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All Journal JEIZA: Jurnal Ekonomi Islam Az-Zain Referensi Islamika: Jurnal Studi Islam
Ach. Rosidi
STAI Az-Zain Sampang
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Social Sciences Other

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Consumer Protection in Social Media-Based Digital MSME Transactions: Sharia Perspective: Perlindungan Konsumen Dalam Transaksi Umkm Digital Berbasis Media Sosial : Perspektif Syaria’h Andi Rahmad Hidayar; Ach. Rosidi
JEIZA : Jurnal Ekonomi Islam Az-Zain Vol. 2 No. 1 (2025): JEIZA : Jurnal Ekonomi Islam Az-Zain
Publisher : Program Studi Ekonomi Syariah & LP2M STAI Az-Zain Sampang

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Abstract

The rapid expansion of social media platforms such as TikTok, Instagram, and Shopee has created significant opportunities for Micro, Small, and Medium Enterprises (MSMEs) to broaden their market reach, lower promotional costs, and engage directly with consumers. However, these advantages are accompanied by notable consumer protection challenges, including insufficient product information disclosure, the absence of return policies, and weak after-sales services. This study therefore aims to analyze consumer protection practices among social media-based digital MSMEs and evaluate them from a sharia economic perspective. A qualitative descriptive approach was employed, with data collected through observations, in-depth interviews with MSME actors and consumers, and an extensive literature review. The data were analyzed by linking field findings with Law Number 8 of 1999 on Consumer Protection and core sharia principles such as ʿadl (justice), ṣidq (honesty), bayyinah (openness), al-khiyār (the right to choose), and iḥsān (good service). The results indicate that around 65% of MSME actors fail to provide complete product information, most lack transparent return policies, and complaint-handling mechanisms remain weak. Such practices lead to gharar (ambiguity) and tadlis (fraud), contradicting both sharia principles and positive law. The study recommends enhancing legal and sharia literacy, implementing transparent return policies, and adopting technology that promotes halal and fair trade to strengthen consumer trust and ensure business sustainability.
Between fatwa and FOMO: How Muslim millennials reconcile faith with crypto asset investment Aldi Khusmufa Nur Iman; Ahmad Musadad; Ach. Rosidi; Nur Awali Khoirunnisa; Hawa Gazani; Afaful Ummah; Farhatul Muwahidah; Khalilullah Amin Ahmad
Referensi Islamika: Jurnal Studi Islam Vol. 4 No. 5 (2026): October
Publisher : Academic Bright Collaboration

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66053/ri.v4i5.1097

Abstract

This exploratory phenomenological study aims to analyze how selected Muslim millennial investors in East Java, Indonesia, negotiate the psychological pressure of FOMO (Fear of Missing Out) and reconcile their faith with participation in the volatile crypto market, despite the official fatwas from the Indonesian Ulema Council (MUI) and PWNU East Java declaring crypto asset trading impermissible. Using an interpretive phenomenological approach, this research conducted in-depth, semi-structured interviews with 13 Muslim millennial crypto investors across East Java. The qualitative data were coded to identify recurring themes in investor motivation, social influence, and behavioral strategies. The findings reveal that while profit is the universal long-term objective, FOMO frequently serves as the predominant socio-emotional trigger for initial market entry. Decisions among the informants are operationalized through three strategic patterns: buy-and-hold, active management (day, swing, and position trading), and risk diversification. Furthermore, informants internally justify their continued participation through subjective, contextual reflections on Islamic ethical values, namely khalifah, ihsan, maslahah, and falah. The primary methodological limitation is its geographic constraint to 13 informants in East Java, bounding its external generalizability. The findings should be framed as context-specific rather than representative of all Indonesian Muslims. Practically, it highlights the need for inclusive investment education that addresses behavioral vulnerabilities and integrates technical literacy with ethical dimensions. This study offers a phenomenological contribution by demonstrating that among the selected informants, young Muslims navigate the digital economy through subjective personal religious reasoning and behavioral adaptation, moving beyond a rigid binary halal-haram compliance to negotiate their investment actions.
Co-Authors Afaful Ummah Ahmad Musadad Aldi Khusmufa Nur Iman Andi Rahmad Hidayar Farhatul Muwahidah Hawa Gazani Khalilullah Amin Ahmad Nur Awali Khoirunnisa