Jurnal Ilmiah Ekonomi Islam
Vol. 12 No. 2 (2026): Jurnal Ilmiah Ekonomi Islam

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 (Universitas Islam Negeri Prof. K.H Saifuddin Zuhri Purwokerto)
Yoiz Shofwa Shafrani (Universitas Islam Negeri Prof. K.H Saifuddin Zuhri Purwokerto)



Article Info

Publish Date
10 Apr 2026

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.

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Journal Info

Abbrev

jei

Publisher

Subject

Economics, Econometrics & Finance Social Sciences

Description

Jurnal Ilmiah Ekonomi Islam diterbitkan 3 (tiga) kali setahun (Maret, Juli dan November) oleh Lembaga Penelitian dan Pengabdian Kepada Masyarakat STIE AAS ...