The Transformation of Islamic Digital Treasury and the Efficiency of Corporate Liquidity Management: A Critical Review of the Literature and Sharia Compliance
DOI:
https://doi.org/10.59525/jess.2171Keywords:
Islamic Digital Treasury, Liquidity Management, Shariah Compliance, Maqashid al-Shari’ahAbstract
The transformation of global digital financial transactions requires Sharia-compliant corporations to modernize their daily cash management; however, the automation of treasury systems based on intelligent algorithms has the potential to trigger fundamental Sharia non-compliance risks such as gharar, maysir, and opacity in the calculation of returns. This study aims to evaluate the level of operational efficiency in corporate liquidity management resulting from the adoption of Islamic Digital Treasury and to formulate an integrative governance model that ensures substantive Sharia compliance. The research method employs a qualitative approach involving an in-depth critical literature review, analyzing international standards from AAOIFI and IFSB, classical fiqh al-muamalah literature, and reputable journal articles from 2020 to 2026. The research findings demonstrate that the adoption of an artificial intelligence- and blockchain-based digital treasury system can reduce cash management operational costs and accelerate working capital turnover. This study successfully synthesizes a conceptual innovation in the form of a three-tier governance architecture that aligns the Technology Acceptance Model with the pillars of Maqashid al-Shari’ah. Regulatory authorities and Shariah corporate management are recommended to immediately implement Shariah algorithm certification and integrate automated monitoring modules based on Shariah nodes to mitigate the risk of non-halal revenue cancellation in a structured and sustainable manner.
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Copyright (c) 2025 M. Makhrus Ali, Sukawati Sukawati, Ratna Himawati, Tria Mei Diana
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