Rupiah Redenomination from the Perspective of Islamic Economics (An Analysis of the Monetary Policy of the Minister of Finance of the Republic of Indonesia)

Abstrak

The discourse on the redenomination of the Indonesian rupiah has re-emerged as part of the government's long-term monetary policy agenda and has generated diverse public responses regarding its economic and social implications. From the perspective of Islamic economics, such a policy should not only emphasize monetary efficiency but also ensure justice, public welfare (maṣlaḥah), and the protection of wealth (ḥifẓ al-māl) in accordance with the objectives of maqāṣid al-syarī'ah. This study aims to analyze the discourse on rupiah redenomination conveyed by the Minister of Finance of the Republic of Indonesia, Purbaya Yudi Sadewa, examine the discourse through the framework of Islamic economics, and assess its potential sharia implications if implemented in Indonesia. This research employed a descriptive qualitative approach using a library research method. Data were collected from official statements of the Minister of Finance, government policy documents, publications of Bank Indonesia, statements of the House of Representatives, and relevant academic literature. The data were analyzed through data reduction, data display, and conclusion drawing using the maqāṣid al-syarī'ah framework. The findings indicate that no contradiction exists between official government documents and the Minister of Finance's public statements regarding redenomination. Although the Ministry of Finance, Bank Indonesia, and the House of Representatives emphasize different institutional perspectives, all regard redenomination as a long-term policy requiring comprehensive economic, regulatory, technical, and social readiness. Furthermore, the study reveals that the current redenomination discourse cannot yet be regarded as generating definite public benefit (qaṭ'iyyah maṣlaḥah) because it still poses potential risks, including public misunderstanding, price rounding, market speculation, and uncertainty in economic contracts. Therefore, from the perspective of Islamic economics, redenomination can only be justified when it effectively safeguards public wealth, promotes justice, and prevents potential harm through adequate regulation, public education, and institutional supervision in line with the objectives of maqāṣid al-syarī'ah.

Keywords: Rupiah redenomination; Islamic economics; maqāṣid al-syarī'ah; public policy; ḥifẓ al-māl.