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All Journal Al Fiddhoh: Journal of Banking, Insurance, and Finance Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah
Abdul Muiz Abdul Wadud
International Islamic University of Malaysia
Economics, Econometrics & Finance Social Sciences

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A Comparative Analysis of the Legal System on the Performance of Islamic Banks: A Study in the United Kingdom, Malaysia and Indonesia Roqiyul Ma’arif Syam; Mabruri Andatu; Abdul Muiz Abdul Wadud
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.20924

Abstract

This research is motivated by the issue of the influence of the legal system on the performance of Islamic banks in three countries with different legal and social backgrounds, namely the United Kingdom (UK), Malaysia and Indonesia. A qualitative-comparative approach is used by focusing on the substantive and procedural legal system aspects that affect the operation of Islamic banks, as well as on performance indicators such as financial stability, operational efficiency, and the level of public trust. The results show that Malaysia has the most supportive legal system for the development of Islamic banks through its dual banking system framework, formal recognition of sharia principles, and integrated regulatory and supervisory institutions. While Indonesia has made progress in the regulatory aspect, it still faces challenges in harmonization between national law and sharia principles, as well as supervisory effectiveness. On the other hand, the UK, despite having a stable legal system, has not provided a sufficient legal basis to support the full operation of Islamic banks, as its regulatory approach is religion-neutral. This research also emphasizes the importance of legal culture and socio-religious context in supporting the performance of the Islamic finance industry. The practical implications of this research include the need for regulatory harmonization, institutional capacity building, and the establishment of international sharia law standards. Thus, strengthening the legal system that is responsive to sharia principles is a strategic key in strengthening the competitiveness of Islamic banks globally.Keywords: Legal system; United Kingdom; Indonesia; Malaysia; Islamic Bank.
ANALISIS EKSISTENSI PRODUK INVESTASI SYARIAH DALAM PLATFORM FINTECH DI INDONESIA Avrilia Aurelia Avissa; Jefik Zulfikar Hafizd; Wahyu Bahrul Alam; Ammar Ibnu Jaelani; Abdul Muiz Abdul Wadud
Al Fiddhoh: Journal of Banking, Insurance, and Finance Vol. 6 No. 2 (2025): Al Fiddhoh: Journal of Banking, Insurance, and Finance
Publisher : Institut Agama Islam Negeri Kerinci

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32939/fdh.v6i2.5162

Abstract

ABSTRACT Financial technology (fintech) has revolutionized the financial sector as a whole. This technological innovation allows people to access financial services more easily and quickly, one of which is through sharia-based digital investment. This study aims to determine sharia investment products in the fintech platform, the legal basis for technology-based sharia investment (fintech), and the opportunities and challenges of technology-based sharia investment products (fintech) in Indonesia. The method used in this study is a descriptive method by applying a qualitative approach. The results of this study show that sharia investment products available on digital platforms include several financial instruments such as sharia stocks available on the Ajaib platform, sharia mutual funds available on the Bareksa platform, and sukuk (sharia bonds) available on the Investree platform. In running its operational system, the legal basis used in technology-based sharia investment products is POJK Number 77 of 2016 concerning Information Technology-Based Money Lending Services, PBI Number 19 of 2017 concerning Financial Technology Providers, and DSN-MUI fatwa Number 117/DSN-MUI/II/2018 concerning Information Technology-Based Financing Services based on Sharia Principles. As a new innovation, technology-based sharia investment products have several opportunities and challenges in their implementation. These opportunities include wide accessibility, operational cost efficiency, and conditions where the majority of Indonesia's population is Muslim. The challenges faced are the absence of clear and comprehensive regulations, public knowledge about sharia transaction contracts and sharia fintech operational mechanisms that are still minimal, and limited internet access and digital infrastructure.
Co-Authors Ammar Ibnu Jaelani Avrilia Aurelia Avissa Jefik Zulfikar Hafizd Mabruri Andatu Roqiyul Ma’arif Syam Wahyu Bahrul Alam