ISSN: 2222-6990
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The study analyzes core financial risks including budgetary, liquidity, revenue, procurement, and contractual risks, alongside operational and technological risks with financial implications detailing their drivers and institutional impacts. It demonstrates that Hifz al-Mal provides a values-based foundation for risk governance by integrating fiduciary integrity (Amanah), preventing infringement (Ta'addi) and negligence (Tafrit), rationalizing spending, balancing benefits and harms (Masalih and Mafasid), and evaluating decision outcomes (Ma'alat). Operationalizing this objective requires establishing actionable criteria across all phases of the risk management lifecycle from identification and assessment to mitigation and residual risk monitoring while balancing public service continuity against control costs. To operationalize these principles, the paper proposes a framework centered on clear responsibility allocation, risk register maintenance, integrating wealth preservation criteria into approval processes, and implementing targeted mitigation plans. Key performance indicators (KPIs) to monitor effectiveness include avoidable losses, overdue receivables, project cost overruns, repeat audit findings, and asset utilization rates. The study recommends piloting the proposed framework within a defined financial scope, improving data quality, training personnel, and linking monitoring outcomes to corrective actions. By providing a bridge between Maqasidic grounding and administrative practice, the paper affirms that protecting public wealth requires ensuring its ongoing utility and long-term sustainability, supporting a balanced approach between loss prevention and institutional goal achievement.
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