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All Journal International Journal of Islamic Studies Cakrawala: Journal of Religious Studies and Global Society
Islam, Md. Thowhidul
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Religion Arts Humanities Education Social Sciences

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The Shari’ah Foundation of Islamic Banking Islam, Md. Thowhidul
Dirasah International Journal of Islamic Studies Vol. 2 No. 1 (2024): Islamic Studies
Publisher : Perkumpulan Dosen Tarbiyah Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59373/drs.v2i1.24

Abstract

Islam prescribes a complete code of conduct for human life including economic activities. The prescribed Islamic code of conduct generally refers to Shari’ah, on which Islamic banking was founded. The most important characteristic of Islamic banking is to maintain its products and operations according to the principles of Shari’ah, which is based on the Holy Qur’an, Hadith, Ijma, Qiyas, and Ijtihad. Islamic banking has rapidly been growing in the modern economic world as an alternative to conventional banking. It is expected that Islamic banking operations will not only comply with the Shari’ah but also contribute towards achieving the Maqasid-al-Shari’ah (objectives of Shari’ah), which is the ultimate welfare of the Muslim Ummah and the human being. The findings of several studies showed that Shari’ah compliance is the single most important factor for choosing Islamic banking. Unfortunately, many recent studies revealed that many Islamic banks are violating their obligation of Shari’ah compliance. Hence, the paper aims at understanding the Shari’ah foundation of Islamic banking to examine that the modes of Islamic banking are based on the principles of Shari’ah. It also incorporates the major components of Shari’ah and its concept of economic tools such as ownership, wealth, money, capital, trust, and accountability to have a comprehensive idea about the Shari’ah foundation of Islamic banking. The methodology used in this conceptual study is a critical analysis of the literature survey. The literature on the concept of Shari’ah basis of Islamic banking is read to understand the basic components of Shari’ah and its principles to govern economic practices to examine its application in the Islamic banking industry and identify the Shari’ah foundation of the modes and contracts used by the modern Islamic banking industry.
Evaluation of the Impact of Hadith on Social Change in Various Eras of Islamic History Abdul Rachman, Hidayatulah; Kosasih, Engkos; Al Mighwar, Muhammad; Klaina, Mekki; Islam, Md. Thowhidul
Cakrawala: Journal of Religious Studies and Global Society Vol. 2 No. 2 (2025): Desember
Publisher : Yayasan Cendekia Gagayunan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63142/cakrawala.v2i2.302

Abstract

This study analyzes the role of the hadith of the Prophet Muhammad (PBUH) in encouraging social change during three important phases in Islamic history, namely the Khulafaur Rashid, the Umayyad and Abbasid periods, and assesses its relevance in contemporary contexts. This study uses a qualitative approach with a content analysis method on primary and secondary sources that contain hadith and historical records related to social transformation in each period. The results of the study show that during the time of Khulafaur Rashidin, hadith became a normative foundation in organizing socio-political life, including in the distribution of zakat, the protection of minorities, and deliberation in decision-making. In the Umayyad and Abbasid periods, hadith was used as a tool of legitimacy of power, but it also underwent significant codification and standardization, making it an instrument of institutionalized social reform. Contemporary discussions reveal that the values in the hadith remain relevant in promoting social justice agendas, inclusive education, gender equality, and peace. However, challenges arise when the hadith is interpreted textualistically without considering the context and purpose of the shari'a (maqāṣid al-sharī'ah). This study concludes that hadith has great transformative potential if interpreted contextually and progressively, but risks becoming a tool of conservatism if used narrowly. Therefore, hermeneutic and maqāṣid approaches need to be integrated in the understanding of hadith in the modern era.
Co-Authors Abdul Rachman, Hidayatulah Al Mighwar, Muhammad Engkos Kosasih Klaina, Mekki