THE ROLE OF MAQASID AL-SHARIAH IN SHAPING SUSTAINABLE DIGITAL FINANCE

Arifa Pratami

Abstract


Digital finance has gained remarkable popularity among regulators and users, significantly transforming the landscape of modern financial systems through online banking, e-wallets, digital payments, and Islamic financial technology (Islamic fintech). Alongside these advancements, financial innovation has also introduced various challenges and risks that may negatively affect both the economy and society, including ethical concerns such as the presence of riba in digital transactions, cybersecurity risks, and potential data privacy issues. This paper examines the role of Maqasid al-Shariah as a guiding framework for the development of a more sustainable digital financial system grounded in sound ethical principles. The findings indicate that the five core objectives of Maqasid al-Shariah, namely the protection of religion, life, intellect, progeny, and wealth, serve to promote justice, transparency, and the long-term sustainability of digital finance. This study adopts a qualitative approach through content analysis of academic literature, Shariah standards, and regulatory documents related to Islamic finance and fintech. The study concludes that the application of Maqasid al-Shariah principles in policy formulation, fintech product development, and Shariah governance plays a significant role in enhancing consumer protection and strengthening trust in digital financial systems.


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DOI: https://doi.org/10.3059/insis.v0i0.29551

DOI (PDF): https://doi.org/10.3059/insis.v0i0.29551.g15104

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