Risk rationality and risk sharing in financial institutions: An analysis and criticism of Islamic economics

Rohaelis Nuraisiah; Suhendar Suhendar; Moh. Mukri; Azka Nur Diana; Ahmad Dahlan; Mawardi Mawardi

doi:10.18326/muqtasid.v16i1.54-67

Authors

Rohaelis Nuraisiah Management Study Program, Faculty of Economics and Business, Universitas Banten Jaya
Suhendar Suhendar Sharia Accounting Study Program, Faculty of Islamic Economics and Business, State Islamic University of Raden Intan Lampung
Moh. Mukri Sharia Accounting Study Program, Faculty of Islamic Economics and Business, State Islamic University of Raden Intan Lampung
Azka Nur Diana Islamic Economics Study Program, Faculty of Islamic Economics and Business, State Islamic University of Prof. Kiai Haji Saifuddin Zuhri Purwokerto
Ahmad Dahlan Islamic Economics Study Program, Faculty of Islamic Economics and Business, State Islamic University of Prof. Kiai Haji Saifuddin Zuhri Purwokerto
Mawardi Mawardi Sharia Economic Law, Faculty of Shariah and Law, State Islamic University of Sultan Syarif Kasim Pekanbaru Riau

DOI:

https://doi.org/10.18326/muqtasid.v16i1.54-67

Keywords:

riba, risk rationality,, financial institutions, Islamic economics

Abstract

This study aimed to establish a philosophical foundation for the conventional financial system from an Islamic perspective, with particular emphasis on usury and risk rationality in the global finance landscape. Using a qualitative library investigative approach, primary data were obtained from articles and books, while secondary data were sourced from financial reports published by various institutions, particularly the Financial Services Authority (OJK). The results showed a positive correlation between the expansion of the interest-based financial sector and rising economic inequality. Conversely, risk-sharing instruments, such as profit-sharing, in Islamic financial institutions presented greater stability in the face of economic shocks and crises. The analysis also identified gaps between philosophical criticism and the practical implementation of contemporary Islamic finance, as well as between the returns on Islamic products and conventional interest rates. In conclusion, ethical and spiritual dimensions should be included in economic theory, as outlined in the Maqâsid al-Sharî’ah. A limitation of this study was the lack of in-depth philosophical analysis grounded in authoritative sources

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