Recontextualizing the Concept of the Time Value of Money from a Maqashid al-Shariah Perspective
Rekontekstualisasi Konsep Time Value of Money dalam Perspektif Maqashid al-Shariah
DOI:
https://doi.org/10.29040/jiei.v12i2.19540Keywords:
Cost Fairness, Maqashid Al-Shariah, Sharia Gold Investment, Time Value of MoneyAbstract
This study recontextualizes the time value of money (TVM) in Islamic economics through a maqashid al-shariah lens using a case study of Sharia-compliant gold investment at Pegadaian Syariah. A mixed methods sequential exploratory design was applied. Qualitative data were collected via document analysis and semi-structured interviews with 10 informants to derive maqashid-based indicators of time-related value. Quantitative data were gathered through a survey of Sharia gold investors and analyzed using multiple linear regression and mediation testing. Findings show that investors interpret time-related value not as interest-based compensation but as ethical utility embedded in service provision, risk management, and wealth preservation. Descriptive results indicate high perceptions of maqashid alignment (M=4.11) and Sharia compliance trust (M=4.24). Regression results reveal significant effects of maqashid alignment on investment decision (β=0.32; p=0.001) and cost fairness on investment decision (β=0.26; p=0.008). Sharia compliance trust strongly predicts continuance intention (β=0.39; p<0.001), while Sharia financial literacy improves investment decision quality (β=0.28; p=0.004). Trust partially mediates the maqashid alignment–continuance link. This study extends prior work by operationalizing maqashid-based time utility into measurable constructs and empirically testing it in a retail Sharia gold investment setting.
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