Model Hybrid Central Bank Digital Currency (CBDC) dalam Sistem Moneter Ganda: Integrasi Maqashid Syariah dan Stabilitas Keuangan

Khilfatul Khamidah; Dwi Kusmiarso

doi:10.70716/emis.v4i3.865

Authors

Khilfatul Khamidah Ekonomi Syariah, Universitas Islam Bakti Negara Tegal, Indonesia Author
Dwi Kusmiarso Ekonomi Syariah, Universitas Islam Bakti Negara Tegal, Indonesia Author

DOI:

https://doi.org/10.70716/emis.v4i3.865

Keywords:

hybrid CBDC, dual monetary system, Maqashid al-Shariah, financial stability

Abstract

The rapid digital transformation of payment systems and monetary policy has encouraged central banks to develop Central Bank Digital Currency (CBDC) as an innovative form of digital money with significant implications for monetary and financial stability. In Indonesia, which operates a dual monetary system, the development of CBDC presents both challenges and opportunities for integrating Islamic economic principles with the requirements of monetary and financial stability. This study aims to formulate a hybrid CBDC model that integrates Maqashid al-Shariah principles with a financial stability framework within a dual monetary system. This study employs a qualitative approach using a literature review and conceptual analysis of academic literature, regulatory frameworks, and policy documents related to CBDC, Islamic monetary economics, Maqashid al-Shariah, and financial stability. The data were analyzed through data reduction, thematic categorization, interpretation, and conceptual synthesis to develop a CBDC model compatible with both conventional and Islamic monetary systems. The findings indicate that a hybrid CBDC model should adopt a two-tier architecture that facilitates integration among the central bank, conventional banking institutions, and Islamic financial institutions while ensuring compliance with principles of justice, public benefit, transparency, and wealth protection, as well as avoiding gharar, maysir, and riba. Such a model has the potential to enhance payment efficiency, financial inclusion, monetary policy transmission, and financial system resilience. This study recommends that CBDC development should not be oriented solely toward technological efficiency but should also incorporate Maqashid al-Shariah as a normative framework for promoting financial stability and socioeconomic welfare.

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