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All Journal Jurnal Informatika dan Teknik Elektro Terapan Scientific Journal of Informatics Jurnal Ilmiah Ekonomi Islam Maker: Jurnal Manajemen Jurnal Kesehatan Poltekkes Kemenkes RI Pangkalpinang Jurnal Ilmiah Edunomika (JIE) Jurasik (Jurnal Riset Sistem Informasi dan Teknik Informatika) Balanca : Jurnal Ekonomi dan Bisnis Islam Indonesian Journal of Early Childhood : Jurnal Dunia Anak Usia Dini Parewa Saraq: Journal of Islamic Law and Fatwa Review
Hidayati, Ulfa
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Religion Humanities Biochemistry, Genetics & Molecular Biology Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Health Professions Medicine & Pharmacology Nursing Public Health Social Sciences

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Re-evaluating Islamic Banking Fatwas in Indonesia: Governance, Legal Certainty, and Global Harmonization in Contemporary Sharia Finance Amiruddin, Muhammad Majdy; Hidayati, Ulfa; Rasyid, Nur Fitriani; Arwin; Faradiba, Besse
Parewa Saraq: Journal of Islamic Law and Fatwa Review Vol. 5 No. 1 (2026): Parewa Saraq: Journal of Islamic Law and Fatwa Review
Publisher : MUI Sulawesi Selatan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64016/parewasaraq.v5i1.75

Abstract

The rapid expansion of Islamic finance has intensified scrutiny of how religious authority is institutionalized within modern regulatory systems, particularly in Indonesia where fatwas issued by the Dewan Syariah Nasional – Majelis Ulama Indonesia (National Sharia Board - Indonesian Council of Ulama) become binding only after incorporation into regulations issued by the Otoritas Jasa Keuangan (OJK) or Financial Services Authority. This study aims to re-evaluate Indonesia’s Islamic banking fatwa framework by examining its institutional translation mechanisms, degree of alignment with international standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions and the Islamic Financial Services Board, and its impact on substantive maqasid realization. Using a qualitative institutional-regulatory design, the research analyzes 42 DSN-MUI fatwas, 27 OJK regulations, 18 AAOIFI standards, 12 IFSB standards, and Islamic banking portfolio data from 2015 to 2024. The findings indicate that Indonesia’s hybrid model ensures procedural legal certainty and structured fatwa-to-regulation incorporation but exhibits only partial global harmonization and a persistent dominance of debt-based contracts, reflecting a gap between formal compliance and outcome-based governance. Theoretically, the study introduces the concept of regulatory theology to explain how religious interpretation becomes embedded within the regulatory state, extending norm diffusion theory by incorporating epistemic sovereignty as a mediating variable. Practically, the research recommends stronger institutional independence, clearer codification, measurable maqasid performance indicators, and phased harmonization strategies. The originality of this study lies in reframing Islamic banking fatwa analysis from doctrinal validity toward governance-centered institutional performance grounded in empirical regulatory and portfolio evidence
Co-Authors Ainun, Wa Ode Nur Amiruddin, Muhammad Majdy Arwin Auliawati, Faizah Rizki Cut Muthiadin Eko Hari Rachmawanto Fachrurrazy, Muhammad Granit Agustina Hardyan, Felix Windriyareksa hartanto hartanto Heru Agus Santoso Ida Ayu Putu Sri Widnyani Irawan Irawan Khaer, Nisaul M.M, Besse Faradiba Musran Munizu Ni Made Nurtini Putu Ayu Ratna Darmayanti Rafsanjani, Ali Akbar Ramadhan, Teguh Arief Rambe, Muhammad Taher Rasyid, Nur Fitriani Reza, Fanka Arie Rizqi, Nikmatur Siregar, Mario Mora