Reconstructing Islamic Banking Financing Practices: A Muamalah Law and SDGs Perspective on Sharia Compliance
Artikel
DOI:
https://doi.org/10.23917/profetika.v27i02.17656Keywords:
islamic banking financing, fiqh muamalah, sharia compliance, maqāṣid al-sharī‘ah, sustainable development goalsAbstract
Objective: This study aims to analyze the inconsistencies in Islamic banking financing practices that formally adopt sharia contracts but substantively deviate from the principles of fiqh muamalah, as well as to examine their implications for Islamic financial governance and Sustainable Development Goals (SDGs). Theoretical framework: This study applies the theoretical framework of fiqh muamalah and maqāṣid al-sharī‘ah, emphasizing justice, transparency, trustworthiness, ethical finance, and equitable risk-sharing in Islamic banking practices. Literature review: Previous studies show that murābaḥah, mudhārabah, mushārakah, and IMBT financing often resemble conventional banking practices. Method: This study employs qualitative normative legal research using literature review and documentation techniques. Results: The findings reveal that several Islamic financing practices still contain substantive irregularities, including weak profit-and-loss sharing mechanisms, fixed-profit orientation, excessive collateral requirements, and contractual ambiguity, which reduce conformity with fiqh muamalah principles. Implications: Strengthening substantive Sharia compliance and Islamic financial governance is essential to support ethical and sustainable finance aligned with SDGs. Novelty: This study integrates fiqh muamalah, Islamic financial governance, and SDGs perspectives into the analysis of Islamic banking financing practices.
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