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All Journal Kunuz: Journal of Islamic Banking and Finance Maqrizi : Journal of Economics and Islamic Economics
Hasan, Jamaludin
Unknown Affiliation
Religion Economics, Econometrics & Finance Social Sciences

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Muslim Scholars' Perceptions of Indonesia's New Halal Logo: A Consumer Behavior Perspective Hasan, Jamaludin; Jamal, Ridwan; Samad, Telsy Fratama Dewi; Luntajo, Moh. Muzwir R.
Maqrizi: Journal of Economics and Islamic Economics Vol 5 No 1 (2025): Maqrizi : Journal of Economics and Islamic Economics
Publisher : Program Studi Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam Institut Agama Islam Negeri Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30984/maqrizi.v5i1.1426

Abstract

The introduction of a new halal logo in Indonesia by the Halal Product Assurance Agency (BPJPH) in 2022 has triggered wide-ranging public responses, particularly from Muslim consumers and stakeholders. This study explores the perceptions of Islamic economics scholars regarding the new halal logo, analyzed through the lens of Muslim consumer behavior theory. Using a descriptive qualitative approach, data were collected through in-depth interviews with eight lecturers from the Faculty of Islamic Economics and Business at the State Institute for Islamic Studies (IAIN) Manado. The findings reveal that five out of eight participants expressed disapproval toward the new logo, citing its aesthetic complexity, lack of clear Islamic symbolism, and cultural partiality—factors they argue diminish recognition and trust among Muslim consumers. Conversely, three respondents supported the redesign, viewing it as a cultural representation of Indonesian identity and a fresh approach to halal branding. The study also uncovers critical reflections on the shift in halal certification authority from the Indonesian Ulema Council (MUI) to BPJPH. This research contributes to the growing body of literature on halal consumer perception and suggests that policy efforts must be accompanied by public education to ensure acceptance and functionality of halal symbols. The results underscore the importance of religious-cultural alignment and visual clarity in halal certification communication strategies.
The Role of Sharia-Compliant Hedging Instruments in Managing Sukuk Yield Volatility Hasan, Jamaludin; Sarib, Suprijati; Lestari Niu, Fitria Ayu; Nuraini Kaida, Anisa Dwi
Kunuz: Journal of Islamic Banking and Finance Vol 5 No 1 (2025): Vol 5, No.1 2025
Publisher : Program Study Islamic Banking, Faculty of Economics and Bussiness Islam, State Islamic Institute of Manado (IAIN) Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30984/kunuz.v5i1.1599

Abstract

The rapid expansion of Indonesia’s sukuk market has become a strategic pillar in the advancement of the national Islamic economic framework. Nevertheless, this progress is overshadowed by the inherent risk of yield volatility, primarily triggered by fluctuations in monetary policy. Such volatility generates significant cash flow uncertainty for issuers and price risks for investors. Unmitigated, this risk has the potential to hinder market deepening and constrain long-term financial stability.This study aims to conduct an in-depth analysis of the conceptual framework and technical mechanisms of Sharia-compliant hedging instruments as a viable solution to these challenges. Employing a systematic literature review with a qualitative analytical approach, the study synthesizes diverse academic works, industry standards, and relevant fatwas. The findings indicate that the Islamic Profit Rate Swap (IPRS) represents a manifestation of Sharia-compliant financial engineering that is theoretically effective in mitigating yield-related risks. Structured through a series of wa’d (unilateral promises) and tawarruq (commodity murabahah) contracts, the IPRS mechanism provides functional equivalence to conventional swaps by enabling market participants to exchange fixed-rate exposures for floating ones.The main contribution of this research lies in bridging the existing literature gap between global discourses on Islamic derivatives and their contextual application within Indonesia’s sukuk market. The study concludes that understanding and adopting sophisticated instruments such as the IPRS is not merely an option but a necessary condition for achieving maturity, resilience, and market completeness in the future development of the Islamic capital market.
Fintech Regulation and Its Impact on The Islamic Banking Industry in Indonesia Husein, Moh. Hidayatullah A. K.; Soleman, Moh Rafiq; Hasan, Jamaludin; Elvia, Evi Eka
Kunuz: Journal of Islamic Banking and Finance Vol 5 No 2 (2025)
Publisher : Program Study Islamic Banking, Faculty of Economics and Bussiness Islam, State Islamic Institute of Manado (IAIN) Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30984/kunuz.v5i2.1688

Abstract

This study examines the impact of the development of Islamic financial technology (Islamic fintech) on the Islamic banking industry in Indonesia by analyzing the challenges and opportunities arising in the digital era within the existing regulatory framework. The study aims to assess the implementation of Islamic fintech based on regulations issued by the Financial Services Authority (Otoritas Jasa Keuangan), Bank Indonesia, and the Indonesian Council of Ulama, particularly in fostering fair competition within the Islamic financial industry. Employing a qualitative approach with a normative juridical method, this research analyzes relevant laws, regulations, and policy documents governing Islamic fintech and Islamic banking in Indonesia. The findings indicate that digital transformation through strategic collaboration between Islamic banks and Islamic fintech institutions has become an essential requirement for Islamic banks to remain competitive in the rapidly evolving digital financial landscape. The study highlights the importance of developing a hybrid innovation model that integrates conventional Islamic banking services with Islamic fintech solutions, including the digitalization of financing processes, the utilization of big data and artificial intelligence for risk management, and the development of platform-based digital products and services that remain compliant with Sharia principles. This study contributes to the existing literature by providing a comprehensive regulatory and strategic perspective on the transformation of Islamic banking in response to the growth of Islamic fintech in Indonesia
Co-Authors Elvia, Evi Eka Husein, Moh. Hidayatullah A. K. Jamal, Ridwan Lestari Niu, Fitria Ayu Luntajo, Moh. Muzwir R. Nuraini Kaida, Anisa Dwi Sarib, Suprijati Soleman, Moh Rafiq Telsy Fratama Dewi Samad