Towards an Islamic Central Bank: The Integration of Islamic Maqashid Values in Modern Monetary Policy
DOI:
https://doi.org/10.55380/tasyri.v7i01.1279Abstract
This study aims to analyze the urgency of Maqasid syariah integration in modern monetary policy and formulate a conceptual model of Islamic Central Banking that is relevant to contemporary economic dynamics. Descriptive qualitative approach with literature study method is used to examine the scientific literature, official regulations, and reports of international financial institutions related to the development of Islamic monetary policy. The findings of the study suggest that conventional interest-based monetary systems have structural weaknesses in maintaining long-term stability, reducing distribution inequities, and preventing systemic risk. In contrast, the integration of maqasid Sharia values, especially hifz al-mal, maslahah, and the principle of justice is able to build a monetary framework that is more inclusive, ethical, and welfare-oriented. Instruments such as sukuk for open market operations, profit-sharing ratios as an alternative to policy rates, and liquidity mechanisms based on Sharia contracts are considered potential foundations of Sharia central banks. In addition, digitalization through the development of Sharia central bank digital currency (CBDC) opens opportunities for the creation of a transparent, efficient, and fixed monetary system based on Islamic values. This study offers the framework of "Islamic Monetary Policy Framework based on Maqasid Syariah" as a theoretical and practical contribution to monetary authorities in designing fair and sustainable policies.
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Fasa Iqbal, M., Aviva Itsla Yunisva, Yayan Firmansah, & Suharto. (2022). Controversy On+Riba Prohibition Maqashid Shariah Perspective.
Hakiem Ajuna IAIN Sultan Amai Gorontalo, L. (2024). Kebijakan Moneter Syariah.
Huda Mursyidah Engku Hassan Ashari, E., Affendy Ahmad Zahidi, A., Nur Balqis Megat Mazlan, P., Allah Pitchay, A., & Usman, M. (2022). The Effect Of Monetary Policy On Islamic Financial Institution: A Perspective Of Liquidity Management (Vol. 2, Issue 2). https://akuntansi.pnp.ac.id/rafgo
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Lsstari, L. M., Asyura, U. A., Zaka, V. Z., Astuti, R. P., Syariah, P., Islam, U., Achmad, N. K., & Jember, S. (2024). Tantangan Dan Peluang Transformasi Bank Sentral Di Era Digital. Gudang Jurnal Multidisiplin Ilmu, 618–628. https://doi.org/10.59435/gjmi.v2i6.589
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Nst, M. Z. A., & Nurhayati, N. (2022). Teori Maqashid Al-Syari’ah Dan Penerapannya Pada Perbankan Syariah. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 5(1), 899–908. https://doi.org/10.36778/jesya.v5i1.629
Operasi Moneter Syariah Bank Indonesia & Penguatan Stabilitas Ekonomi. (n.d.). Retrieved November 24, 2025, from https://www.cnbcindonesia.com/opini/20250728104124-14-652705/operasi-moneter-syariah-bank-indonesia-penguatan-stabilitas-ekonomi
Putra Muhammad Deni. (2023). Maqasid Al Shari’ah Dalam Keuangan Islam (Tinjauan Teoritis Atas Pemikiran Dr Ahcene Lahsasna). Journal Of Shariah Economic Research.
Qoyum, A. (2018). Maqasid Ash-Shari·ah Framework and the Development of Islamic Finance Products: The Case of Indonesia. In Islamic Finance and Business Review (Vol. 12, Issue 2).
Ropiah, S. (2025). Transformasi Digital Dalam Layanan Keuangan Syari’ah: Peluang Dan Tantangan Di Era Fintech. Interdisciplinary Explorations in Research Journal (IERJ), 3, 763–781. https://www.researchgate.net/publication/362157358_The_Role_of_Sharia_Fintech_Based_on_Maqas
Salsabila, B., Nurkhofifaturohma, M., Muslimah, R. H., Rosviana, M. I., & Nurjati, S. (2025). Fiscal And Monetary Policy Synergy In The Framework Of Islamic Economics: Solutions To Macroeconomic Stability Challenges.
Sari sasi gendro, dea aulya. (2022). Buku Metode Penelitian Kualitatif & Kuantitatif. In LP2M UST Jogja (Issue March).
Schwarcz, S. L. (2008). Smu Dedman School Of Law Roy R. Ray Lecture Markets, Systemic Risk, And The Subprime Mortgage Crisis. www.bis.org/speeches/sp051108.htm
Shaikh, S. (2023). Munich Personal RePEc Archive Role of Central Bank in Islamic Finance.
Soediro, A., & Meutia, I. (2018). Maqasid Syariah as a Performance Framework for Islamic Financial Institutions. Jurnal Akuntansi Multiparadigma, 9(1), 70–86. https://doi.org/10.18202/jamal.2018.04.9005
Zaini, P. M., Zaini, P. M., Saputra, N., Penerbit, Y., Zaini, M., Lawang, K. A., & Susilo, A. (2023). Metodologi Penelitian Kualitatif (Issue May).
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Published
2026-01-22
How to Cite
Rupita, N., & Suryadi, N. . (2026). Towards an Islamic Central Bank: The Integration of Islamic Maqashid Values in Modern Monetary Policy. At-Tasyri: Jurnal Hukum Islam Dan Ekonomi Syariah, 7(01), 98–101. https://doi.org/10.55380/tasyri.v7i01.1279
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