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All Journal Jurnal Ekonomika Manajemen Dan Bisnis Al Hukm: Journal of Islamic Legal Studies Ethiconomics
Zulfikar Yahya Anhar
Universitas Pamulang
Economics, Econometrics & Finance Education

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Assessing Sharia Compliance of Indonesian Sovereign Sukuk via the Underlying Asset Principle Sharifurrohman Hoh; Zulfikar Yahya Anhar
Al Hukm: Journal of Islamic Legal Studies Vol. 1 No. 01: Al Hukm: Journal of Islamic Legal Studies (June 2026)
Publisher : Cv. Kayaswara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65097/jils.v1i01.149

Abstract

This study evaluates the Sharia compliance of Indonesia's sovereign sukuk (Surat Berharga Syariah Negara, SBSN) issued between 2008 and 2024 a programme whose cumulative gross issuance now exceeds IDR 2,000 trillion focusing on the underlying-asset principle that anchors Islamic capital-market instruments to tangible economic value. Using a qualitative normative-juridical method, it analyses primary legal sources Law No. 19 of 2008 on SBSN, DSN-MUI Fatwas No. 69–72 of 2008, and AAOIFI Sharia Standard No. 17 together with official issuance documentation. The analysis argues that although Indonesia has built a comprehensive regulatory and fatwa architecture, the predominant asset-based ijarah sale-and-lease-back structure transfers only usufruct rights (hak manfaat) rather than legal ownership, sustaining a gap between formal documentation and economic substance in asset tangibility, ownership transfer, and valuation adequacy. As its principal contribution, the study proposes and operationalises a Tripartite Compliance Framework (TCF) that assesses sovereign sukuk across legal-regulatory, economic-substantive, and theological-ethical dimensions, replacing binary compliant/non-compliant verdicts with a graded compliance profile. For Indonesia, the framework implies that DJPPR, DSN-MUI, and OJK should strengthen asset identification, institute ongoing Sharia audit, and expand project-based issuance to narrow the form substance gap
Perencanaan Keuangan untuk Bisnis dengan Teknologi: Adaptasi Strategis di Era Digital Zulfikar Yahya Anhar; Dana Bahari Sitepu; Muhammad Zacky; Fajar Rhenzy Elaza; Deby Aryo Saputro
Jurnal Ekonomi Manajemen dan Bisnis (JEMB) Vol. 4 No. 2 (2025): Juli-Desember
Publisher : CV. ITTC INDONESIA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47233/jemb.v4i2.3196

Abstract

In an increasingly complex and dynamic business environment, financial planning has become a crucial element to ensure business continuity and sustainability. Amidst the rapid development of digital technology, the financial planning process has undergone a significant transformation from a manual system to a technology-based approach. This article examines how the integration of technologies such as accounting software, fintech, artificial intelligence (AI), and big data is changing the landscape of business financial planning. Using a descriptive qualitative approach and literature study, this study shows that the use of technology not only improves operational efficiency but also strengthens prediction accuracy, data transparency, and decision-making accuracy. However, challenges such as limited financial literacy, implementation costs, and data security risks remain obstacles that need to be overcome. This study recommends adaptive and collaborative strategies to drive digital transformation in sustainable financial planning.
Rental Flexibility over Sharia Compliance: Musyarakah Mutanaqishah Property Financing for Indonesian Millennials Mohammad Taqiyuddin Bin Mohammad; Taufiq Ramadhan; Zulfikar Yahya Anhar; Atika Uwaida; Rafli Gunawan
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.v1i01.3

Abstract

The growing demand for sharia-compliant property financing among the millennial generation has positioned Musyarakah Mutanaqishah (MMQ) as a strategic contract within Islamic banking. However, the practical implementation of MMQ in Indonesia continues to face challenges related to sharia compliance, contract structure rigidity, and limited adaptability to digital financial behaviors of younger consumers. This study aims to: First, examine the level of sharia compliance in the implementation of MMQ contracts at Indonesian Islamic banks, Second, identify innovations needed to enhance MMQ relevance for millennial customers; and Third, analyze the determinants of millennial preferences toward MMQ-based property financing. The research employs a sequential mixed-methods design, combining qualitative content analysis of MMQ contract documents from five major Islamic banks with a quantitative survey of 412 millennial respondents (aged 25-40) across five major Indonesian cities, analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS). The findings reveal that: (1) sharia compliance scores ranged from 72.4% to 88.6%, with critical issues identified in the rental pricing mechanism (ujrah) and the proportional risk distribution; (2) digital integration, contract transparency, and rental flexibility significantly influence millennial preferences (β = 0.412, p < 0.001; β = 0.327, p < 0.001; β = 0.285, p < 0.001 respectively); and (3) religiosity moderates the relationship between sharia compliance perception and intention to use MMQ products. This study contributes to the Islamic finance literature by proposing an Integrative MMQ Innovation Framework that synthesizes sharia governance, digital transformation, and generational preferences. Practical implications are offered for Islamic banks, regulators (DSN-MUI, OJK), and Sharia Supervisory Boards to design more adaptive and compliant MMQ products for the millennial market.
Co-Authors Atika Uwaida Dana Bahari Sitepu Deby Aryo Saputro Fajar Rhenzy Elaza Mohammad Taqiyuddin Bin Mohammad Muhammad Zacky Rafli Gunawan Sharifurrohman Hoh Taufiq Ramadhan