Hifz al-mal dan Risiko Sistemik dalam Era Kewangan Digital: Analisis Berasaskan Maqasid [Hifz al-mal and Systemic Risk in the Digital Financial Era: A Maqasid-Based Analysis]

Abstract

Pemeliharaan harta (hifz al-mal) merupakan salah satu objektif asas (daruriyyat al-khams) dalam kerangka Maqasid al-Shariah. Wacana fiqh klasik mentafsirkan perlindungan harta melalui keabsahan akad, pengharaman riba dan gharar, serta mekanisme liabiliti bagi menjamin keadilan transaksi. Namun, perkembangan teknologi kewangan digital telah memperkenalkan risiko baharu yang bersifat struktur dan sistemik, melangkaui isu pematuhan kontrak semata-mata. Kajian kontemporari telah membincangkan Maqasid al-Shariah dalam konteks perbankan digital, mata wang kripto dan keterangkuman kewangan, namun perbahasan tersebut masih tertumpu kepada instrumen tertentu. Integrasi hifz al-mal dalam kerangka analisis risiko sistemik seperti manipulasi algoritma, eksploitasi data dan kerapuhan kewangan makro masih terhad. Kajian ini menilai semula konsep klasik hifz al-mal serta meneliti kesesuaiannya dalam menangani cabaran kewangan digital. Melalui analisis doktrinal dan penelitian literatur fintech, kajian ini mencadangkan peluasan kerangka maqasid yang menekankan daya tahan sistemik dan integriti tadbir urus sebagai asas perlindungan harta dalam era digital.

Wealth preservation (hifz al-mal) constitutes one of the essential objectives (daruriyyat al-khams) within Maqasid al-Shariah. Classical juristic discourse primarily conceptualized wealth protection through contractual validity, prohibition of riba and gharar, and liability mechanisms ensuring transactional justice. However, the expansion of digital financial technologies has introduced structural and systemic risks that extend beyond individual contractual compliance. Existing scholarship has examined Maqasid al-Shariah in relation to digital banking, cryptocurrencies, and financial inclusion, yet remains largely instrument-focused. Limited attention has been given to integrating hifz al-mal within a systemic framework addressing algorithmic manipulation, data exploitation, platform-induced vulnerabilities, and macro-financial instability. This study revisits the classical conception of hifz al-mal and evaluates its adequacy in confronting contemporary digital financial risks. Through qualitative doctrinal analysis and critical engagement with fintech literature, the study proposes an expanded maqasid-based framework that incorporates systemic resilience and governance integrity. The findings suggest that wealth preservation in the digital era requires structural recalibration beyond contractual compliance toward comprehensive digital financial protection.