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Unduhan
Redenomination is the process of reducing the nominal value or digits of a particular currency, either paper currency or coins, without reducing its intrinsic value. One of the reasons a country implements a redenomination policy is the high inflation. However, inflation is not the primary reason for Indonesia to implement redenomination. The main goals are currency simplification, financial data recording efficiency, improving regional competitiveness, and enhancing the dignity of the rupiah. This research aims to examine the policy of rupiah currency redenomination through the lens of Islamic economics grounded in the principles of maqashid sharia, to determine whether the policy contributes to public benefit or poses potential risks to society and the national economy. The result of this study indicates that redenomination is not prohibited in Islamic economic law. There are three outcomes following the implementation of redenomination: 1) the redenomination could be successful; 2) redenomination could fail due to insufficient preparation; 3) redenomination may fail even with optimal preparation. Regardless of the potential outcomes, the implementation of redenomination necessitates thorough preparations to ensure the expected benefits are realized. Otherwise, it may risk damaging the five essential elements of maqashid sharia. This study uses a qualitative descriptive method utilizing literature-based analysis.
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