Mudharabah and Maqashid al-Sharia Al-Shatibi (A Comparative Study of Islamic Microfinance Practices)
DOI:
https://doi.org/10.21111/aliktisab.v9i1.15016Keywords:
Mudharabah, Maqashid al-Sharia Al-Shatibi, Islamic Microfinance, Baitul Maal wat Tamwil (BMT), Economic EmpowermentAbstract
This research explores the relevance of maqashid al-sharia according to Al-Shatibi in the implementation of mudharabah contracts at two leading Islamic microfinance institutions in Indonesia, BMT NU Ganding (Sumenep) and BMT UGT Nusantara (Pasuruan). The research problem arises from the gap between the ideal objectives of mudharabah, as a just, transparent, and empowering partnership, and the practical challenges faced by Islamic microfinance institutions, including rigid fund management, limited contractual flexibility, and insufficient adaptation to socio-cultural contexts. Using a qualitative-comparative approach, the research examines how these institutions operationalize mudharabah in financing and deposit products while addressing issues of justice, transparency, and empowerment. Findings show that while BMT NU Ganding emphasizes community-based trust and cultural solidarity, it tends to be rigid in fund management. In contrast, BMT UGT Nusantara demonstrates professionalism, openness, and digital adoption, but requires stronger adaptive monitoring and partner education. From the perspective of Al-Shatibi’s maqashid, both institutions partially fulfill the objectives of preserving wealth, ensuring fairness, and supporting community welfare, yet neither has fully achieved a comprehensive maqashid-oriented model. The research recommends enhancing participatory evaluation, digital integration, and context-specific strategies to align mudharabah practices more closely with maqashid al-sharia. Theoretically, this research contributes to the integration of classical maqashid thought into Islamic economics. Practically, it offers valuable insights for BMT managers, regulators, and scholars in promoting welfare-driven and sustainable Islamic microfinance.References
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