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All Journal HIMMAH Jurnal Pertahanan dan Bela Negara
Muhammad Zulham
Universitas Nasional
Decision Sciences, Operations Research & Management Education Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Keabsahan Smart Contract dalam Transaksi pada Bursa Terdesentralisasi Berbasis Automated Market Maker dan Perlindungan Konsumen dalam Perspektif Hukum Islam Eeng Wicaksono; Muhammad Zulham; Muqaddim Muqaddim
Himmah: Jurnal Kajian Islam Kontemporer Vol 10 No 1 (2026): Himmah: Jurnal Kajian Islam Kontemporer
Publisher : Universitas Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47313/jkik.v10i1.4449

Abstract

Decentralized exchanges based on automated market makers (AMMs) use smart contracts to execute crypto-asset swaps without order matching by a centralized exchange operator. This article examines the role of such code under Indonesian contract law, the assessment of token swaps under Islamic law, and legal protection for DEX users. The research is normative and applies statutory, conceptual, and limited comparative approaches covering Malaysia, Singapore, the United Arab Emirates, and the European Union. It finds that smart-contract code may form or perform part of a transaction, while legal validity still depends on consent, capacity, a sufficiently certain object, and a lawful cause. Pseudonymity chiefly complicates verification, evidence, and remedies. Under Islamic law, a smart contract is not a contracting subject. Bai‘ al-mu‘athah may explain consent expressed through conduct, but the parties must still be identified by examining ownership, protocol structure, and the allocation of control. Token classification and the possible presence of riba, gharar, maysir, tadlis, and qabd must be assessed in light of the asset's function and the circumstances of the transaction. User protection may be strengthened through identifiable responsibility, risk disclosure, security governance, complaint handling, and clear dispute-resolution arrangements. The legal assessment of DEX transactions is therefore fact-specific rather than determined solely by the technology employed. Keywords: smart contract; decentralized exchange; automated market maker; Islamic contract; consumer protection; crypto-assets
PESTEL ANALYSIS OF CHINESE MARITIME SILK ROAD TO INDONESIA IN REALIZING THE GLOBAL MARITIME FULCRUM Muhammad Zulham
Jurnal Pertahanan dan Bela Negara Vol. 15 No. 3 (2025): Jurnal Pertahanan dan Bela Negara
Publisher : Republic of Indonesia Defense University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33172/jpbh.v15i3.20108

Abstract

This research focuses on the relationship between Indonesia and China according to the policies of the Global Maritim Fulcrum (GMF) and China's Belt and Road Initiative through the Maritime Silk Road (MSR). BRI is China's step in realizing its dream called the Chinese Dream, is considered to be able to threaten Indonesia's sovereignty from political, economic, social to technological, environmental and legal (PESTEL). However, it is not only considered threatening, China's presence with its MSR program is considered to be a chance for Indonesia in realizing GMF. The various views on the perceived threats and benefits make researchers interested in discussing them from the PESTEL analysis level. This research uses PEST analysis theory, geopolitical theory, and defense management theory. This research uses a qualitative research method described by the PESTES approach. This research shows that the presence of China through MSR for Indonesia from the perspective of PESTEL raises various perceptions of benefits that can be felt by Indonesia. The perceived threat allows Indonesia to be hegemonized by China with the debt trap falling in the cooperation between the two countries in the proportion of GMF – MSR. 
Co-Authors Eeng Wicaksono Muqaddim Muqaddim