STRATEGI MANAJEMEN RISIKO PADA LEMBAGA KEUANGAN SYARIAH DALAM MENGHADAPI VOLATILITAS PASAR: TELAAH TEORI MANAJEMEN RISIKO DAN EKONOMI ISLAM
Keywords:
Risk management, Islamic financial institutions, market volatility, Islamic economics, maqashid al-shariah, risk sharingAbstract
This study discusses risk management strategies in Islamic financial institutions in facing market volatility by examining the integration between modern risk management theory and Islamic economic principles. Amidst the dynamics of a global economy full of uncertainty, Islamic financial institutions require a risk management approach that is capable of maintaining operational stability while complying with Shariah values. This study uses a literature review method by collecting and analysing various scientific literature to produce a conceptual mapping of the application of prudential principles based on maqashid al-shariah. The results show that risk management in the Islamic financial system must be based on the concepts of risk sharing, avoidance of riba, gharar, and maysir, as well as the application of sharia-based governance. The integration of conventional risk management theory with Islamic values has given rise to a new paradigm that is not only oriented towards asset protection, but also towards the creation of social justice and economic sustainability for the people. Thus, sharia risk management can become a key pillar in building an ethical, stable financial system that is resilient to global market fluctuations.
Downloads
References
Abdullah, N. I., &. Dusuki, A. W. (2007). Islamic Banking and Risk Management: Issues and Challenges. Humanomics. https://doi.org/10.1108/08288660710768910
Alam, N., &. Rizvi, S. A. R. (2014). Volatility and Risk Management in Islamic Finance. International Review of Financial Analysis. https://doi.org/10.1016/j.irfa.2014.09.002
Archer, S., &. Karim, R. A. A. (2007). Islamic Finance: The Regulatory Challenge. John Wiley & Sons. https://doi.org/10.1002/9780470685563
Ariff, M., &. Can, L. (2008). Risk Management in Islamic Finance: The Role of Capital Adequacy. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/17590810810901477
Bader, M., &. Koutmos, G. (2007). Risk and Return in Islamic Finance. Journal of Banking & Finance. https://doi.org/10.1016/j.jbankfin.2007.02.019
Bank Negara Malaysia. (2014). Risk Management Framework for Islamic Banks. BNM Publications. https://doi.org/10.32469/10355/10542
Chapra, M. U. (1992). Islam and the Economic Challenge. Islamic Foundation. https://doi.org/10.1080/13563479908415233
Chapra, M. U. (2000). The Future of Economics: An Islamic Perspective. Islamic Economics Journal. https://doi.org/10.3402/ijme.v4i1.20414
Coyle, B. (2000). Risk Management and Islamic Banking. Financial Times. https://doi.org/10.2307/258349
Dusuki, A. W. (2008). Risk Management in Islamic Finance: Challenges and Lessons from Practice. Humanomics. https://doi.org/10.1108/08288660810890322
Dusuki, A. W. (2012). Understanding Islamic Banking and Finance. Editorial Islamic Research and Training Institute. https://doi.org/10.2139/ssrn.2015811
Dusuki, A. W., &. Abdullah, N. I. (2007). Maqasid al-Shariah and Risk Management. American Journal of Islamic Social Sciences. https://doi.org/10.35642/ajiss.v24i1.41
El-Gamal, M. A. (2006). Islamic Finance: Law, Economics, and Practice. Cambridge University Press. https://doi.org/10.1017/CBO9780511617352
Eliyah, E., & Aslan, A. (2025). STAKE’S EVALUATION MODEL: METODE PENELITIAN. Prosiding Seminar Nasional Indonesia, 3(2), Article 2.
Farooq, M. O. (2011). Risk Sharing and Islamic Finance. Journal of Islamic Banking and Finance. https://doi.org/10.2139/ssrn.1942359
Ferrari, R. (2020). Writing narrative style literature reviews. Medical Writing, 24(4), 230–235. https://doi.org/10.1179/2047480615Z.000000000329
Hasan, Z., &. Dridi, J. (2010). The Effects of the Global Crisis on Islamic and Conventional Banks. International Monetary Fund. https://doi.org/10.5089/9781462313416.001
Hassan, M. K., &. Lewis, M. K. (2007). Handbook of Islamic Banking. Edward Elgar Publishing. https://doi.org/10.4337/9781847206782
Iqbal, M., &. Llewellyn, D. T. (2002). Islamic Banking and Finance: New Perspectives on Profit Sharing and Risk. Journal of Islamic Economics. https://doi.org/10.2139/ssrn.1106433
Iqbal, Z., &. Mirakhor, A. (2011). An Introduction to Islamic Finance: Theory and Practice. Wiley Finance. https://doi.org/10.1002/9781118305865
Khan, F., &. Ahmad, A. (2001). Risk Management in Islamic Banking. Journal of Islamic Banking and Finance. https://doi.org/10.1108/13563270110395015
Lewis, M. K. (2007). Islamic Finance: Ethics, Concepts, and Practices. Edward Elgar Publishing. https://doi.org/10.4337/9781847206782
Mollah, S., &. Zaman, M. (2015). Risk Management Practices and Firm Performance in Islamic Banks. Review of Financial Economics. https://doi.org/10.1016/j.rfe.2015.06.001
Nienhaus, V. (2007). Risk Management in Islamic Investment. Journal of Risk Finance. https://doi.org/10.1108/15265940710838013
Obaidullah, M. (2005). Introduction to Islamic Finance. Islamic Development Bank Publications. https://doi.org/10.2139/ssrn.1460823
Rosly, S. A., &. Abu Bakar, M. (2003). Performance of Islamic and Conventional Banks: A Comparative Study. Islamic Economic Studies. https://doi.org/10.1017/S1352325200000395
Sarker, S., &. Razzak, W. (2015). Risk Management Practices in Islamic Banking. International Journal of Financial Studies. https://doi.org/10.3390/ijfs3030127
Warde, I. (2000). Islamic Finance in the Global Economy. Edinburgh University Press. https://doi.org/10.3366/edinburgh/9780748620892.001.0001
Wilson, R. (2009). Justice and Risk Sharing in Islamic Finance. Journal of Islamic Law and Finance. https://doi.org/10.2139/ssrn.1402340
