Mudharabah and Maqashidal-Shariaal-Shatibi: A comparative study of Islamic microfinance practices

Naghfir, Naghfir, Basri, Basri, Rahayu, Yayuk Sri ORCID: https://orcid.org/0000-0001-6315-7943 and Al-Atabi, Laith Abdul Hussein Farhan (2025) Mudharabah and Maqashidal-Shariaal-Shatibi: A comparative study of Islamic microfinance practices. AL-IKTISAB: Journal of Islamic Economic Law, 9 (1). pp. 73-86. ISSN 2580-4251

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Abstract

This researchexplores the relevance of maqashid al-shariaaccording to Al-Shatibiin the implementation of mudharabahcontracts 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 mudharabahin 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 researchrecommends enhancing participatory evaluation, digital integration, and context-specific strategies to align mudharabahpractices more closely with maqashid al-sharia. Theoretically, this research contributes to the integration of classical maqashidthought into Islamic economics. Practically, it offers valuable insights for BMT managers, regulators, and scholars in promoting welfare-driven and sustainable Islamic microfinance

Item Type:	Journal Article
Keywords:	Mudharabah; Maqashid al-Sharia; Al-ShatibiIslamic Microfinance; Baitul Maal wat Tamwil(BMT); Economic Empowerment
Subjects:	15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1505 Marketing > 150503 Marketing Management (incl. Strategy and Customer Relations)
Divisions:	Faculty of Economics > Department of Islamic Banking
Depositing User:	Yayuk Sri Rahayu
Date Deposited:	06 Apr 2026 13:44

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