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Analysis of the Decision of Muslim Investors in Sharia Mutual Funds Investing with Maqasid Al-Sharia Approaches Febriadi, Sandy Rizki; Ibrahim, Mohamad Andri; Novitasari, Rosiana
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 12 No. 2 (2020)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v12i2.16224

Abstract

This study is a quantitative survey research, namely statistical test data analysis in the form of multiple linear regression with purposive sampling. The data collection method was by distributing questionnaires to 200 participants of the Bareksa Fund Academy training. The results show that the decision of Muslim investors in investing in Islamic mutual funds is influenced by the maqasid sharia principle approach. Meanwhile, the result of F count is significant at 49,141, meaning that, overall, there is an influence of the factors of the maqasid sharia approach on investment decisions (value). This also implies that there is a significant influence of the variables of maintaining religion, soul, sense, and treasure on the investment decisions. Meanwhile, the variable maintaining offspring does not show any effect, because the probability is 0.961> 0.05. AbstrakPenelitian ini bertujuan untuk menganalisis keputusan investor Muslim dalam berinvestasi di reksadana syariah dengan pendekatan maqashid syariah. Penelitian ini juga untuk mengetahui pengaruh dan faktor dominan dari pendekatan maqashid syariah (menjaga agama, jiwa, akal, harta, dan keturunan) terhadap keputusan (nilai) investasi. Survey kuantitatif dipilih sebagai pendekatan penelitian, yaitu dengan analisis data uji statistik berupa regresi linear berganda dengan purposive sampling. Pengambilan data dilakukan dengan penyebaran kuesioner kepada para peserta pelatihan Bareksa Fund Academy, sebanyak 200 peserta. Hasil penelitian menunjukkan bahwa keputusan investor Muslim dalam berinvestasi di reksadana syariah dipengaruhi oleh pendekatan prinsip maqashid syariah. Sedangkan, hasil F hitung signifikan sebesar 49,141 artinya, secara keseluruhan terdapat pengaruh pada faktorfaktor pendekatan maqashid syariah terhadap keputusan (nilai) investasi. Ini berarti juga terdapat pengaruh pada variabel menjaga agama, jiwa, akal, dan harta secara signifikan terhadap keputusan investasi tersebut. Namun demikian, variabel menjaga keturunan tidak berpengaruh karena probabilitas 0,961>0,05.
Analisis Hukum Taflis dan Undang-Undang Nomor 37 Tahun 2004 terkait Gagal Bayar Tabungan Siswa Salwa, Zihni Almas; Febriadi, Sandy Rizki; Dzulhijjah, Liza
Jurnal Riset Ekonomi Syariah Volume 5, No. 2, Desember 2025 Jurnal Riset Ekonomi Syariah (JRES)
Publisher : UPT Publikasi Ilmiah Unisba

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/jres.v5i2.8650

Abstract

Abstract. This study examines the issue of student savings default by BMT X, an Islamic microfinance institution working with School Z to manage student savings. The problem arose when BMT X failed to return the collected funds as agreed, causing financial losses that School Z had to cover using foundation funds. The research aims to analyze BMT X’s accountability from the perspective of Islamic law through the concept of taflis, and from the standpoint of positive law based on Law Number 37 of 2004 concerning Bankruptcy. Using a qualitative method with a normative-empirical approach, the study combines literature reviews with field interviews and documentation. Findings show that BMT X meets the criteria for bankruptcy in Islamic law, including inability to pay debts and conditions requiring asset restriction (al-ḥajr). From the positive perspective of the law, BMT X also satisfies the requirements for bankruptcy as stated in Article 2(1), having multiple creditors and failing to pay matured debts. Ideally, resolution should involve fair asset settlement and distribution based on the pari passu pro rata parte principle. However, BMT X has taken no formal legal action, highlighting the need for legal measures to protect creditor rights, particularly those of School Z. Abstrak. Penelitian ini membahas permasalahan gagal bayar tabungan siswa oleh BMT X, sebuah lembaga keuangan mikro syariah yang bekerja sama dengan Sekolah Z. Dana yang dihimpun dari para siswa tidak dikembalikan sebagaimana disepakati, sehingga Sekolah Z harus menalangi kerugian menggunakan dana yayasan. Tujuan penelitian ini adalah menganalisis bentuk pertanggungjawaban BMT X dalam perspektif hukum Islam melalui konsep taflis dan dalam hukum positif berdasarkan Undang-Undang Nomor 37 Tahun 2004 tentang Kepailitan. Penelitian ini menggunakan metode kualitatif dengan pendekatan normatif-empiris, yaitu menggabungkan studi pustaka dan wawancara lapangan. Hasil penelitian menunjukkan bahwa BMT X memenuhi unsur-unsur muflis dalam hukum Islam, seperti ketidakmampuan membayar utang dan kondisi al-ḥajr. Dalam perspektif hukum positif, BMT X memenuhi unsur objektif kepailitan sebagaimana diatur dalam Pasal 2 ayat (1) UU Kepailitan, yaitu memiliki dua atau lebih kreditor dan tidak mampu melunasi utang jatuh tempo. Oleh karena itu, penyelesaian hukum idealnya dilakukan melalui mekanisme pemberesan harta dan pembagian aset secara adil berdasarkan asas pari passu pro rata parte. Namun, hingga saat ini, belum ada upaya hukum resmi dari BMT X, sehingga langkah hukum formal diperlukan untuk memberikan perlindungan terhadap hak-hak kreditor, khususnya Sekolah Z.
Integrating Fiqh, Maqasid Sharīa, and ESG: A Proposed Framework for Risk Management in Islamic Banking Sanusi, Sandy Rizki Febriadi; Malik, Zaini Abdul; Senjiati, Ifa Hanifia; Yuniawati, Fitri
Milkiyah: Jurnal Hukum Ekonomi Syariah Vol. 5 No. 1 (2026): Milkiyah: Jurnal Hukum Ekonomi Syariah
Publisher : Sekolah Tinggi Agama islam Negeri Majene

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46870/milkiyah.v5i1.1783

Abstract

Islamic banks are undergoing rapid digital transformation, yet this shift brings new vulnerabilities and increases exposure to climate‑related risks. These challenges indicate that digitalisation is not merely a technological upgrade but a strategic evolution requiring Islamic banks to embed sustainability and resilience at the core of their governance systems. This study aims to explain the integration of Fiqh principles and Maqāṣid Sharīa in Islamic bank risk management and explore the relevance of ESG to risk management. It also seeks to develop an ESG framework aligned with Fiqh and Maqāṣid Sharīa. Using a qualitative descriptive case study approach, this research examines Bank Syariah Indonesia (BSI) as the primary unit of analysis. Data were collected through triangulation (semi‑structured interviews with Sharia authorities and practitioners), document analysis of BSI’s 2023–2024 Sustainability Reports, relevant regulations, and direct observation of ESG implementation. The findings reveal that Fiqh provides the legal foundation for risk governance, while Maqāṣid Sharīa functions as an ethical and teleological compass guiding decision‑making toward public welfare. ESG, in turn, offers operational tools that transform Sharia values into measurable sustainability practices. Evidence from BSI’s initiatives in sustainable financing and digital financial inclusion demonstrates that ESG can operate as a vital instrument for risk mitigation while simultaneously generating positive socio‑environmental impact. Key implications include the need for regulators to develop ESG reporting standards that are integrated with Islamic law, the importance of capacity building for Sharia Supervisory Boards and risk management teams, and the necessity of industry‑wide commitment to sustainability as a driver of long‑term competitiveness and institutional resilience.