Analisis Kebijakan Quantitative Easing Dalam Perspektif Islam Studi Terhadap Prinsip Keadilan dan Stabilitas Ekonomi: An Analysis of Quantitative Easing Policy from an Islamic Perspective: A Study of the Principles of Justice and Economic Stability

Muhammad Wahyudi; Prihantono; Syamratun Nurjannah

doi:10.24260/jkubs.v5i2.6134

Authors

muhammad wahyudi Institut Agama Islam Negeri (IAIN) Pontianak
Prihantono Institut Agama Islam Negeri (IAIN) Pontianak https://orcid.org/0009-0003-3424-031X
Syamratun Nurjannah Institut Agama Islam Negeri (IAIN) Pontianak

DOI:

https://doi.org/10.24260/jkubs.v5i2.6134

Keywords:

Quantitative Easing , Systematic Literature Review, Maqashid Syariah, Islamic Economics, Distributive Justice

Abstract

Purpose: This study aims to evaluate the compatibility of quantitative easing (QE) policy with Islamic economic principles through the maqashid syariah framework emphasizing justice, public welfare, and economic stability.

Design/methodology/approach: This study employs a qualitative approach using Systematic Literature Review (SLR). Literature searches were conducted through Scopus and PubMed databases using Publish or Perish, yielding 205 initial articles. After screening through the PRISMA protocol using Covidence, 60 articles published between 2014–2024 were selected as the final sample. Bibliometric analysis using VOSviewer was conducted to map keyword networks and research trends, while data synthesis evaluated each article based on five maqashid syariah dimensions.

Research Findings: The findings indicate that QE policy is fundamentally incompatible with maqashid syariah. Of the five dimensions evaluated, three were declared incompatible (hifz al-mal, hifz al-adl, and maslahah 'ammah) and two were partially compatible (hifz al-nafs and hifz al-nasl). QE mechanisms rely on interest-based instruments (riba), encourage asset speculation (maysir), and predominantly channel liquidity to the financial sector rather than the productive sector. Bibliometric analysis confirmed the absence of Islamic finance keywords in the QE literature network, indicating a significant research gap.

Contribution/Originality/Novelty: This study offers a novel contribution by systematically evaluating QE through the maqashid syariah framework using SLR, which has not been previously conducted. This research also proposes a conceptual modification of QE toward sharia-compliant instruments such as productive sukuk, profit-sharing schemes (mudharabah/musyarakah), and synergy with Islamic fiscal instruments (ziswaf) as a more equitable alternative.

Keywords: Quantitative Easing, Maqashid Syariah, Islamic Economics, Distributive Justice, Systematic Literature Review.

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