The Relevance of al-Ṭūfi’s Maṣlaḥah Theory to the Formulation of Modern Sharia Economic Policy

Abstract

This article examines the contemporary relevance of al-Ṭūfī’s theory of maṣlaḥah in formulating modern Islamic economic public policy. Al-Ṭūfī’s perspective—emphasizing the primacy of public interest over textual evidence (nass) in the domains of mu‘āmalāt and public affairs—offers a methodological framework capable of addressing the complex and rapidly evolving challenges of the digital economy. Using a normative qualitative approach, this study analyzes the foundational concepts of maṣlaḥah in al-Ṭūfī’s works and compares them with emerging regulatory practices in Islamic economic governance, including the development of Islamic fintech, the transformation of waqf into financial instruments such as Cash Waqf Linked Sukuk (CWLS), and the strengthening of prudential principles in Islamic financial institutions. The analysis reveals that al-Ṭūfī’s rational and context-sensitive framework provides substantial epistemological flexibility for contemporary policymaking, particularly in addressing issues such as algorithmic bias, data security, systemic risk, and green finance. This study also highlights a research gap in the existing literature, as few works have systematically employed al-Ṭūfī’s maṣlaḥah theory as a conceptual tool for evaluating modern economic regulation. The findings demonstrate that integrating al-Ṭūfī’s approach with maqāṣid al-syarī‘ah creates a robust analytical foundation for designing adaptive, evidence-based, and socially impactful Islamic economic policies. Therefore, this article contributes to the methodological enrichment of Islamic economic law and offers practical implications for regulators seeking sharī‘ah-compliant frameworks that remain responsive to technological and socioeconomic transformations.