M. Abdurrozaq
Karabük University

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Artificial Intelligence in Istinbat Al-Hukm from Muamalah Hadiths: a Fiqh and Library-Based Analysis Muhmmad Irkham Firdaus; Muhammad Abdul Aziz; M. Abdurrozaq
MADINAH Vol 13 No 1 (2026): Madinah: Jurnal Studi Islam
Publisher : INSTITUT AGAMA ISLAM TARBIYATUT THOLABAH LAMONGAN, INDONESIA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58518/madinah.v13i1.4632

Abstract

The complexity of Hadith verification and the current diversity of schools of thought (madhhab) necessitate Artificial Intelligence (AI)-based solutions to provide a more efficient, structured, and unbiased analysis. The integration of AI raises fundamental questions regarding the normative authority of its legal outcomes, specifically whether AI can replace the role of a Mujtahid, who possesses intellect (aql) and intention (niyyah). Therefore, this study aims to analyze the shar'i ruling on the use of AI from a Fiqh perspective, focusing on three areas: mapping the technical capabilities of AI in Hadith and Usul Fiqh analysis, assessing the shar'i legal validity of AI products as either a hukm (binding ruling) or a wasīlah (aid/tool), and formulating an Islamic ethical framework (Akhlaq) for its development. This study employs a qualitative research method with a library research approach, comprehensively analyzing and interpreting data from primary and secondary literature, academic journals, and publications from fatwa institutions related to Usul Fiqh, technological ethics, and the implementation of AI in the religious field. Data analysis is conducted using a descriptive-analytical technique, where data concerning AI capabilities and Usul Fiqh principles are collected, classified, and critically analyzed to produce a systematic legal synthesis and ethical framework. The results of this study explain that the utilization of Artificial Intelligence (AI) in Istinbāṭ al-Hukm is fundamentally permissible (mubah) as it supports the principles of Taisīr (ease) and Maslahah (public interest), making it an effective aid (wasīlah) for technical tasks such as sanad verification, data classification, and the analysis of Qat'i al-Dilālah Hadiths. However, the outcomes of istinbāṭ ḥukm generated by AI cannot be accepted as shar'i-ly binding legal decisions. This is because the authority of Ijtihād is inherently attached to humans, which is essential for understanding the Maqāṣid al-Sharī‘ah. Consequently, AI output must be treated as logical predictions that must be validated by a human Mujtahid. Furthermore, the use of AI is prohibited for Muamalah Hadiths, as the proofs (dalil) in muamalah fall under the category of Ẓannī al-Dilālah (speculative in meaning), which lack a single, clear, or direct definitive meaning, thus requiring further analysis, interpretation, or explanation to understand their true intended meaning.
Macroeconomic Conditions and Issuer Characteristics Shaping Corporate Sukuk Yield Spreads in Indonesia Rifaldi Nurul Akbar; M. Abdurrozaq; Prama Siddiq Ramildan
Ethiconomics: Journal of Islamic Banking and Finance Vol. 1 No. 01 (2026): Ethiconomics: Journal of Islamic Banking and Finance (June)
Publisher : Jambi Tuah Tengganai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64929/ethiconomics.v1i01.6

Abstract

The Indonesian corporate sukuk market has expanded substantially over the past five years, yet investors and issuers face persistent uncertainty about which factors most strongly shape sukuk pricing. This study examines how macroeconomic conditions and issuer-specific characteristics jointly determine corporate sukuk yield spreads in Indonesia's sharia capital market. The analysis uses an unbalanced monthly panel of 87 corporate sukuk series issued by 42 firms listed on the Indonesia Stock Exchange between January 2020 and December 2025, yielding 4,176 series-month observations (mean T = 48 months; range 24–72 months). A two-step system Generalized Method of Moments (GMM) estimator was applied to address endogeneity, with macroeconomic variables (headline inflation, the BI 7-Day Reverse Repo / BI-Rate, the IDR/USD exchange rate, and the Jakarta Islamic Index return) and issuer characteristics (firm size, leverage, profitability, sukuk rating, and tenor) as explanatory variables. Diagnostic tests confirmed instrument validity (Hansen J-test p = 0.382) and the absence of second-order autocorrelation (AR(2) p = 0.214). Estimation results indicate that inflation and rupiah depreciation (the year-on-year percentage change in the log of the IDR/USD spot rate) raise yield spreads by 18.4 and 11.7 basis points, respectively, per one-percentage-point shock. In comparison, a one-notch rating upgrade compresses spreads by 27.3 basis points. Leverage exerts a positive and statistically significant effect on yield spreads (β = 0.142 on the proportion scale; a one-standard-deviation increase in leverage, equivalent to 0.18, widens spreads by about 2.6 basis points), whereas firm size and profitability reduce yield spreads. Sectoral heterogeneity reveals that financial-sector issuers respond more strongly to monetary shocks than non-financial issuers. The findings indicate that yield-spread dynamics in Indonesia's sharia capital market are shaped jointly by external macroeconomic shocks and internal issuer fundamentals, with rating quality functioning as the dominant compression mechanism. The results offer practical guidance for issuers structuring sukuk and for regulators calibrating disclosure requirements.