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All Journal Al Hurriyah : Jurnal Hukum Islam Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah
Lathif Hanafir Rifqi
Universitas Islam Negeri Walisongo Semarang
Religion Humanities Law, Crime, Criminology & Criminal Justice Social Sciences

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Stock Waqf as an Innovation of Productive Waqf in Strengthening Institutional Regulation and Economic Potential in Indonesia Alya Shofiana Rizka; Lathif Hanafir Rifqi
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 11 No. 1 (2026)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/r1em6074

Abstract

Stock waqf represents an innovation in productive waqf, connecting Islamic philanthropy with Sharia-compliant capital market instruments. However, its implementation in Indonesia remains constrained by fragmented regulations, unclear institutional responsibilities, uneven nazhir capacity, and capital-market risks. This study aims to analyze the legal construction, institutional governance, operational models, economic potential, and implementation challenges of stock waqf from the perspective of Islamic economic law. It employs a normative juridical method using statutory and conceptual approaches. Primary legal materials include Indonesian waqf legislation, implementing regulations, and DSN-MUI fatwas concerning shares and Islamic capital-market instruments, while secondary materials consist of books, journal articles, official reports, and relevant research. The materials were analyzed qualitatively through systematic legal interpretation and descriptive-analytical techniques. The findings demonstrate that the legality of stock waqf is constructed through the intersection of waqf law and Sharia capital-market regulation rather than through a specific stock-waqf regime. Indonesian law recognizes shares as movable waqf assets, but the operational rules governing custody, corporate actions, asset substitution, risk mitigation, reporting, and ongoing Sharia compliance remain incomplete. Stock waqf may be implemented through direct share endowment, dividend waqf, cash waqf invested in Sharia securities, and the endowment of Sharia mutual-fund units. Its optimization requires integrated institutional coordination, professional nazhir management, transparent reporting, digital security, and prudent investment governance. This study contributes an integrated legal-governance framework for balancing the preservation of the waqf corpus with sustainable public benefits.
Disharmony of Regulation in the Social Function of Islamic Banking in Indonesia Aisyah Kansa Pratami; Amir Tajrid; Lathif Hanafir Rifqi
Alhurriyah Vol 10 No 2 (2025): December 2025
Publisher : Universitas Islam Negeri Sjech M. Djamil Djambek Bukittinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30983/al-hurriyah.v10i2.9585

Abstract

Islamic banking regulations in Indonesia have so far displayed a paradox between positive legal legitimacy and the ideals of sharia maqashid. This study examines the disharmony between positive regulation of Islamic banking and the principle of sharia maqashid in the implementation of the social function of Islamic banks in Indonesia. This study is motivated by the phenomenon of policy orientation that emphasizes administrative compliance and financial stability, while the aspects of equity and distributive justice receive less normative space. Using a historical-juridical approach and normative-interpretive analysis, this study examines the synchronization between Law No. 21 of 2008, OJK regulations, and Bank Indonesia's policies with sharia maqashid values. The results of the study show that the existing regulatory framework is not fully maqashid-compatible because it is still technocratically oriented and has not measured the social impact substantively. This study recommends the reconstruction of social function regulations based on the principles of maqashid compliance, the integration of social justice indicators into supervision instruments, and the strengthening of maqashid literacy as the foundation for the renewal of national sharia economic law.
Co-Authors Aisyah Kansa Pratami Alya Shofiana Rizka Amir Tajrid