Management Of Services And Products Of Islamic Financial Institutions: Integration Of Islamic Values Into Modern Financial Structures

Abstract

Islamic Financial Institutions (IFIs) have emerged as an alternative financial system that not only offers interest-free financial services but also emphasizes distributive justice, transparency, and social responsibility. This article aims to examine the application of modern management functions within IFIs through an integrative approach that incorporates Shariah values. Employing a normative qualitative method through literature review, this study analyzes primary sources such as fatwas issued by the National Sharia Council (DSN-MUI) and Islamic banking regulations, as well as secondary literature covering management theories, Islamic commercial jurisprudence (fiqh muamalah), and the objectives of Shariah (maqāṣid al-sharīʿah). The findings indicate that managerial functions in IFIs—from planning to decision-making—have been aligned with Islamic ethics through principles such as consultation (shūrā), honesty (ṣidq), and justice (ʿadl). Furthermore, Shariah-compliant financial products and services, including muḍārabah, mushārakah, murābaḥah, and productive waqf, are not solely profit-oriented but are also directed toward promoting sustainable economic development and community empowerment. Therefore, the management of Islamic financial products and services plays a strategic role in fostering a financial system that is not only ḥalāl in jurisprudential terms but also socially and spiritually impactful.