Contextualization of Ushul Fiqh in Muamalah and Modern Banking: Sharia Solutions in the Global Economic System

Dimas Handoyo  Putro; Nurwahidin; Mulawarman  Hannase; Muhammad Cholil  Nafis; Nur Fatwa; Mohammad Izdiyan  Muttaqin

doi:10.55927/ijis.v3i11.12424

Authors

Dimas Handoyo Putro Universitas Indonesia
Nurwahidin Universitas Indonesia
Mulawarman Hannase Universitas Indonesia
Muhammad Cholil Nafis Universitas Indonesia
Nur Fatwa Universitas Indonesia
Mohammad Izdiyan Muttaqin Universitas Indonesia

DOI:

https://doi.org/10.55927/ijis.v3i11.12424

Keywords:

Ushul Fiqh, Muamalah, Islamic Banking, Global Economy, Islamic Financial System

Abstract

This study examines the application of ushul fiqh, the foundational discipline of Islamic jurisprudence, in modern Islamic banking and its implications for the global economic system. Using a Systematic Literature Review (SLR) methodology, this research analyzes academic contributions from 2018 to 2024, focusing on the integration of Islamic principles into banking practices. The findings reveal that ushul fiqh significantly reduces financial instability through principles like the prohibition of riba (interest), reduction of gharar (uncertainty), and emphasis on maslahat (public welfare). These principles align economic transactions with ethical values, fostering inclusivity and sustainability. However, challenges such as regulatory standardization and integration into global markets persist. Despite these, the study identifies substantial growth opportunities for Islamic banking, especially with the rise of sharia-compliant Fintech solutions. This research highlights the potential of ushul fiqh as a transformative tool for promoting justice and resilience in global financial systems while meeting the ethical demands of modern economies

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