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Reconstructing Islamic Financial Management Philosophy through a Dynamic Maqashid al-Shariah Framework Liya Setiawati; Muhardi Muhardi
Green Economics: International Journal of Islamic and Economic Education Vol. 3 No. 1 (2026): January: Green Economics: International Journal of Islamic and Economic Educati
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/greeneconomics.v3i1.466

Abstract

The last few decades of the institutionalization of Islamic finance are notable for the fundamental controversies surrounding its institutionalization. These controversies can be seen rooted in the dual phenomena of the legalistic form taking Islamic finance as a practice and the overwhelming reliance on modern managerial paradigms. There are significant ethical gaps as consequence. The objective of the current research is to aim to help reconstruct the philosophy of Islamic financial management from the perspective of the maqasid al-shariah and, importantly, to treat it as a primary lens and not secondary. The research employs a qualitative conceptual and philosophical approach and attempts to engage the prevailing paradigms and contours of Islamic finance through the lenses of ontology, epistemology and axiology. The research finds that contemporary Islamic financial management suffers from a deficient ontology of profit, epistemology of compliance and an axiology that is instrumentally weak. In light of the above, the research articulates the philosophy of Islamic Finance in the direction of the maqasid and posits that finance as an instrument of maslahah, and so, in that order, integrate revelation, reason, and the socio-economic order, and it is, thereby, just to place the preeminent values of human dignity, justice and the welfare of the greater good (public) in the financing of maslahah. The research articulates a coherently formulated philosophy of Islamic financial management based on the maqasid for the Islamic financial management of practice and for empirical, policy and institutional Islamic finance reform, and so makes a significant theoretical contribution.
Risk Management in a Practical Philosophical Perspective: Implications for Organizational Leadership Hamzah, Amir; Dini, Maya; Muhardi, Muhardi
Journal of Social Science and Business Studies Vol. 4 No. 1 (2026): JSSBS
Publisher : Yayasan Gema Bina Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61487/jssbs.v4i1.294

Abstract

This study aims to develop a philosophical reinterpretation of risk management and to examine its implications for organizational leadership. Using a conceptual and philosophical research design, the study is based on a systematic review and integrative synthesis of literature on risk management, leadership, and practical philosophy, particularly Aristotelian ethics and the concept of phronesis. The analysis indicates that dominant risk management models are largely grounded in instrumental rationality and are limited in addressing ethical ambiguity, contextual judgment, and moral responsibility in decision-making under uncertainty. As a result, this study develops a conceptual framework that emphasizes practical wisdom, ethical reasoning, and leadership sensemaking as core elements of effective risk governance. The study concludes that risk management is fundamentally a moral and interpretive activity embedded in leadership practice, and that integrating practical philosophy into risk management complements existing technical models while strengthening ethical accountability, strategic decision-making, and organizational resilience.  
Co-Authors Abdul Hadid Abdul Razzaq Abdul Wahid Abdul Walid Abubakar M. Lajhie Adrianton Adrianton Adwiyah, Rabiatul Afdalia, Afdalia Ahmad Satria Efendi, Ahmad Satria Aisyah Putri Aisyah, Siti Nadira Aldi, Aldi Alex Kurniawandy Amir Hamzah Amiruddin Sahabu Andi Kamal Ahmad Anggriana, Anna Anita Febriani Annesia Malantiyaz Aris Aryanto Arnis En Yulia Arvi Iskandar Asmira, Adhe Azrul Azwar Benni Harianto Naibaho Budi Hartono Charles AN Chitra Anggriani Salingkat Christoporus, Christoporus Cucut Susanto, Cucut D Gandana Madjakusumah Dadang Kusnadi Dance Tangkesalu Darsin Darsin Dede R Oktini Dedy Yasriady Devi Melisa Veronica Dewa Ariembawa Diandra, Roni Dini, Maya Djuni Farhan Dodi Pratama Dodi Pratama Effendy Effendy Efrian Saputra Ellia Marlina Fachry Abda El Rahman Fadilah, Winardi Fadlan Fadlan Faisal Faisal Fajrian Saddek Ferry Fatnanta Fonda, Hendry Galang Maulana Geulis, Yusanneya Gunawan Wibisono Hadiyan Putra, Hadiyan Hamdana Hamdana Hamida, Hayatul Handika Handri Handri Hapsari, Nurma Murti Hardy Hutahaean Harnedi Maizir Harnipa, Harnipa Hayatul Hamida Hermansyah Hermansyah Holid Holid Ida Ayu Putu Sri Widnyani Idamayanti, Reski Imam Hanafi Indah Fitriana Juliasman, Rendy Dwi Jumrah Jumrah Jumrah Jumrah Kartika Sari, Desi Kasmuliani, Kasmuliani Kiswanto Kiswanto Krisna, Daniel Surya Lita Darmayanti Liya Setiawati Made Antara Madyana Patasik Mahfudz Mahfudz Maman Sutisna Marhani Marhani masri, mawardi jalil Mellinda, Devi Melyanti, Rika Muh Fardhal Pratama Muh. Syahlan Natsir Muhamad Yusa Muhammad Basir Cyio Muhammad Hafizh Anwar Muhammad Naufal Rivan Muhammad Rofiq Muhammad Syafnil Ramadhan MUHAMMAD SYAIFULLOH Muhammad Tahir MUHAMMAD TAUFIK Muhardi Muliadi Mustamin B, Mustamin B Nandang Ihwanudin Nirmala, Sri Nunung Nurhayati Nurchi Syahri Nurdin Nurdin nurfadiiah, nurfadilah Nurlina Nurlina Nu’man, A. Harits Ordila, Rian Perdhana, Radhitya Perkasa, Subhan Prasetya, Irvan Nur Prawiradilaga, R. Rizky S Prayitno, Dwi Imam Pupung Purnamasari Puspa Ningrum Puspitawaty, Vinna Putri, Nofia Afifah Rahma Silva Anita Rahmalisa, Uci Ralan Ditra Ramadani, Sri Refni Wahyuni Reynaldi Saputra Rezeki, Desi Saputri Sri Ridwan Hamdani Ridwan, Alfadhella Rio Hidayat Risfandipraja, Rafdy Rizky Suganda Prawiradilaga Rizqi Yuliana Robi Handi Putra Roni Indra Lesmana Rosianti Mokoginta Rostiati Dg Rahmatu Rustam Abd. Rauf Rustan, Sriwahyuni s, Pirmadona Sabna, Eka Sadida, Zayyana Jasmine Said Defri Ariandi Sakinah, R Kince Salsabila Hasanah Sangadji, Muhammad Nur Sanjaya, Gigih Santi Santi Saputra, Adetia Sentana, Jeri Trio Sihombing, Halasan Sitti Rahmayani Soewignjo Agus Nugroho Sri Anjar Lasmini Sri Suwarsi Sulaiman Sulaiman Sundaya Sundaya Suryadi Ramadhan Syafrinal, Syafrinal Syam, Moh Amin Syamsul Arifin Tabah Miftahudin Tasya Aspiranti Tomi, Tomi Toni, Afriwan Umi Muawanah Wahyudi, Alfin Wardah Wardah Warsidah, Warsidah Wijaya, Agus Sunar Winda Sari Wiwik Handayani Wulansari, Dita Novia Yani Oktavia Yoga Satria Putra Yohanis Tambing Yuda Irawan Yudha Arman Yugo, Tri Yulanda, Yulanda Yuli Widiyono Yulia Beikircher Yusrawati Yusrawati Z, Harist Febrie R Zalna, Zalna Zulivandama, Shaska Ramadhan Zulkifli, Reynaldi