinance institutions, referred to as BMT-A and BMT-B. Data were collected through semi-structured interviews, chronological interviews, document analysis, cross-actor clarification, and limited observation of institutional traces. This study involved 30 informants who served as the primary data sources.  The analysis combined within-case analysis, cross-case comparison, thematic coding, pattern matching, and maqasid al-shari'ah impact mapping using Auda’s systems approach. The findings indicate that the collapse of BMTs occurred through the interaction of cognitive, structural, procedural, and ethical-sharia risk governance failures. These failures manifested themselves through a narrowing of the meaning of risk, weak supervisory accountability, and non-corrective control mechanisms, resulting in a maqasid al-shari'ah misalignment. The study is limited to two post-collapse cases and is not intended for statistical generalisation. Its findings, however, offer an analytical basis for developing maqasid al-shari'ah-based early warning systems in Islamic microfinance. This study contributes a maqasid al-shari'ah-based risk governance failure model that positions maqasid al-shari'ah not only as a normative ideal or performance indicator, but also as a diagnostic framework for explaining institutional collapse in Islamic microfinance.
Co-Authors Hasnah Haron Helmi Muhammad Ika Rinawati Salsabila Firdaus