Article Per Year (5 Year)
p-Index From 2021 - 2026
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All Journal Jurnal Hukum dan Peradilan Journal on Islamic Economics, Finance, and Banking (Z-CONOMICS)
Muhlis
Universitas Islam Negeri Walisongo Semarang
Religion Economics, Econometrics & Finance Environmental Science Law, Crime, Criminology & Criminal Justice

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Digital Emergency and Regulatory Change in Islamic Microfinance Between Indonesia and Malaysia Miswan Ansori; Abdul Djamil; Mardhiyyah Sahri; Muhlis; Khoirul Anam
Jurnal Hukum dan Peradilan Vol 15 No 2 (2026)
Publisher : Pusat Strategi Kebijakan Hukum dan Peradilan Mahkamah Agung RI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25216/jhp.15.2.2026.365-390

Abstract

The rapid digitalization of Islamic Microfinance Institutions (IMFIs) has generated both opportunities for financial inclusion and new layers of controversy, particularly in relation to Shariah governance, regulatory fragmentation, and consumer trust. This study explores the transformation of Islamic Microfinance Institutions (IMFIs) in response to digital emergencies and shifting regulatory frameworks, focusing on how these changes influence sustainable Shariah compliance. Using a descriptive–explorative qualitative approach, the research examines comparative data from Indonesia and Malaysia through document analysis and digital observation. The findings reveal that regulatory fragmentation, inconsistent fatwa implementation, and limited digital supervision create systemic vulnerabilities that undermine client trust and transparency. Indonesia’s decentralized governance structure encourages innovation but weakens regulatory coherence, while Malaysia’s centralized model ensures stronger compliance but restricts grassroots flexibility. The study contributes scientifically by framing controversy as a constructive driver of institutional reform, integrating maqāṣid al-sharīʿah ethics with regulatory theory, and proposing an analytical model for harmonizing Shariah governance with positive law in the digital era. However, the research is limited by its qualitative scope, the rapid evolution of fintech policies, and the absence of quantitative validation. Overall, the study advances scholarly understanding of how digitalization, law, and Islamic ethics intersect to foster resilient, inclusive, and ethically sustainable financial ecosystems within the Islamic microfinance sector.
BLOCKCHAIN, SMART CONTRACTS, AND CRYPTOCURRENCY IN ISLAMIC FINANCE:SHARIAH COMPLIANCE AND GOVERNANCE Kartika Marella Vanni; Muhlis; Nur Fatoni; Wahab
Journal on Islamic Economics, Finance & Banking [Z-CONOMICS] Vol. 2 No. 3 (2026): Vol. 2 No. 3 (2026): Journal on Islamic Economics, Finance & Banking [Z-CONOMIC
Publisher : Az-Zahra Media Society

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Abstract

This study analyses the shariah compliance of blockchain, smart contracts, and cryptocurrency and formulates a shariah governance framework relevant to the digital era. A qualitative library research design with a normative-juridical and conceptual approach, using content analysis of fatwas, national regulations, AAOIFI and IFSB standards, and scholarly literature published between 2015 and 2026, validated through source triangulation. Blockchain is technology-neutral and converges with maqashid al-shariah through transparency, traceability, and gharar reduction. Smart contracts can satisfy the pillars of aqd provided the encoded substance complies with shariah and the parties are verified. Cryptocurrency rulings remain fragmented because authorities differ in tahqiq al-manath rather than in principle. A multi-layered shariah governance framework is therefore required. DSN-MUI and OJK should develop national shariah screening criteria for digital assets, operators offering shariah-labelled products should be required to establish shariah supervisory functions, and universities should prepare graduates with combined fiqh and technology competence. The study integrates three technological objects into one compliance framework and links normative fiqh analysis with international governance standards and Indonesia's post-P2SK regulatory regime.
Co-Authors Abdul Djamil Kartika Marella Vanni Khoirul Anam Mardhiyyah Sahri Miswan Ansori Nur Fatoni, Nur Wahab