The Application of Maslahah Mursalah Method in Contemporary Islamic Finance

This study aims to investigate the application of Maslahah Mursalah reasoning in contemporary Islamic finance. The motivation for this study arises from the modernization of Islamic banking practices, which have adapted conventional financial systems through structural and operational changes. Consequently, it is necessary to evaluate these practices from a Shariah law perspective. One of the principles of Usul al-Fiqh that is relevant for addressing modern issues not addressed in earlier times is the principle of Maslahah Mursalah. Maslahah Mursalah is a significant principle for determining the compliance of an action with Shariah. Furthermore, this principle is accepted as valid by renowned scholars among the four Sunni schools of thought. The objective of this study is to analyze the implementation of Maslahah Mursalah reasoning in current Islamic financial practices. A qualitative approach is employed, which includes a literature review of books, journals, and relevant circulars. The gathered materials will be analyzed using document analysis methods. The findings of this study indicate that several practices in Islamic finance are implemented based on the justification of Maslahah Mursalah. These practices include issues such as the inclusion of a 'promise to purchase' in Murabahah to Purchase Order (MPO) contracts, the determination of Ibra' (rebate) in financing contracts, and the combination of contracts in Islamic financial products. Therefore, it can be concluded that the principle of Maslahah Mursalah plays a significant role as a primary reference for contemporary Islamic finance issues. Consequently, it is recommended that operators in the current Islamic financial industry have a thorough understanding of the principle of Maslahah Mursalah.