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Maslahah is the main concept in the application of Financial Derivatives in Islamic banking according to Islamic principles without containing elements of maysir, gharar and usury. The purpose of this study is to identify derivative instruments in Bank Syariah Indonesia in order to explore their application and determine the impact of maslahah. This study uses a qualitative research method with an Ethnography method approach. Data sources from direct actors at BSI and the Sharia Supervisory Board. The results of the study show that Bank Syariah Indonesia operates based on sharia principles, which prohibit certain financial activities that contain maysir, gharar and usury. The application of financial derivatives in Islamic Banks has an impact related to the concept of maslahah (benefit), namely Effective Risk Management, Increased Liquidity, Investment Diversification, Product Innovation, transparency and compliance. The application of Islamic Financial Derivatives in Indonesian Islamic banks aims to offset potential losses in one investment through Islamic hedging. On the other hand, the Sharia Supervisory Board supervises and ensures sharia compliance in hedging. The implications of this study are expected that the application of derivatives must ensure fair profit and loss sharing between the parties involved in the transaction in accordance with sharia principles and contribute to the welfare of the wider community. In addition, the use of sharia derivatives needs to be based on ethical principles and sharia principles and pay attention to considerations of maslahah and mafsadah (benefits and losses) in every activity in sharia financial derivatives.