Islamic Central Bank Governance Model: Integration of Maqashid Sharia in Monetary Governance

Abstrak

This study aims to analyze and formulate a model of Islamic central bank governance through the integration of maqashid sharia in monetary policy as an alternative to the conventional system, which is considered to have limitations in achieving economic stability and justice. The background of this research is based on criticism of the interest-based monetary system, which tends to widen inequality, is speculative, and pays little attention to the ethical dimension and the real welfare of society. The study uses a qualitative approach with a literature study method (library research), by reviewing various sources such as books, scientific journals, and reports from official institutions relevant to Islamic economics and finance. The analysis was conducted descriptively and critically to compare the conventional monetary paradigm with the maqashid sharia-based approach. The results show that the integration of maqashid sharia in monetary governance can shift the policy orientation from stability-centric to welfare-centric, emphasizing distributive justice, financial inclusion, and economic sustainability. The operationalization of this model is reflected in the use of interest-free monetary instruments, strengthening sharia-based institutions, and developing performance indicators that reflect the public welfare. However, the implementation of this model still faces various challenges, such as the dominance of the conventional system, limited sharia instruments, and low public financial literacy. Therefore, an integrated and gradual policy transition roadmap is needed to realize a more inclusive, stable, and equitable Islamic monetary system.

Keywords: maqasid sharia, Islamic central bank, monetary policy, governance, Islamic economics.