Integrating Sharia Principles in State Asset Governance: A Normative Approach Based on Islamic Jurisprudence

Abstract

The management of state assets is an essential component of public finance, demanding a governance framework that ensures justice, accountability, and benefit to the collective society. In contemporary Islamic states or Muslim-majority countries like Indonesia, this imperative intersects with the broader discourse on sharia-compliant governance, which seeks to align fiscal policies with Islamic legal and ethical principles. The inadequacy of secular legal systems in embodying the spiritual and communal values emphasized in Islamic jurisprudence underscores the urgency of re-evaluating asset management frameworks through the lens of fiqh al-māl and maqāṣid al-sharī‘ah. This study aims to identify, classify, and synthesize sharia principles that govern the management of state assets, focusing particularly on the classical doctrines of Islamic public finance and the modern legal challenges faced by Muslim-majority nations. The objectives include analyzing the classical concept of bayt al-māl, identifying governance principles such as ḥisbah and wilāyah al-māl, and formulating a theoretical framework that can be adopted in contemporary national policy. The research adopts a qualitative approach, relying on interpretive-normative methods to examine classical texts, modern jurisprudence, and Indonesian policy documents. The findings reveal that a coherent and ethical framework for state asset management exists within the Islamic tradition, emphasizing amanah, public utility, legal responsibility, and institutional oversight. These principles provide not only a theological basis but also a practical foundation for regulatory models. This paper contributes to the field of Islamic public policy and law by offering a comprehensive normative model that bridges classical jurisprudence with modern governance challenges in asset management.