IMPLEMENTING MAQĀṢID-BASED SHARIA ECONOMIC LAW IN CONTEMPORARY MARKETS: A CRITICAL NORMATIVE AND EMPIRICAL STUDY

Abstract

This article critically examines the implementation of Sharia Economic Law in contemporary business practices by employing a maqāṣid al-sharī‘ah-oriented analytical framework. While many Muslim-majority countries, including Indonesia, have formally integrated Sharia economic principles into their legal systems, the practical realization of these principles often remains procedural and symbolic. Using a normative–empirical legal research approach, this study analyzes statutory regulations, Sharia governance mechanisms, and empirical practices within the halal industry and Sharia-based micro, small, and medium enterprises (MSMEs). The findings demonstrate that institutional fragmentation, limited financial inclusion, and weak ethical internalization continue to hinder the substantive realization of Sharia economic objectives. This article argues that Sharia Economic Law must be repositioned from a compliance-oriented regulatory regime toward an ethical governance system grounded in maqāṣid al-sharī‘ah. The study contributes to international Islamic legal scholarship by offering a conceptual and practical reconstruction of Sharia Economic Law capable of promoting justice, welfare, and sustainable economic development