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All Journal Jurnal Ilmiah Al-Syir'ah Indonesia Private Law Review Sharia Oikonomia Law Journal
Istianah Zainal Asyiqin
Universitas Muhammadiyah Yogyakarta
Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice

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RECONCILING OWNERSHIP RISK UNDER ISLAMIC ECONOMIC LAW: COMPARATIVE ANALYSIS OF INDONESIAN AND MALAYSIAN CONTRACTS Istianah Zainal Asyiqin; M. Fabian Akbar; Dimas Putra Wirayudha; Ayesha Abul Hisyam
Indonesia Private Law Review Vol. 6 No. 2 (2025)
Publisher : Faculty of Law, Universitas Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25041/iplr.v6i2.4545

Abstract

Ownership risk (daman milkiyyah) is a core doctrine in Islamic contract law, as it determines the lawful transfer of liability and entitlement to profit in financial transactions, and its misallocation may result in products that are formally Sharia compliant but substantively deficient. This study aims to (1) clarify the juristic foundations of daman milkiyyah and (2) assess its implementation in contemporary Islamic banking products in Indonesia and Malaysia. Using a normative and comparative legal methodology, the research examines statutory and regulatory frameworks, Sharia rulings and fatwas, including those of DSN MUI and Malaysian Sharia governance bodies, classical and contemporary fiqh literature, documented banking practices, and maqasid al sharia as an evaluative lens. The findings reveal differences in regulatory architecture and product implementation between the two jurisdictions, which affect the consistency of ownership risk allocation across instruments such as murabaha, ijara, and asset based financing. These divergences indicate areas where governance standards and operational practices can be strengthened, and the study concludes that clearer ownership risk criteria aligned with maqasid al sharia are necessary to enhance transparency, ensure equitable risk distribution, and support the integrity and resilience of Islamic finance.
The Role of Regulation in the Development of Sharia Fintech: A Review of Contemporary Islamic Economic Law Istianah Zainal Asyiqin; Irvan Mareto; Manuel Beltrán Genovés
Sharia Oikonomia Law Journal Vol. 2 No. 4 (2024)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v2i4.1241

Abstract

This research explores the intricate relationship between regulation and the development of Sharia-compliant financial technology (fintech) within the framework of contemporary Islamic economic law. As Sharia fintech emerges as a significant sector in the global financial landscape, the alignment of innovative financial technologies with Sharia principles becomes crucial. The paper delves into the challenges and opportunities posed by regulatory fragmentation, the impact of technological advancements, and the importance of international coordination and harmonization. Regulatory fragmentation, characterized by diverse interpretations of Sharia law and differing national regulations, complicates cross-border operations, stifles innovation, and leads to a lack of standardization in financial products. Technological advancements, such as blockchain, artificial intelligence, and digital currencies, offer immense potential for enhancing transparency, efficiency, and inclusivity in Islamic finance but also introduce complex regulatory challenges. The paper argues for a proactive and collaborative regulatory approach, emphasizing the need for international standards and greater harmonization to ensure that Sharia fintech can thrive globally. By addressing these issues, the paper highlights the critical role of regulation in shaping the future of Sharia-compliant fintech, ensuring its growth, scalability, and adherence to Islamic ethical principles.
Taqābuḍ Ḥukmī in Crypto Asset Transactions: Digital Ownership under Islamic Law in Aceh’s Sharia Financial Context Istianah Zainal Asyiqin; M. Fabian Akbar; Muhammad Daffa Auliarizky Onielda
Jurnal Ilmiah Al-Syir'ah Vol 24, No 1 (2026)
Publisher : IAIN Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30984/jis.v24i1.3158

Abstract

This study analyzes taqābuḍ ḥukmī in crypto asset transactions within Aceh’s sharia financial context. The rise of crypto assets raises a key question in fiqh muamalah: how can Islamic law recognize ownership and possession when the object is non-physical and exists through blockchain records, wallets, and private keys? Unlike studies that focus mainly on whether cryptocurrency is halal or haram, this article examines digital ownership and constructive possession in a setting where sharia financial norms have formal legal significance. By examining taqābuḍ ḥukmī in blockchain-based transactions, this study presents crypto assets as a case of how Islamic law adapts its doctrines of property and possession to contemporary socio-legal and technological change. Using a normative-doctrinal legal approach with a contextual socio-legal reading, the study examines classical fiqh doctrines, contemporary sharia standards, Indonesian regulations, Aceh’s sharia financial framework, academic literature, institutional fatwas, and expert opinion. The study finds that crypto assets may be categorized as māl mutaqawwam when they have lawful utility, economic value, scarcity, technological infrastructure, and market recognition. However, valid crypto transactions depend not only on the asset’s status but also on the transaction mechanism. Spot transactions may fulfill taqābuḍ ḥukmī when buyers obtain effective digital control through wallet access, blockchain confirmation, private-key control, or transferability. Futures trading, leverage, short selling, fixed-yield schemes, and manipulative practices remain problematic because they may involve riba, gharar, maysir, najasy, or unlawful consumption of wealth. This article develops an Acehnese sharia digital ownership framework for assessing crypto transactions within Islamic economic law in Aceh.
Co-Authors Ayesha Abul Hisyam Dimas Putra Wirayudha Irvan Mareto M. Fabian Akbar M. Fabian Akbar Manuel Beltrán Genovés Muhammad Daffa Auliarizky Onielda