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Journal : Hakamain: Journal of Sharia and Law Studies

Application of Maqasid Al-Shariah in Islamic Economics and Finance as the Development of Products of Islamic Value Syahriani, Fadilla; Fajri Mulyani, Fini; Fismanelly, Fismanelly; Afifah, Sarah; Medani, Alex
Hakamain: Journal of Sharia and Law Studies Vol. 2 No. 1 (2023): June 2023
Publisher : Yayasan Lembaga Studi Makwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57255/hakamain.v2i1.322

Abstract

This research aims to analyze the application of Maqasid Al-Shariah in Islamic Economics and Finance for developing products with Islamic values. Maqasid Al-Shariah, which includes the primary objectives of Islamic law protection of religion, life, intellect, lineage, and property is the focus to ensure financial products comply with Shariah law and benefit the Muslim community.A qualitative descriptive analysis method is used to illustrate how Maqasid Al-Shariah is implemented in Islamic economics and finance. Data collection involves comprehensive literature reviews, in-depth interviews with Islamic economic experts, and documentation of Shariah-compliant financial products. The literature review provides a theoretical foundation, while interviews and documentation offer practical insights into Maqasid Al-Shariah's real-world applications.The findings indicate that Maqasid Al-Shariah plays a crucial role in guiding the development of Islamic financial products that reflect Islamic values and meet the Muslim community's needs. In-depth analysis of financial products, such as savings, investments, and Shariah-compliant financing, shows how Maqasid Al-Shariah underpins their development. For instance, savings and investment products based on Maqasid Al-Shariah ensure halal funds, fair profit distribution, and risk protection.The practical implications of this research are significant for Islamic financial industry practitioners. Understanding Maqasid Al-Shariah's application helps them design and develop products that comply with Shariah principles and benefit the Muslim population. These products are expected to comprehensively meet the financial needs of the Muslim community, including protection against economic uncertainties, sustainable wealth management, and contributions to overall social welfare.
The Implementation of Muzara’ah Aqad in Sapaduoan Sawah System a Case Study in Agam Regency Afifah, Sarah; Arwani, M. Khairul; Fajar, Fahrul; Alwi, Muhammad
Hakamain: Journal of Sharia and Law Studies Vol. 3 No. 2 (2024): December 2024
Publisher : Yayasan Lembaga Studi Makwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57255/hakamain.v3i2.341

Abstract

Agriculture plays a pivotal role in the human economy, serving as one of the most vital and productive sectors. Despite its significance, many agricultural practices continue to adhere to local customs and traditions, often neglecting the principles outlined in sharia mu'amalah, the Islamic commercial jurisprudence that governs economic activities, including agriculture. The core issue lies in the structure and execution of the Sapaduoan Sawah contract, which, while superficially resembling muzara'ah, diverges in several critical aspects. These discrepancies include the terms of the contract, the process of implementation, and alterations made during the contract period, all of which contribute to the invalidation of the Sapaduoan Sawah agreement under sharia law. The research conducted in Koto Baru-Koto Tuo Village, employing a qualitative field study approach, aims to analyze these deviations and explore the possibility of aligning the Sapaduoan Sawah system with the principles of the muzara'ah contract. The findings indicate that the current practices within the Sapaduoan Sawah system not only fail to meet the requirements of muzara'ah but also involve contractual changes that further compromise the integrity of the agreement. These alterations, often made without mutual consent or proper consideration of Islamic legal principles, result in a damaged and voided contract, highlighting the need for reform and education within the community to ensure that agricultural practices align with the ethical and legal standards of sharia mu'amalah. This research underscores the importance of integrating traditional agricultural systems with Islamic jurisprudence to promote fairness, transparency, and justice in economic transactions.