The Role of Fiqh al-Mu’amalat in Regulating and Controlling Investment in the midst of contemporary challenges

Abstract

This research aims to demonstrate the role of Fiqh al-Mu’amalat in regulating and organizing investment according to the principles of Shari’ah (Islamic law). This is achieved through an analysis of Sharia-compliant controls, such as the prohibition of Riba (usury) and Gharar (uncertainty), and the link between profit and risk. The research also highlights the role of Islamic investment instruments, such as Musharakah (partnership), sukuk (Islamic bonds), and waqf (Endowment), in achieving financial stability and sustainable development. The research employs an analytical and comparative methodology, examining several contemporary experiences, particularly the Malaysian experience. The study concludes that Fiqh al-Mu’amalat provides an ethical and regulatory framework that contributes to enhancing investment efficiency and achieving a balance between profitability and social justice. It also emphasizes the need to develop jurisprudential interpretations (Ijtihad) to keep pace with modern economic challenges.