Analysis of the Application of Maqashid Syariah in Digital-Based Islamic Non-Bank Financial Products

Abstract

This study examines the application of maqashid syariah in digital-based Islamic non-bank financial products, including Islamic fintech, Islamic financing, and Islamic insurance. Digitalization has improved the efficiency, accessibility, and reach of financial services, but it also creates challenges related to cybersecurity, financial literacy, and consumer protection. This study aims to analyze the implementation of maqashid syariah in digital-based Islamic non-bank financial activities by examining the five essential objectives of Islamic law: hifz al-din, hifz al-nafs, hifz al-'aql, hifz al-nasl, and hifz al-mal. The study uses a descriptive qualitative approach with library research. Secondary data were collected from scientific journals, books, scientific articles, official reports, and previous studies. The data were analyzed using content analysis through data collection, data reduction, data presentation, and conclusion drawing. The findings indicate that digital-based Islamic non-bank financial products have generally implemented the five dimensions of maqashid syariah. The implementation of hifz al-din and hifz al-nasl appears relatively stronger, while hifz al-nafs, hifz al-'aql, and hifz al-mal still face challenges, particularly cybersecurity threats, limited Islamic financial literacy, and consumer protection risks. The study concludes that implementation is fairly effective but not yet optimal. Strengthening digital security, Islamic financial literacy, and consumer protection is necessary to support a more comprehensive and sustainable application of maqashid syariah.