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Integration of Maqāṣid Al-Sharīʿah in the Design of Hybrid Financial Contracts (Uquˉd Murakkabah)

Jurnal Iman dan Spiritualitas · Vol. 5 No. 4 (2025) · pp. 719–732

DOI
10.15575/jis.v5i4.48280
ISSN
2775-4596
Published
2025-12-15
Publisher
UIN Sunan Gunung Djati Bandung
Language
eng
License
creativecommons.org/licenses/by-sa/4.0

Abstract

This study aims to critically examine how maqāṣid al-sharī‘ah can be systematically integrated into the design, structuring, and evaluation of uqud murakkabah (hybrid contracts) as a core driver of contemporary Islamic financial innovation. Grounded in key concepts such as maqasid, hybrid contracts, maslahah, hilah, and the principles of uṣūl al-fiqh, this research adopts a qualitative library-based methodology, drawing on classical jurisprudence, contemporary scholarship, international Sharia standards, and DSN-MUI fatwas. The scope of analysis includes conceptual foundations, methodological linkages, and practical applications of hybrid contracts in financing, home ownership structures, and sukuk engineering. The findings demonstrate that maqasid integration requires hybrid structures that ensure clarity, transparency, justice, real economic substance, and effective safeguards against hilah and exploitative risk configurations. Key challenges include contractual complexity, limited practitioner awareness of maqasid, and a tendency to mimic conventional financial instruments. Practical recommendations include strengthening maqasid-oriented regulatory frameworks, enhancing the capacity of Sharia Supervisory Boards, and developing measurable evaluation instruments. The study contributes an integrative normative-analytical framework that operationalizes maqasid within hybrid contract design to enhance ethical and welfare-oriented outcomes in Islamic finance. This research introduces a structured maqasid-hybrid contract integration model, offering an actionable evaluative tool for regulators, Sharia boards, and industry practitioners to ensure substantive Sharia compliance beyond formal legality.

Keywords

Collaboration network of the authors

28 authors · 64 co-authorship links

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  • Sunan Gunung Djati State Islamic University Bandung
  • Affiliation unknown
  • Different organisations
  • Same organisation
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  • Thicker line = more joint articles · bigger circle = more articles
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Co-authorOrganisationJoint articles
Ending SolehudinAffiliation unknown2
Deden NajmudinAffiliation unknown1
Enceng Arif FaizalAffiliation unknown1
Moh. Ahsanuddin JauhariAffiliation unknown1
Atep MasturAffiliation unknown1
Ateng RuhendiAffiliation unknown1
Aden RosadiAffiliation unknown1
Adzanah Mariska SalsabilaSunan Gunung Djati State Islamic University Bandung1
Aris HassamaAffiliation unknown1
M. Mujib QulyubiAffiliation unknown1
Muhammad Fadhlan AzizAffiliation unknown1
Aulia NurhikmahAffiliation unknown1
Farid MadaniAffiliation unknown1
Neng Yani NurhayaniAffiliation unknown1
Erika Rishan AdillahAffiliation unknown1
RR. Rita ErawatiAffiliation unknown1
Jaenudin JaenudinAffiliation unknown1
Fauzan Ali RasyidAffiliation unknown1
Usep SaepulohAffiliation unknown1
Mohd Anuar RamliAffiliation unknown1
Muhammad NuruddienAffiliation unknown1
Ramdani Wahyu SururieAffiliation unknown1
Jefry TarantangAffiliation unknown1
Muhammad Hafiz BadarulzamanAffiliation unknown1
Ibnu Elmi AS PeluAffiliation unknown1
Ahmad FauziAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.uinsgd.ac.id/index.php/jis/oai, first harvested 7 Nov 2026, last seen 8 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">Integration of Maqāṣid Al-Sharīʿah in the Design of Hybrid Financial Contracts (Uquˉd Murakkabah)</dc:title>
	<dc:creator>Fattah, Abdul</dc:creator>
	<dc:creator>Anwar, Syahrul</dc:creator>
	<dc:subject xml:lang="en-US">hybrid contracts</dc:subject>
	<dc:subject xml:lang="en-US"> Islamic legal theory</dc:subject>
	<dc:subject xml:lang="en-US">justice</dc:subject>
	<dc:subject xml:lang="en-US">risk governance</dc:subject>
	<dc:subject xml:lang="en-US">maslahah</dc:subject>
	<dc:subject xml:lang="en-US">maqasid shari'ah</dc:subject>
	<dc:description xml:lang="en-US">This study aims to critically examine how maqāṣid al-sharī‘ah can be systematically integrated into the design, structuring, and evaluation of uqud murakkabah (hybrid contracts) as a core driver of contemporary Islamic financial innovation. Grounded in key concepts such as maqasid, hybrid contracts, maslahah, hilah, and the principles of uṣūl al-fiqh, this research adopts a qualitative library-based methodology, drawing on classical jurisprudence, contemporary scholarship, international Sharia standards, and DSN-MUI fatwas. The scope of analysis includes conceptual foundations, methodological linkages, and practical applications of hybrid contracts in financing, home ownership structures, and sukuk engineering. The findings demonstrate that maqasid integration requires hybrid structures that ensure clarity, transparency, justice, real economic substance, and effective safeguards against hilah and exploitative risk configurations. Key challenges include contractual complexity, limited practitioner awareness of maqasid, and a tendency to mimic conventional financial instruments. Practical recommendations include strengthening maqasid-oriented regulatory frameworks, enhancing the capacity of Sharia Supervisory Boards, and developing measurable evaluation instruments. The study contributes an integrative normative-analytical framework that operationalizes maqasid within hybrid contract design to enhance ethical and welfare-oriented outcomes in Islamic finance. This research introduces a structured maqasid-hybrid contract integration model, offering an actionable evaluative tool for regulators, Sharia boards, and industry practitioners to ensure substantive Sharia compliance beyond formal legality.</dc:description>
	<dc:publisher xml:lang="en-US">UIN Sunan Gunung Djati Bandung</dc:publisher>
	<dc:date>2025-12-15</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.uinsgd.ac.id/index.php/jis/article/view/48280</dc:identifier>
	<dc:identifier>10.15575/jis.v5i4.48280</dc:identifier>
	<dc:source xml:lang="en-US">Jurnal Iman dan Spiritualitas; Vol. 5 No. 4 (2025): Jurnal Iman dan Spiritualitas; 719-732</dc:source>
	<dc:source>2775-4596</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.uinsgd.ac.id/index.php/jis/article/view/48280/15662</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2025 Abdul Fattah, Syahrul Anwar</dc:rights>
	<dc:rights xml:lang="en-US">https://creativecommons.org/licenses/by-sa/4.0</dc:rights>
</oai_dc:dc>