SHARIA MICROFINANCE REFORMULATION TOWARDS AN INCLUSIVE ECONOMY
An Approach Maqashid al-Shariah fi Hifdz al-Mal
DOI:
https://doi.org/10.32332/muamalah.epmex470Keywords:
Islamic microfinance, maqashid syariah fi hifdz al-mal, inclusive economyAbstract
Economic inequality and high poverty rates remain crucial issues in many Muslim-majority countries. This is due to the unequal distribution of wealth, the low quality of public services, and the suboptimal utilization of Islamic economic instruments such as zakat and waqf. Sharia microfinance has emerged as a fair and inclusive financing solution. However, the current model tends to imitate conventional systems and does not fully reflect the values of maqasid al-shariah, particularly in the aspect of hifdz al-mal (protection of wealth). This research aims to rebuild the Sharia microfinance model based on maqashid al-shariah fi hifdz al-mal as an ethical and normative basis for creating an Islamic financial system that is fair, sustainable, and relevant to contemporary socio-economic challenges. Using an Islamic legal research case study approach, this research examines the principles of Islamic financial management, critiques the weaknesses of existing microfinance models, both conventional and Sharia-compliant, and proposes more comprehensive design alternatives. Primary data for this study were obtained through field surveys, in-depth interviews, and direct observation at several Sharia Microfinance Institutions and beneficiary communities. The research results indicate that the application of maqashid al-shariah in the context of asset protection can strengthen the contribution of Islamic financial institutions to empowering micro, small and medium enterprises, alleviating poverty, and achieving the Sustainable Development Goals (SDGs). The proposed model emphasizes the principles of justice, spiritual and material well-being, protection of fundamental rights, and institutional synergy based on Islamic values.
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References
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Ahmad, S, R Lensink, and Annika Mueller. “The Double Bottom Line of Microfinance: A Global Comparison between Conventional and Islamic Microfinance.” World Development 136 (2020): 105130. https://doi.org/10.1016/j.worlddev.2020.105130.
Al-Fatih, Sholahuddin. “Strengthening Baznas As the Society’S Trusted Zakat Agency To Increase the Welfare of Ummah.” Jurisdictie: Jurnal Hukum Dan Syariah 11, no. 1 (2020): 106–24.
al-Fijawi, Mohammed Farid Ali. SALAM (FORWARD SALE) AND ISTIØNAŅ (MANUFACTURE CONTRACT) IN MODERN APPLICATIONS: A MAQÓØID AL-SHARĪŅAH PERSPECTIVE. 2016.
Alhifni, A, and B Ahwarumi. “SMIF Model With Maqashid Sharia-Based.” Jurnal Iqtisaduna 4 (2018). https://doi.org/10.24252/IQTISADUNA.V4I1.5048.
Ali, Isahaque, and Z Hatta. “Zakat as a Poverty Reduction Mechanism Among the Muslim Community: Case Study of Bangladesh, Malaysia, and Indonesia.” Asian Social Work and Policy Review 8 (2014): 59–70. https://doi.org/10.1111/ASWP.12025.
Aprilianti, Fita. “THE DISTRIBUTION OF ZAKAT FUNDS FOR THE STRUGGLE OF THE PALESTINIAN PEOPLE IN THE PERSPECTIVE OF FIQH (Case Study of National Amil Zakat Agency in 2023).” Preprint, Fakultas Syariah dan Hukum UIN Syarif Hidayatullah Jakarta, 2024.
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Bajo, Claudia Sanchez, and Bruno Roelants. Capital and the Debt Trap: Learning from Cooperatives in the Global Crisis. Springer, 2011.
Berhad, Bank Rakyat M. Musharakah as an Islamic Financial Structure for Venture Capital: Its Potentials and Possible Applications for Small and Medium Enterprises (SME’s) in Malaysia. 2022.
Bhuiyan, Abul Bashar, Chamhuri Siwar, and Mamunur Rashid. “ISLAMIC MICROCREDIT IN BANGLADESH.” The Global Journal of Finance and Economics 8, no. 1 (2011): 1–21.
Cahyono, Ikhcan Dwi, and Darmawan. “Peranan Keuangan Mikro Syariah Dalam Pemberdayaan UMKM Di Gunung Kidul, Yogyakarta.” JURNAL EKONOMI BISNIS DAN MANAJEMEN 2, no. 3 (2024). https://doi.org/10.59024/jise.v2i3.779.
Fan, Yaoyao, Kose John, F Liu, and Luqyan Tamanni. “Security Design, Incentives, and Islamic Microfinance: Cross Country Evidence.” Islamic Law & Law of the Muslim World eJournal, ahead of print, 2018. https://doi.org/10.2139/ssrn.3274677.
Fitria, Hafifatul, M Luqman Al Hakim, and Rini Puji Astuti. “Analisis Pembiayaan Perbankan Syariah Dalam Pembiayaan Mikro Kecil (UMKM) Sebagai Shahibul Maal Produk Mudharabah.” Menulis: Jurnal Penelitian Nusantara 1, no. 5 (2025): 197–206.
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Ishak, Muhammad Shahrul Ifwat, and Md Habibur Rahman. “Equity-Based Islamic Crowdfunding in Malaysia: A Potential Application for Mudharabah.” Qualitative Research in Financial Markets 13, no. 2 (2021): 183–98.
“ISLAMIC MICROFINANCE AS A TOOL FOR WOMEN EMPOWERMENT AND SUSTAINABLE ECONOMIC DEVELOPMENT GOALS IN BANGLADESH.” In American International Journal of Multidisciplinary Scientific Research. Preprint, 2022. https://doi.org/10.46281/aijmsr.v13i1.1734.
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Kayed, Rasem N. “The Entrepreneurial Role of Profit‐and‐loss Sharing Modes of Finance: Theory and Practice.” International Journal of Islamic and Middle Eastern Finance and Management 5, no. 3 (2012): 203–28.
Laldin, Mohamad Akram. “The Role of Shari’ah Advisors in the Development of Islamic Securities.” MA Laldin, Fundamentals and Practices in Islamic Finance. Kuala Lumpur: ISRA, 2008, 13–33.
Laldin, Mohammad Akram, and Hafas Furqani. “Maqāṣid Al-Sharīʿah and the Foundational Requirements in Developing Islamic Banking and Finance.” ISRA International Journal of Islamic Finance 4, no. 1 (2012): 183–89.
Machmud, Amir. “Strategi Pemberdayaan Usaha Mikro Kecil Menengah Melalui Peran Lembaga Keuangan Syariah Dalam Upaya Pengentasan Kemiskinan Di Indonesia.” Jurnal Universitas Pendidian Indonesia. Semnas Fekon: Optimisme Ekonomi Indonesia, Antara Peluang Dan Tantangan. Bandung, 2013.
Mia, Md Aslam. “The Transformation of Conventional Microfinance into Islamic Microfinance in Bangladesh: Proposed Shariah-Based Model (s).” Qualitative Research in Financial Markets 16, no. 3 (2024): 565–85.
Mia, Md Aslam. “The Transformation of Conventional Microfinance into Islamic Microfinance in Bangladesh: Proposed Shariah-Based Model(s).” Qualitative Research in Financial Markets, ahead of print, 2023. https://doi.org/10.1108/qrfm-06-2022-0104.
Mirakhor, Abbas, Zamir Iqbal, and Seyed Kazem Sadr. Handbook of Ethics of Islamic Economics and Finance. Vol. 5. Walter de Gruyter GmbH & Co KG, 2020.
Muneer, Farah, and Foyasal Khan. “Qard-Al-Hassan as a Tool for Poverty Alleviation: A Case Study of the Fael Khair Waqf Program in Bangladesh.” Journal of Islamic Monetary Economics and Finance 5, no. 4 (2019): 829–48.
Nafar, Nosratollah, and Amrollah Amini. Islamic Microfinance and Financial Inclusion: Murabaha Instrument and Micro-Trade Finance. 2017.
Nor, Mohd Zakhiri Md, Ani Munirah Mohamad, Ain Husna Mohd Arshad, and Najah Inani Abdul Jalil. “Legal Issues Of Ijarah Contract And Rent-To-Own Scheme: An Analysis.” Pt. 2 J. Legal Ethical & Regul. Isses 24 (2021): 1.
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Obaidullah, Mohammed, and Tariqullah Khan. “Islamic Microfinance Development: Challenges and Initiatives.” Islamic Research & Training Institute Policy Dialogue Paper, no. 2 (2008).
Pattnaik, Debidutta, and M Hassan. “Mapping Microfinance Research to Sustainable Development Goals: Insights from Scientometrics and BERTopic Analysis.” Journal of Economic Surveys, ahead of print, 2024. https://doi.org/10.1111/joes.12669.
Pericoli, Altea. “The Use of Zakat in the Pandemic Response: The Case of Islamic Relief and BAZNAS in Indonesia.” Third World Quarterly 44, no. 3 (2023): 405–22.
Pfordten, Nor Effuandy, Md Jafor Ali, Norhaila Bt Sabli, Md Kamal Uddin, and Abul Bashar Bhuiyan. “The Higher Education Financing Based On Islamic Shariah: An Unconventional Approach Of Student Loan.” American Economic & Social Review 8, no. 1 (2021).
Rahman, Md Habibur. “Mudarabah and Its Applications in Islamic Finance: An Analysis.” Asian Journal of Research in Banking and Finance 8, no. 6 (2018): 33–46.
Rizki, D. ANALISIS TINGKAT KESEHATAN KEUANGANLEMBAGA KEUANGAN MIKRO: KONVENSIONAL DAN SYARIAHDI INDONESIA TAHUN 2017-2019. 2019.
Romadhoni, Fajri, and Maryam Batubara. “Ontologi Islam Dan Konsep Nilai Dalam Ekonomi: Mewujudkan Keadilan Dan Kesejahteraan Melalui Perspektif Spiritual.” EKOMA: Jurnal Ekonomi, Manajemen, Akuntansi 4, no. 2 (2025): 4336–45.
Saiti, Buerhan, A Dembele, and M Bulut. “The Global Cash Waqf: A Tool against Poverty in Muslim Countries.” Qualitative Research in Financial Markets, ahead of print, 2021. https://doi.org/10.1108/QRFM-05-2020-0085.
SANI, HAMZA SALISU. “PERCEPTIONS AND PRACTICES OF KANO TRADERS TOWARD AL-SALAM CONTRACT IN THE LIGHT OF FIQH FRAMEWORK.” Preprint, BAYERO UNIVERSITY, KANO, 2019.
Saphira, Nadia, Fauziyah Mulyana Putri, Muhammad Miqdad, and Muhammad Jalil. “PENDEKATAN MAQASHID SYARIAH DALAM KEGIATAN SOSIAL DAN EKONOMI PADA PERSPEKTIF PRAKTIK FIQH MUAMALAH KONTEMPORER.” Media Riset Bisnis Manajemen Akuntansi 1, no. 1 (2025): 156–66.
Sari, Diana Puspita, Anggun Okta Fitri, and Muhammad Iqbal Fasa. “Implementasi Prinsip Maqashid Syariah Dalam Operasional Perbankan Syariah.” Inflasi: Jurnal Ekonomi, Manajemen Dan Perbankan 2, no. 1 (2025): 50–57.
Sulaeman, Sulaeman, and Raditya Sukmana. “Economic Growth, Income Inequality, Government Integrity, and Spending towards SDG 1 on Poverty Eradication: An Empirical Study from Twenty Muslim-Majority Countries.” Muslim Business and Economic Review 2, no. 1 (2023): 27–47. https://doi.org/10.56529/mber.v2i1.157.
Swadjaja, Isma, T Sawarjuwono, and U Ludigdo. “Model of Islamic Wealth Management Based on Maqasid Al-Shariah.” Journal of Innovation in Business and Economics 3, no. 2 (2019). https://doi.org/10.22219/jibe.v3i02.7465.
Tarique, Kazi Md., R Islam, and M Mohammed. “Developing and Validating the Components of Maqasid Al-Shari’ah-Based Performance Measurement Model for Islamic Banks.” International Journal of Islamic and Middle Eastern Finance and Management 14 (2020): 366–90. https://doi.org/10.1108/IMEFM-12-2018-0432.
Uddin, S M Sohrab, N Afroz, and Tasfika Khanam. “Is the Islamic Microfinance Model a Viable Alternative to Conventional Counterparts: An Institutional Comparison.” Journal of Emerging Financial Markets and Policy 2, no. 1 (2023): 1–25. https://doi.org/10.4038/jefmp.v2i1.9.
Usman, A S, and R Tasmin. The Relevance of Islamic Micro-Finance in Achieving the Sustainable Development Goals. ISMASYSTEMS Scientific Research, 2016.
Usman, Abubakar Sadiq, and Rosmaini Tasmin. “The Role of Islamic Micro-Finance in Enhancing Human Development in Muslim Countries.” Journal of Islamic Finance 5, no. 1 (2016): 53–62.
Wibowo, Kartiko Adi. “Review of Maqashid Sharia on the Implementation of Technology in Islamic Microfinance Institutions (IMFI).” ERN: Technology (Topic), ahead of print, 2020. https://doi.org/10.2139/ssrn.3679414.
Wijayanti, Ratna Ayu, Riki Zogik Firmansyah, Mochamad Rizal Anwar, and Renny Oktafia. “Konsep Kepemilikan Harta Dalam Islam.” Jurnal Ekonomi Bisnis Dan Manajemen 2, no. 2 (2024): 67–74.
ABDELHAKIM, MAHMOUD MOHAMED. ISLAMIC FINANCING PRODUCTS FOR WORKING CAPITALS. n.d.
Abdul Rahman, Aisyah, Shifa Mohd Nor, and Mohd Fadzli Salmat. “The Application of Venture Capital Strategies to Musharakah Financing.” Journal of Islamic Accounting and Business Research 11, no. 4 (2020): 827–44.
Abdul-Rahman, Aisyah, and Shifa Mohd Nor. “Challenges of Profit-and-Loss Sharing Financing in Malaysian Islamic Banking.” Geografia 12, no. 2 (2016).
Abul Bashar Bhuiyan, Abul Bashar Bhuiyan, Chamhuri Siwar Chamhuri Siwar, Abdul Ghafar Ismail Abdul Ghafar Ismail, and Basri Talib Basri Talib. Islamic Microcredit Is the Way of Alternative Approach for Eradicating Poverty in Bangladesh: A Review of Islami Bank Microcredit Scheme. 2011.
Ahmad, S, R Lensink, and Annika Mueller. “The Double Bottom Line of Microfinance: A Global Comparison between Conventional and Islamic Microfinance.” World Development 136 (2020): 105130. https://doi.org/10.1016/j.worlddev.2020.105130.
Al-Fatih, Sholahuddin. “Strengthening Baznas As the Society’S Trusted Zakat Agency To Increase the Welfare of Ummah.” Jurisdictie: Jurnal Hukum Dan Syariah 11, no. 1 (2020): 106–24.
al-Fijawi, Mohammed Farid Ali. SALAM (FORWARD SALE) AND ISTIØNAŅ (MANUFACTURE CONTRACT) IN MODERN APPLICATIONS: A MAQÓØID AL-SHARĪŅAH PERSPECTIVE. 2016.
Alhifni, A, and B Ahwarumi. “SMIF Model With Maqashid Sharia-Based.” Jurnal Iqtisaduna 4 (2018). https://doi.org/10.24252/IQTISADUNA.V4I1.5048.
Ali, Isahaque, and Z Hatta. “Zakat as a Poverty Reduction Mechanism Among the Muslim Community: Case Study of Bangladesh, Malaysia, and Indonesia.” Asian Social Work and Policy Review 8 (2014): 59–70. https://doi.org/10.1111/ASWP.12025.
Aprilianti, Fita. “THE DISTRIBUTION OF ZAKAT FUNDS FOR THE STRUGGLE OF THE PALESTINIAN PEOPLE IN THE PERSPECTIVE OF FIQH (Case Study of National Amil Zakat Agency in 2023).” Preprint, Fakultas Syariah dan Hukum UIN Syarif Hidayatullah Jakarta, 2024.
Arifa, Nurul, Mutia Urdatul Usqho, and Muhammad Dinul. “Efektivitas Peluang Transaksi Online Di Era Digital Perspektif Maqasid Syariah (Hifz Al-Mal).” ICMIL Proceedings 1 (2024): 51–58.
Ascarya, and Ali Sakti. “Proposing New Islamic Microfinance Model for Sustainable Islamic Microfinance Institution.” In Islamic Finance and Sustainable Development: A Sustainable Economic Framework for Muslim and Non-Muslim Countries. Springer, 2021.
Bajo, Claudia Sanchez, and Bruno Roelants. Capital and the Debt Trap: Learning from Cooperatives in the Global Crisis. Springer, 2011.
Berhad, Bank Rakyat M. Musharakah as an Islamic Financial Structure for Venture Capital: Its Potentials and Possible Applications for Small and Medium Enterprises (SME’s) in Malaysia. 2022.
Bhuiyan, Abul Bashar, Chamhuri Siwar, and Mamunur Rashid. “ISLAMIC MICROCREDIT IN BANGLADESH.” The Global Journal of Finance and Economics 8, no. 1 (2011): 1–21.
Cahyono, Ikhcan Dwi, and Darmawan. “Peranan Keuangan Mikro Syariah Dalam Pemberdayaan UMKM Di Gunung Kidul, Yogyakarta.” JURNAL EKONOMI BISNIS DAN MANAJEMEN 2, no. 3 (2024). https://doi.org/10.59024/jise.v2i3.779.
Fan, Yaoyao, Kose John, F Liu, and Luqyan Tamanni. “Security Design, Incentives, and Islamic Microfinance: Cross Country Evidence.” Islamic Law & Law of the Muslim World eJournal, ahead of print, 2018. https://doi.org/10.2139/ssrn.3274677.
Fitria, Hafifatul, M Luqman Al Hakim, and Rini Puji Astuti. “Analisis Pembiayaan Perbankan Syariah Dalam Pembiayaan Mikro Kecil (UMKM) Sebagai Shahibul Maal Produk Mudharabah.” Menulis: Jurnal Penelitian Nusantara 1, no. 5 (2025): 197–206.
HamidUddin, Shabiha Akhter, Sabur Mollah, and Masnun Al Mahi. “Differences in Bank and Microfinance Business Models: An Analysis of the Loan Monitoring Systems and Funding Sources.” Journal of International Financial Markets, Institutions and Money 80 (2022). https://doi.org/10.1016/j.intfin.2022.101644.
Hassan, M Kabir, Muhammad Mostofa Hossain, and Aishath Muneeza. “Ijarah: The Second Contract in HPSM.” In Hire Purchase Under Shirkah Al-Milk (HPSM) in Islamic Banking and Finance: A Shari’ah Analysis. Springer, 2024.
Hassan, M Kabir, Md Sohel Rana, Md Rabiul Alam, and Hasanul Banna. Reinvigorating the Contributions of Islamic Social Finance in Attaining the SDGs. n.d.
Ilyas, Rahmat. “Etika Konsumsi Dan Kesejahteraan Dalam Perspektif Ekonomi Islam.” AT-TAWASSUTH: Jurnal Ekonomi Islam 1, no. 1 (2016): 152–72.
Ishak, Muhammad Shahrul Ifwat, and Md Habibur Rahman. “Equity-Based Islamic Crowdfunding in Malaysia: A Potential Application for Mudharabah.” Qualitative Research in Financial Markets 13, no. 2 (2021): 183–98.
“ISLAMIC MICROFINANCE AS A TOOL FOR WOMEN EMPOWERMENT AND SUSTAINABLE ECONOMIC DEVELOPMENT GOALS IN BANGLADESH.” In American International Journal of Multidisciplinary Scientific Research. Preprint, 2022. https://doi.org/10.46281/aijmsr.v13i1.1734.
Jasmiko, Aryo, Shodini Putri Lestar, Lindy Arina Pramudita, et al. “Perbandingan Perlindungan Harta (Hifdz Al-Mal) Antara Perbankan Syariah Dan Konvensional.” Journal of Economics and Business 2, no. 1 (2024): 87–98.
Kayed, Rasem N. “The Entrepreneurial Role of Profit‐and‐loss Sharing Modes of Finance: Theory and Practice.” International Journal of Islamic and Middle Eastern Finance and Management 5, no. 3 (2012): 203–28.
Laldin, Mohamad Akram. “The Role of Shari’ah Advisors in the Development of Islamic Securities.” MA Laldin, Fundamentals and Practices in Islamic Finance. Kuala Lumpur: ISRA, 2008, 13–33.
Laldin, Mohammad Akram, and Hafas Furqani. “Maqāṣid Al-Sharīʿah and the Foundational Requirements in Developing Islamic Banking and Finance.” ISRA International Journal of Islamic Finance 4, no. 1 (2012): 183–89.
Machmud, Amir. “Strategi Pemberdayaan Usaha Mikro Kecil Menengah Melalui Peran Lembaga Keuangan Syariah Dalam Upaya Pengentasan Kemiskinan Di Indonesia.” Jurnal Universitas Pendidian Indonesia. Semnas Fekon: Optimisme Ekonomi Indonesia, Antara Peluang Dan Tantangan. Bandung, 2013.
Mia, Md Aslam. “The Transformation of Conventional Microfinance into Islamic Microfinance in Bangladesh: Proposed Shariah-Based Model (s).” Qualitative Research in Financial Markets 16, no. 3 (2024): 565–85.
Mia, Md Aslam. “The Transformation of Conventional Microfinance into Islamic Microfinance in Bangladesh: Proposed Shariah-Based Model(s).” Qualitative Research in Financial Markets, ahead of print, 2023. https://doi.org/10.1108/qrfm-06-2022-0104.
Mirakhor, Abbas, Zamir Iqbal, and Seyed Kazem Sadr. Handbook of Ethics of Islamic Economics and Finance. Vol. 5. Walter de Gruyter GmbH & Co KG, 2020.
Muneer, Farah, and Foyasal Khan. “Qard-Al-Hassan as a Tool for Poverty Alleviation: A Case Study of the Fael Khair Waqf Program in Bangladesh.” Journal of Islamic Monetary Economics and Finance 5, no. 4 (2019): 829–48.
Nafar, Nosratollah, and Amrollah Amini. Islamic Microfinance and Financial Inclusion: Murabaha Instrument and Micro-Trade Finance. 2017.
Nor, Mohd Zakhiri Md, Ani Munirah Mohamad, Ain Husna Mohd Arshad, and Najah Inani Abdul Jalil. “Legal Issues Of Ijarah Contract And Rent-To-Own Scheme: An Analysis.” Pt. 2 J. Legal Ethical & Regul. Isses 24 (2021): 1.
Nurasyiah, A. AN EMPIRICAL STUDY OF ISLAMIC MICROFINANCE PERFORMANCE FOR POOR FAMILY: MAQASHID AL-SHARIA PERSPECTIVE. 3 (2020): 46–62. https://doi.org/10.47312/aifer.v3i01.253.
Obaidullah, Mohammed, and Tariqullah Khan. “Islamic Microfinance Development: Challenges and Initiatives.” Islamic Research & Training Institute Policy Dialogue Paper, no. 2 (2008).
Pattnaik, Debidutta, and M Hassan. “Mapping Microfinance Research to Sustainable Development Goals: Insights from Scientometrics and BERTopic Analysis.” Journal of Economic Surveys, ahead of print, 2024. https://doi.org/10.1111/joes.12669.
Pericoli, Altea. “The Use of Zakat in the Pandemic Response: The Case of Islamic Relief and BAZNAS in Indonesia.” Third World Quarterly 44, no. 3 (2023): 405–22.
Pfordten, Nor Effuandy, Md Jafor Ali, Norhaila Bt Sabli, Md Kamal Uddin, and Abul Bashar Bhuiyan. “The Higher Education Financing Based On Islamic Shariah: An Unconventional Approach Of Student Loan.” American Economic & Social Review 8, no. 1 (2021).
Rahman, Md Habibur. “Mudarabah and Its Applications in Islamic Finance: An Analysis.” Asian Journal of Research in Banking and Finance 8, no. 6 (2018): 33–46.
Rizki, D. ANALISIS TINGKAT KESEHATAN KEUANGANLEMBAGA KEUANGAN MIKRO: KONVENSIONAL DAN SYARIAHDI INDONESIA TAHUN 2017-2019. 2019.
Romadhoni, Fajri, and Maryam Batubara. “Ontologi Islam Dan Konsep Nilai Dalam Ekonomi: Mewujudkan Keadilan Dan Kesejahteraan Melalui Perspektif Spiritual.” EKOMA: Jurnal Ekonomi, Manajemen, Akuntansi 4, no. 2 (2025): 4336–45.
Saiti, Buerhan, A Dembele, and M Bulut. “The Global Cash Waqf: A Tool against Poverty in Muslim Countries.” Qualitative Research in Financial Markets, ahead of print, 2021. https://doi.org/10.1108/QRFM-05-2020-0085.
SANI, HAMZA SALISU. “PERCEPTIONS AND PRACTICES OF KANO TRADERS TOWARD AL-SALAM CONTRACT IN THE LIGHT OF FIQH FRAMEWORK.” Preprint, BAYERO UNIVERSITY, KANO, 2019.
Saphira, Nadia, Fauziyah Mulyana Putri, Muhammad Miqdad, and Muhammad Jalil. “PENDEKATAN MAQASHID SYARIAH DALAM KEGIATAN SOSIAL DAN EKONOMI PADA PERSPEKTIF PRAKTIK FIQH MUAMALAH KONTEMPORER.” Media Riset Bisnis Manajemen Akuntansi 1, no. 1 (2025): 156–66.
Sari, Diana Puspita, Anggun Okta Fitri, and Muhammad Iqbal Fasa. “Implementasi Prinsip Maqashid Syariah Dalam Operasional Perbankan Syariah.” Inflasi: Jurnal Ekonomi, Manajemen Dan Perbankan 2, no. 1 (2025): 50–57.
Sulaeman, Sulaeman, and Raditya Sukmana. “Economic Growth, Income Inequality, Government Integrity, and Spending towards SDG 1 on Poverty Eradication: An Empirical Study from Twenty Muslim-Majority Countries.” Muslim Business and Economic Review 2, no. 1 (2023): 27–47. https://doi.org/10.56529/mber.v2i1.157.
Swadjaja, Isma, T Sawarjuwono, and U Ludigdo. “Model of Islamic Wealth Management Based on Maqasid Al-Shariah.” Journal of Innovation in Business and Economics 3, no. 2 (2019). https://doi.org/10.22219/jibe.v3i02.7465.
Tarique, Kazi Md., R Islam, and M Mohammed. “Developing and Validating the Components of Maqasid Al-Shari’ah-Based Performance Measurement Model for Islamic Banks.” International Journal of Islamic and Middle Eastern Finance and Management 14 (2020): 366–90. https://doi.org/10.1108/IMEFM-12-2018-0432.
Uddin, S M Sohrab, N Afroz, and Tasfika Khanam. “Is the Islamic Microfinance Model a Viable Alternative to Conventional Counterparts: An Institutional Comparison.” Journal of Emerging Financial Markets and Policy 2, no. 1 (2023): 1–25. https://doi.org/10.4038/jefmp.v2i1.9.
Usman, A S, and R Tasmin. The Relevance of Islamic Micro-Finance in Achieving the Sustainable Development Goals. ISMASYSTEMS Scientific Research, 2016.
Usman, Abubakar Sadiq, and Rosmaini Tasmin. “The Role of Islamic Micro-Finance in Enhancing Human Development in Muslim Countries.” Journal of Islamic Finance 5, no. 1 (2016): 53–62.
Wibowo, Kartiko Adi. “Review of Maqashid Sharia on the Implementation of Technology in Islamic Microfinance Institutions (IMFI).” ERN: Technology (Topic), ahead of print, 2020. https://doi.org/10.2139/ssrn.3679414.
Wijayanti, Ratna Ayu, Riki Zogik Firmansyah, Mochamad Rizal Anwar, and Renny Oktafia. “Konsep Kepemilikan Harta Dalam Islam.” Jurnal Ekonomi Bisnis Dan Manajemen 2, no. 2 (2024): 67–74.
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