Ahmad Kholil
Department of Accounting, Politeknik Negeri Medan

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Optimizing Islamic Financial Instruments in Indonesia to Support SDGs: Maqashid Syariah Perspective Ahmad Kholil; Muhammad Zuardi; Amrin; Juryatina
Profetika: Jurnal Studi Islam Vol. 26 No. 01 (2025): Profetika Jurnal Studi Islam 2025
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/profetika.v26i01.9217

Abstract

Objective: Examine how these instruments can be aligned with global development goals while grounded in Islamic principles. This study aims to analyze the optimization of various Islamic financial instruments, such as Zakah, Waqf, Sukuk, and Islamic banking, to support the achievement of SDGs. Theoretical Framework: Maqashid Syariah, which emphasizes the protection of essential human values such as faith, life, intellect, lineage, and wealth, the study highlights the role of Islamic finance in promoting social welfare, economic justice, and environmental sustainability. Literature Review: Conducted, drawing from academic sources, regulatory documents, and practical implementations of Islamic finance in Indonesia and other Muslim-majority countries. Methods: The method used in this study is a qualitative approach with literature study techniques, analyzing relevant literature and Islamic financial policies in Indonesia and the world. Results: The study indicate that Islamic financial instruments can contribute significantly to supporting SDGs, especially in the aspects of poverty alleviation (SDG 1), quality education (SDG 4), economic equality (SDG 10), and sustainable consumption and production (SDG 12). However, there are challenges in optimizing implementation, such as regulations that are not yet uniform, low Islamic financial literacy, and limited innovation in instrument development. Implications: This study recommends synergy between the government, Islamic financial institutions, academics, and the community in strengthening a sustainable Islamic financial ecosystem. With proper optimization, Islamic finance can be an alternative solution in supporting a green, inclusive, and equitable economy by the principles of Maqashid Syariah and the goals of the SDGs. Novelty: This research lies in its integrative approach that bridges the ethical vision of Maqashid Syariah with the contemporary global development agenda, offering a holistic and faith-based framework for sustainable economic progress in Indonesia.
Transformation of the Concept of Maslahah in Sustainable Islamic Finance: a Hermeneutic Analysis of al-Ghazali's Thoughts and ash-Syatibi Muhammad Zuardi; Ahmad Kholil; Amrin; Ishma Amelia
Profetika: Jurnal Studi Islam Vol. 26 No. 01 (2025): Profetika Jurnal Studi Islam 2025
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/profetika.v26i01.9616

Abstract

Objective: This research aims to examine the transformation of the concept of maslahah  in modern Islamic finance, especially in the shift from a normative approach in classical jurisprudence to a contextual approach in the contemporary financial system. Theoretical framework: The research is based on the thoughts of Al-Ghazali, who structured maslahah within the maqashid shariah paradigm (protection of religion, life, intellect, lineage, and property), and Asy-Syatibi, who introduced the flexible concept of maslahah mursalah. Literature review:  involves an in-depth study of classical sources such as Al-Mustashfa and Al-Muwafaqatas well as contemporary literature on Islamic finance and sustainability. Methods: Using a hermeneutic approach, this study analyzes classical and modern texts through literature studies, referring to the works of Al-Ghazali (Al-Mustashfa) and Asy-Syatibi (Al-Muwafaqat) as well as various secondary literature. The results:  The study indicate that the concept of maslahah  has undergone significant development, from a text-based approach to a more flexible application in modern Islamic finance, such as in Islamic banking, green sukuk, and social-based financial instruments. This transformation strengthens the role of Islamic finance in supporting economic sustainability and the Sustainable Development Goals (SDGs). Implication: the reinforcement of Islamic finance as a value-based system capable of promoting inclusive and sustainable development. Novelty: This research lies in its hermeneutic reinterpretation of classical Islamic legal theory to justify and support its modern, sustainability-oriented applications.