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All Journal Jurnal Ilmiah Ekonomi Islam
Yoiz Shofwa Shafrani
Universitas Islam Negeri Prof. K.H Saifuddin Zuhri Purwokerto
Economics, Econometrics & Finance Social Sciences

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Recontextualizing the Concept of the Time Value of Money from a Maqashid al-Shariah Perspective: Rekontekstualisasi Konsep Time Value of Money dalam Perspektif Maqashid al-Shariah Ana Rahmawati; Yoiz Shofwa Shafrani
Jurnal Ilmiah Ekonomi Islam Vol. 12 No. 2 (2026): Jurnal Ilmiah Ekonomi Islam
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v12i2.19540

Abstract

This study recontextualizes the time value of money (TVM) in Islamic economics through a maqashid al-shariah lens using a case study of Sharia-compliant gold investment at Pegadaian Syariah. A mixed methods sequential exploratory design was applied. Qualitative data were collected via document analysis and semi-structured interviews with 10 informants to derive maqashid-based indicators of time-related value. Quantitative data were gathered through a survey of Sharia gold investors and analyzed using multiple linear regression and mediation testing. Findings show that investors interpret time-related value not as interest-based compensation but as ethical utility embedded in service provision, risk management, and wealth preservation. Descriptive results indicate high perceptions of maqashid alignment (M=4.11) and Sharia compliance trust (M=4.24). Regression results reveal significant effects of maqashid alignment on investment decision (β=0.32; p=0.001) and cost fairness on investment decision (β=0.26; p=0.008). Sharia compliance trust strongly predicts continuance intention (β=0.39; p<0.001), while Sharia financial literacy improves investment decision quality (β=0.28; p=0.004). Trust partially mediates the maqashid alignment–continuance link. This study extends prior work by operationalizing maqashid-based time utility into measurable constructs and empirically testing it in a retail Sharia gold investment setting.
Co-Authors Ana Rahmawati