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All Journal Ulul Albab: Jurnal Studi dan Penelitian Hukum Islam Jurnal Asy-Syari'ah AL-ARBAH: Journal of Islamic Finance and Banking Eco-Iqtishodi : Jurnal Ilmiah Ekonomi dan Keuangan Syariah Al-Muamalat : Jurnal Ekonomi Syariah Al-Istinbath: Jurnal Hukum Islam Jurnal Hukum Ekonomi Syariah : AICONOMIA Zona Law And Public Administration Indonesia Multidisciplinary Journal of Religion and Social Sciences (MJRS)
Al-Hakim, Sofian
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Religion Arts Humanities Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Islamic Monetary System: Foundations Normative Pillars and Implementation Prospects in the Modern Era Fattah, Abdul; Janwari, Yadi; Al-Hakim, Sofian
Zona Law And Public Administration Indonesia Vol. 3 No. 6 (2025): November 2025
Publisher : Yayasan Mentari Madani

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Recurrent global financial crises, such as the 1997 Asian crisis, the 2008 subprime mortgage crisis, and the economic uncertainty of the post-COVID-19 pandemic, highlight the structural weaknesses of the conventional debt- and interest-based monetary system that often fuels imbalances between the monetary and real sectors and encourages speculative behavior. In response, the Islamic monetary system exists as a normative and practical alternative that emphasizes justice, stability, and social welfare through the prohibition of usury, gharar, and maysir, as well as the linking of money to real economic activities. This article examines the philosophical foundations, normative pillars, and operational principles of the Islamic monetary system, highlighting the role of classical scholars such as al-Ghazali, Ibn Taymiyyah, and Ibn Qudamah, as well as the contributions of contemporary thought Wahbah Zuhaili and Umar Chapra. This study also traces the history of the implementation of the Islamic monetary system during the time of the Prophet and Khulafaur Rashidin which is based on bimetal standards (dinar-dirham), as well as examines the implementation of Islamic monetary policy in Indonesia through instruments such as sukuk, SBIS, and Islamic interbank money markets. The research methodology uses a qualitative approach with a literature review, analyzing primary and secondary literature to identify the foundations, pillars, and prospects of the Islamic monetary system. The results of the study show that the Islamic monetary system is able to integrate money creation control, risk-sharing-based policy transmission, real sector deepening, and governance based on sharia maqasid. Despite challenges such as low Islamic financial literacy and the need for regulatory harmonization, the prospects for the Islamic monetary system are very bright as an inclusive, sustainable, and equitable economic solution in the era of globalization and financial technology innovation
The Evolution of Islamic Monetary Policy: Civilizational Roots, Legal Foundations, and Contemporary Relevance Rosadi, Imron; Janwari, Yadi; Al-Hakim, Sofian
Zona Law And Public Administration Indonesia Vol. 4 No. 1 (2026): January 2026
Publisher : Yayasan Mentari Madani

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This study investigates the dynamic evolution of monetary policy within Islamic civilization, spanning from the Prophetic era to the late Ottoman Empire. Contrary to static legalistic narratives, this research employs a historical-comparative approach to demonstrate that Islamic monetary practices were highly adaptive responses to shifting economic realities, ranging from cross-border trade integration to global inflationary shocks. The analysis highlights several pivotal shifts: the pragmatic adoption of foreign currency during the Rashidun Caliphate, the assertion of monetary sovereignty through the Arabization of coinage under the Umayyads, and the development of sophisticated credit instruments during the Abbasid era. Furthermore, the study critically examines the failures of fiat money experiments in the Mamluk Dynasty and the Delhi Sultanate, contrasting them with the relative stability of the Fatimid gold standard and the Ottoman Empire's strategic adaptation to the “Price Revolution.” By synthesizing data from numismatic evidence and classical texts—such as those by Al-Maqrizi and Ibn Khaldun—with modern economic historiography, this article argues that the resilience of an Islamic monetary system depends less on the intrinsic material of the currency (gold/silver) than on institutional integrity, state credibility, and market supervision (Hisbah). These historical insights provide a vital empirical foundation for formulating contemporary Islamic economic policies, particularly regarding fiscal-monetary integration and currency stability management.
Fiscal Policy Instruments Based on Indonesian Sharia Principles Linked to Fiscal in the Health Sector Prasetio, Andri; Janwari, Yadi; Al-Hakim, Sofian
Zona Law And Public Administration Indonesia Vol. 4 No. 1 (2026): January 2026
Publisher : Yayasan Mentari Madani

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In developing countries, such as Indonesia in general, given the relatively large informal sector, various aspects of subsidized healthcare services provided by the government, both central and regional, are important tools and means for promoting health.Health is one of the many determinants of well-being. Many developing countries worldwide strive to improve the health of their citizens in order to advance the nation's well-being. Indonesia is one of the developing countries implementing public health improvement programs. The health subsidy program is one example of the Indonesian government's focus on supporting national health, and this program has been implemented down to the lowest levels in Indonesia. Some countries have opted for direct provision of health goods, while others combine public service provision with subsidized health insurance for families with incomes below a certain threshold. Both models require identifying families unable to afford health services and the types of services considered public goods. This study aims to explore the development of these programs in relation to the fiscal policies implemented in Indonesia, which have been deemed successful in reducing healthcare costs for poor families. The results indicate a strong correlation between fiscal policy and the provision of healthcare facilities for poor families.
Co-Authors Abdul Fattah Ahmad Ridwansah, Asep Azazy, Yusup Doli Witro Farida Arianti Febriyanti , Siska Fikri, M Ihsanul Gojali, Dudang Humaedi, Jelisa Awaliyah Imron Rosadi Iwan Setiawan Janwari , Yadi Jefik Zulfikar Hafizd Kusuma, Indah Lestari Luthfiah, Siti Endri Muhammad Yunus Nurjaman, Muhamad Izazi Prasetio, Andri Sahid, Mualimin Mochammad Silvianetri, Silvianetri Sodik, Gugun Susilawati, Cucu Yadi Janwari