Theoretical Foundations Of Hifz Al-Mal (Preservation Of Wealth) In Islamic Jurisprudence

Abstract

This study examines the concept of Hifz al-Mal (preservation of wealth) in Islamic jurisprudence, exploring its theological, legal, and ethical foundations. By analyzing Islamic finance principles like profit-sharing and risk management, the research highlights the significance of responsible wealth management, fairness, and justice in financial transactions. The findings indicate that Islamic finance principles can promote economic justice and stability, emphasizing the crucial role of Zakat and Sadaqah in wealth redistribution and supporting the poor. The study bridges the gap between traditional Islamic jurisprudence and contemporary economic realities, offering a nuanced understanding of Islamic finance and its potential to foster a more equitable society. It identifies preservation of wealth as one of the five essential objectives of Islamic law (Maqasid al-Shariah) and examines the scriptural basis of Hifz al-Mal, including the Quran and Sunnah. The research explores contemporary challenges like digital currency, global inequality, and poverty, emphasizing the need for renewed Ijtihad to address these issues. The study's findings have significant implications for policymakers, financial institutions, and individuals seeking to promote economic justice and stability, contributing to the development of more just and equitable economic systems.