Implementation of Maqāṣid al-Sharī‘ah Principles in Islamic Financial Institutions in Supporting Sustainable Development Goals
Keywords:
Maqashid al-Shariah , Islamic Financial Institutions, Sustainable Economic Development, SDGsAbstract
Sustainable economic development has become a global agenda emphasizing the balance between economic growth, social justice, and environmental sustainability as reflected in the Sustainable Development Goals (SDGs). In this context, Islamic Financial Institutions (IFIs) possess strategic potential to support sustainable development through the implementation of maqashid al-shariah principles, which emphasize public welfare, justice, and social balance. This study aims to analyze the implementation of maqashid al-shariah principles in the practices of IFIs and their contribution to sustainable economic development. This research employed a qualitative approach with a descriptive research design. Data were collected through in-depth interviews with IFI practitioners, productive waqf managers, and Islamic finance regulators, supported by documentation studies and observations. The findings reveal that several IFIs have implemented maqashid al-shariah principles through productive sector financing, MSME empowerment, profit-sharing financing schemes, and the development of productive waqf. However, the implementation of sustainability principles still faces several challenges, including the low integration of Environmental, Social, and Governance (ESG) principles, limited innovation in green financial products, and weak institutional synergy. This study concludes that strengthening regulations, improving human resource capacity, and developing sustainable Islamic finance models are necessary for IFIs to optimally function as instruments of inclusive, equitable, and sustainable economic development.
References
Abubakar, Adamu, Aliyu Ibrahim, Abubakar Aliyu, and Huma Khan. “The Role of Islamic Finance in Promoting Economic Justice and Financial Inclusion among Marginalised Communities.” International Journal of Islamic Studies 37, no. 1 (2025): 58–68.
Ahmed, Habib. Product Development in Islamic Banks. Edinburgh: Edinburgh University Press, 2011.
Al-harbi, Ahmad. “The State of Global Islamic Finance: A 47-Country Survey of Developments and Challenges.” International Journal of Social Science Research and Review 8, no. 12 (2025): 101–38. https://doi.org/10.47814/ijssrr.v8i12.3013.
Anami, Ali K, and Bilal Juma Ramadhani. “Islamic Finance and Inclusive Economic Development : Challenges, Opportunities , and Policy Implications.” Open Access Research Journal of Multidisciplinary Studies 11, no. 01 (2026): 074–055.
Anisa, Lina Nur. “SUSTAINABLE FINANCE FROM THE PERSPECTIVE OF MAQASHID SYARIAH.” Al-Mabsut: Jurnal Studi Islam Dan Sosial 19, no. 1 (2025): 75–87. https://doi.org/10.56997/almabsut.v19i1.2070.
Anwar, Desy Rahmawati, and Abdul Wahab. “Maqasid Syariah and Sustainable Development: Integrating Islamic Objectives into Economic Planning.” Formosa Journal of Multidisciplinary Research (FJMR) 4, no. 6 (2025): 2601–18. https://doi.org/10.55927/fjmr.v4i6.269.
Ar-Raisuni, Ahmad. Nazhariyyat Al-Maqashid ‘ind Al-Imam as-Syatibi. Virginia: Ma’had ‘Alami li al-Fikr al-Islami, 1995.
Araminta, Donna Vanny. “THE ROLE OF GREEN SUKUK IN REALIZING THE SUSTAINABLE DEVELOPMENT GOALS 2030 AGENDA.” JEBIS: Jurnal Ekonomi Dan Bisnis Islam 8, no. 2 (2022): 251–66. https://doi.org/10.20473/jebis.v8i2.37531.
Auda, Jasser. Maqasid Al-Shari’ah Philosophy of Islamic Law A System Approach. London: Washington: The International Institutr Of Islamic Thought, 2008.
———. Maqasid Al-Shariah as Philosophy of Islamic Law: A System Approach. King’s Lynn, United Kingdom: Biddles Limited, 2007.
Awang, Mohd Zubir, Nor Faridah, Mat Nong, and Wan Mohd Yusof. “Integrating Islamic Social Finance with the United Nations Sustainable Development Goals through Maqasid Al-Shariah Principles” 15, no. 7 (2025): 35–51. https://doi.org/10.6007/IJARBSS/v15-i7/25668.
Dusuki, Asyraf Wajdi. “Understanding the Objectives of Islamic Banking: A Survey of Stakeholders’ Perspectives.” International Journal of Islamic and Middle Eastern Finance and Management 1, no. 2 (2008): 132–48.
Downloads
Published
How to Cite
Issue
Section
License
Once an article was published in the journal, the author(s) are:
- granted to the journal right licensed under Creative Commons License Attribution that allows others to share the work with an acknowledgment of the work's authorship.
- permitted to publish their work online in third parties as it can lead wider dissemination of the work.
- continue to be the copyright owner and allow the journal to publish the article with the CC BY-NC-SA license
- receiving a DOI (Digital Object Identifier) of the work.






