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All Journal Ahkam: Jurnal Ilmu Syariah Al-Ulum YUDISIA : Jurnal Pemikiran Hukum dan Hukum Islam I-Finance Journal Asy-Syir'ah: Jurnal Ilmu Syari'ah dan Hukum Jurnal Ekonomi Dan Bisnis ASIAN JOURNAL OF ISLAMIC MANAGEMENT (AJIM) Al-Manahij : Jurnal Kajian Hukum Islam Jurnal Penelitian el hisbah: Journal of Islamic Economic Law Velocity: Journal of Sharia Finance and Banking Journal of Religious Policy Jurnal Hukum Islam
Agus Fakhrina
UIN K.H. Abdurrahman Wahid Pekalongan, Indonesia
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences Other

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ALTERNATIVE PROFIT-SHARING SYSTEM IN THE MUDHARABA SCHEME IN SHARIA BANKING PERSPECTIVE M. BAQIR AL-SADR Muhammad, Adib; Rosyad, Sabilal; Fakhrina, Agus; Muhtarom, Ali
Jurnal Ekonomi dan Bisnis Vol. 27 No. 2 (2024): JURNAL EKONOMI DAN BISNIS SEPTEMBER 2024
Publisher : Fakultas Ekonomi dan Bisnis Universitas Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31941/jebi.v27i2.4535

Abstract

The profit-sharing system with a mudharaba scheme is an early concept of Islamic banking. However, mudharaba is starting to be abandoned by customers and sharia banks because it carries high risks. This research will discuss Muhammad Baqir al-Sadr's thoughts on the profit-sharing system in the mudharaba scheme. The method used is descriptive qualitative by taking primary data sources in the form of a book written directly by al-Sadr entitled: Al-Bank al-Laribawi fi al-Islam. This research found several results, namely: (1) the profit-sharing system in al-Sadr's version of the mudharaba scheme is different from the mudharaba concept in general. This research further shows al-Sadr's prominence in the field of sharia economics, because al-Sadr also has an original concept about Islamic banking. (2) This research found that al-Sadr's thoughts have significance for efforts to develop sharia banking in the future, especially regarding strengthening moral values in the relationship between sharia banks and customers. (3) This research further shows al-Sadr's prominence in the field of sharia economics, because al-Sadr also has an original concept about Islamic banking.
The Norm of Rate Fixing of Islamic Banks Based on Conventional Bank Rates: Evidence from Indonesia Fakhrina, Agus; Islahuddin
Jurnal Hukum Islam Vol 21 No 2 (2023)
Publisher : Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/jhi_v21i2_05

Abstract

Interest rate fixing is a monetary tool used to control the money supply and hence inflation by the central bank. However, it cannot be applied to Islamic banks due to the prohibition of interest in Islam. This paper examines whether the central bank may implement rate fixing for Islamic banks, given that interest is forbidden, and the fixing of prices by the government is also generally prohibited, according to Hadith and the consensus of Islamic jurists. A documentation study was conducted to comprehend the viewpoints of classical and contemporary Islamic jurists and the National Shariah Board−Indonesian Ulama Council's fatwa. The analysis used Islamic law methodology (uşūl fiqh), which included combining the opinions of classical and contemporary Islamic jurists through the al-jam’u and the legal maxim approach, "al-‘ādah muhakkamah" approach to the custom practiced by Islamic banks, and the maqāşid approach. The research findings illustrate that Islamic banks have been using rates to calculate profits as the National Shariah Board−Indonesian Ulama Council accepts the notion of the time value of money, provided it is not utilized in loan transactions. This condition could enable the central bank to set the rates for Islamic banks, which is an effective tool for controlling the money supply and achieving economic stability, thus contributing to the realization of community welfare (maslahah 'ammah). 
Sacralizing the Market? The Role of DSN–MUI in the Legal-Economic Legitimacy of Islamic Banking in Indonesia Fakhrina, Agus; Hamid, Abdul
AHKAM : Jurnal Ilmu Syariah Vol 25, No 1 (2025)
Publisher : Universitas Islam Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/ajis.v25i1.40879

Abstract

This study explores the complex interplay between religion and economic rationality in the legitimization of Indonesia’s Islamic banking industry. Focusing on the legal authority of the National Sharia Board–Indonesian Ulama Council (DSN–MUI), the research critically examines how fatwas and regulatory accommodations enable Islamic banks to replicate conventional banking practices in pursuit of accelerated growth. Using a qualitative documentary analysis of DSN–MUI fatwas and Indonesia’s banking regulations, the study finds that the DSN–MUI increasingly adopts an accommodative stance by employing istiḥsān bi al-ʿurf wa al-maṣlaḥah (juristic preference based on custom and public interest) to legitimize practices favorable to Islamic banks. While this approach facilitates rapid institutional development, it also raises concerns over the convergence between Islamic and conventional banking models, potentially diluting the normative distinctiveness of Islamic finance. These findings contribute to the broader discourse on Sharia governance, regulatory pragmatism, and the political economy of Islamic finance in Muslim-majority contexts.AbstrakStudi ini menganalisis keterkaitan antara dimensi keagamaan dan rasionalitas ekonomi dalam proses legitimasi industri perbankan syariah di Indonesia. Dengan menitikberatkan pada peran otoritatif Dewan Syariah Nasional–Majelis Ulama Indonesia (DSN–MUI), penelitian ini mengevaluasi secara kritis bagaimana fatwa dan kebijakan regulator digunakan untuk membenarkan praktik-praktik perbankan syariah yang menyerupai sistem konvensional demi mendorong pertumbuhan yang lebih cepat. Melalui analisis dokumen kualitatif terhadap fatwa DSN–MUI dan regulasi perbankan nasional, temuan menunjukkan bahwa DSN–MUI semakin menunjukkan pendekatan akomodatif dengan menggunakan istiḥsān bi al-ʿurf wa al-maṣlaḥah (preferensi hukum berdasarkan kebiasaan dan kemaslahatan) sebagai dasar legitimasi syariah terhadap kebijakan yang mendukung kepentingan bank syariah. Pendekatan ini memang mempercepat perkembangan industri, namun sekaligus menimbulkan kekhawatiran atas semakin hilangnya distingsi normatif antara bank syariah dan bank konvensional. Temuan ini memperkaya wacana kontemporer mengenai tata kelola syariah, kompromi regulatif, dan ekonomi politik keuangan Islam di negara mayoritas Muslim
Contesting the Boundaries of Sharia Compliance: Legalizing Income Smoothing in Indonesian Islamic Banking Fakhrina, Agus; Arwani, Agus; Hamid, Abdul; Adeel, Nazia
Asy-Syir'ah: Jurnal Ilmu Syari'ah dan Hukum Vol 59 No 1 (2025)
Publisher : UIN Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/ajish.v59i1.1502

Abstract

Economic pressures have prompted Islamic banks to implement income smoothing techniques when distributing returns on third-party funds, raising questions about the legitimacy of these practices from an Islamic legal perspective. This paper aims to examine the income smoothing guidelines issued by the National Sharia Council of the Indonesian Ulema Council and their impact on the distribution of third-party fund returns by Islamic banks. The primary data source for this research is a fatwa from the National Sharia Council, accessible on its official website. Employing Islamic legal discourse, this study finds that the income smoothing method for distributing third-party fund returns is approved by the National Sharia Council as a form of ḥīlah (a legal stratagem used to provide solutions and alleviate difficulties) to regulate profit recognition and reporting. This approval is grounded in istiḥsān (legal preference), which considers customary law (al-‘urf) and public interest (maṣlaḥah) as key justifications. Practically, this approval enables Islamic banks to remain competitive with conventional banks while also raising public awareness that there is little difference between Islamic and conventional banking.
Sacralizing the Market? The Role of DSN–MUI in the Legal-Economic Legitimacy of Islamic Banking in Indonesia Fakhrina, Agus; Hamid, Abdul
AHKAM : Jurnal Ilmu Syariah Vol. 25 No. 1 (2025)
Publisher : Universitas Islam Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/ajis.v25i1.40879

Abstract

This study explores the complex interplay between religion and economic rationality in the legitimization of Indonesia’s Islamic banking industry. Focusing on the legal authority of the National Sharia Board–Indonesian Ulama Council (DSN–MUI), the research critically examines how fatwas and regulatory accommodations enable Islamic banks to replicate conventional banking practices in pursuit of accelerated growth. Using a qualitative documentary analysis of DSN–MUI fatwas and Indonesia’s banking regulations, the study finds that the DSN–MUI increasingly adopts an accommodative stance by employing istiḥsān bi al-ʿurf wa al-maṣlaḥah (juristic preference based on custom and public interest) to legitimize practices favorable to Islamic banks. While this approach facilitates rapid institutional development, it also raises concerns over the convergence between Islamic and conventional banking models, potentially diluting the normative distinctiveness of Islamic finance. These findings contribute to the broader discourse on Sharia governance, regulatory pragmatism, and the political economy of Islamic finance in Muslim-majority contexts. Abstrak Studi ini menganalisis keterkaitan antara dimensi keagamaan dan rasionalitas ekonomi dalam proses legitimasi industri perbankan syariah di Indonesia. Dengan menitikberatkan pada peran otoritatif Dewan Syariah Nasional–Majelis Ulama Indonesia (DSN–MUI), penelitian ini mengevaluasi secara kritis bagaimana fatwa dan kebijakan regulator digunakan untuk membenarkan praktik-praktik perbankan syariah yang menyerupai sistem konvensional demi mendorong pertumbuhan yang lebih cepat. Melalui analisis dokumen kualitatif terhadap fatwa DSN–MUI dan regulasi perbankan nasional, temuan menunjukkan bahwa DSN–MUI semakin menunjukkan pendekatan akomodatif dengan menggunakan istiḥsān bi al-ʿurf wa al-maṣlaḥah (preferensi hukum berdasarkan kebiasaan dan kemaslahatan) sebagai dasar legitimasi syariah terhadap kebijakan yang mendukung kepentingan bank syariah. Pendekatan ini memang mempercepat perkembangan industri, namun sekaligus menimbulkan kekhawatiran atas semakin hilangnya distingsi normatif antara bank syariah dan bank konvensional. Temuan ini memperkaya wacana kontemporer mengenai tata kelola syariah, kompromi regulatif, dan ekonomi politik keuangan Islam di negara mayoritas Muslim.
BAI’ ‘ĪNAH DALAM KONSTRUKSI PEMIKIRAN SYĀFI’Ī Agus Fakhrina
Jurnal Hukum Islam Vol 13 No 1 (2015)
Publisher : Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/jhi.v13i1.493

Abstract

This study aims at analysing further and deeper on the concept of baiinah in Syafii thought construction. There were two research questions to be answered in this study: (1) whether or not Syafii allows the existence of hilah in trading; and (2) whether there are different concepts in which bai nah in hilah is allowed. To answer these questions, hermeneutikadilthey approach was employed in this research. Within this approach, the external and historical factors of a figure's historical life were taken into account. The result of the study indicated that there has been a misconception of how Syafii allowed baiinah. He actually allows the practice of qiyas and was against ulama who did not allow bai nah. The bai nah concept which was allowed by Syafii was not the trading in which contains dual trading intents; rather it was two trading which stand by themselves and did not relate with each other; thus avoiding misunderstanding within the trading process.
Misconception about Halal Certification Placement on Non-Food Commodities: State Coercion over the Territory of Ijtihad Hamid, Abdul; Fakhrina, Agus; Aziz, Fathul Aminudin; Mursid, Mansur Chadi
Al-Manahij: Jurnal Kajian Hukum Islam Vol. 19 No. 2 (2025)
Publisher : Sharia Faculty of State Islamic University of Prof. K.H. Saifuddin Zuhri, Purwokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24090/mnh.v19i2.14064

Abstract

The obligation of halal certification for commodity products has created many dilemmas, one of which is the placement of the halal label on non-consumer goods. This is evidenced by the use of halal labels on several animal food products and non-food products. Even halal certification is also placed in the service sector, which is included in the supply chain management activities category. This study examines the government mandate for halal certification of commodity products and highlights the resulting public misunderstandings about the application of halal labels. Data were gathered from various online platforms, including news outlets, pet food websites, and sites unrelated to consumer goods that discuss halal certification. These sources were examined using descriptive analysis. The findings reveal that, on the one hand, the government helps consumers choose halal products; on the other, making the State the sole authority on what's halal and what's haram has confused halal labels and imposed legal pressure on matters that rightly belong in the domain of ijtihad. The mandatory halal certification imposes the formalism of religious language, leading people to feel that their economic activities are being dictated in the name of the common good, while disregarding alternative perspectives in assessing a product's halal or haram status. This finding underscores the need for additional follow-up measures to determine the extent of the benefits achievable through this mandatory halal certification requirement.
PARADOX OF CONSUMPTION IN ISLAMIC ECONOMICS: BETWEEN ANTI-ISRAF PRINCIPLE AND FINANCIAL POLICIES Insyirahti Salsabilla, Dewi; Fakhrina, Agus
Journal of Religious Policy Vol. 4 No. 2 (2025): Juli-Desember 2025
Publisher : The Ministry of Religious Affairs, The Republic of  Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31330/repo.v4i2.117

Abstract

Islamic economic principles emphasize the prohibition of israf (excessive consumption) as a fundamental ethical guideline in financial management. However, government economic policies that promote expanded access to financing may create tensions with this principle. This study examines the alignment between the anti-israf principle in Islamic finance and several government economic policies, namely the Financial System Stability (SSK) Regulation No. 2/KSSK/Pers/2025, the Regulation of the Minister of Public Works and Public Housing of the Republic of Indonesia No. 35 of 2021 concerning Housing Financing Facilities and Assistance for Low-Income Communities, and the regulation of Buy Now Pay Later (BNPL) schemes. This research employs a literature review method with a normative-critical approach to assess the consistency of financing policies with Islamic ethical principles, particularly within Indonesia’s dual banking system. The findings indicate that policy orientations toward increasing consumer financing have not been adequately accompanied by mechanisms that encourage prudent financial behavior. In the absence of sufficient financial literacy, such policies risk fostering consumptive behavior that contradicts the anti-israf principle in Islamic finance. Therefore, the study argues for the integration of financing regulations with value-based financial literacy rooted in Islamic ethics, so that economic policies not only support financial system stability and economic growth but also uphold moderation and justice as core values of Islamic economics.
Do social media influencers shape halal purchase intentions among Gen Z? Salsabilla, Dewi Insyirahti; Susminingsih, Susminingsih; Fakhrina, Agus; Adinugraha, Hendri Hermawan
Asian Journal of Islamic Management (AJIM) VOLUME 8 ISSUE 1, 2026
Publisher : Faculty of Business & Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/AJIM.vol8.iss1.art3

Abstract

Purpose – This study aims to describe the influence of influencers on Gen Z in halal purchase intention, especially in Gen Z in cities with high socio-religiosity, and to test whether religiosity is able to moderate the attitudes of influencers in their role as mediators.Methodology – This study employs a quantitative approach using structural equation modeling–partial least squares (SEM-PLS) with SmartPLS 4.0, based on data collected from 262 Gen Z respondents in Pekalongan, a city characterized by strong socio-religious values. Drawing on the theory of planned behavior (TPB), the model integrates trust, subjective norms, perceived behavioral control, credibility, attitude, and religiosity to explain halal purchase intention in a social media environment.Findings – The results reveal that attitude is the strongest predictor of halal purchase intention. Trust, subjective norms, and perceived behavioral control significantly and positively influence attitude, although their effect sizes are relatively weak. In contrast, credibility does not significantly affect attitude. Attitude significantly mediates the relationship between influencer-related factors and purchase intention. Religiosity, however, neither directly influences purchase intention nor moderates the relationship between attitude and purchase intention.Implications – These findings suggest that marketers should focus on strengthening positive consumer attitudes through trust-building, social endorsement, and perceived consumer control, rather than relying solely on influencer credibility or religiosity cues.Originality – This study extends halal consumption literature by integrating religiosity and attitude within the TPB framework and provides empirical evidence on influencer-driven halal purchase behavior among Gen Z in a highly religious social context.
Kebebasan Ekonomi Vis a Vis Intervensi Negara:Perspektif Ibn Khaldun Agus Fakhrina
JURNAL PENELITIAN Vol 14 No 1 (2017): Volume 14 Nomor 1 2017
Publisher : Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/d3t4dz22

Abstract

This research was aimed to explore the economic freedom vis a vis government intervention according to Ibn Khaldun. To answer this question, researcher studied al-Muqaddimah of Ibn Khaldun. The ideas of Ibn Khaldun in his al-Muqaddimah were analized by using content analysis. Beside that, I also used Karl Mannheim’s sociology of knowledge approach to analyze his ideas. The result revealed that Ibn Khaldun emphasized the economic activities had to be free from the restrictive power of the government. The economic freedom, however, had not to be free from rule of game. It had to be under the control of the rule of game, and to do that the role of government was very necessary. Based on Karl Mannheim’s sociology of knowledge, Ibn Khaldun ideas were influenced by social knowledge determination in his life and he also used his perspective as Moslem to explore his ideas. It could be said that there was so strong relation between Ibn Khaldun ideas and the social reality in his life. Thus, his knowledge type was ideological, not utopian.
Co-Authors A. Rosyid Abdul Azis Abdul Azis Abdul Aziz Abdul Aziz Abdul Hamid Abdul Nasir bin Hj. Abdul Rani Adeel, Nazia Agus Arwani Ahmad Rosyid AM. M. Hafidz MS. Damayanti, Elok Dewi, Miftah Rosiana Fathul Aminudin Aziz, Fathul Aminudin Hendri Hermawan Adinugraha Iman Fadhilah Insyirahti Salsabilla, Dewi Islahuddin Iwan Zaenul Fuad Iwan Zaenul Fuad Lina Kushidayati M. Khoirul Fikri Maghfur Ahmad Maghfur Ahmad Mansur Chadi Mursid Miftahul Huda Muhammad, Adib Mushoffa Basyir Nor Fatmah Rahmawati Nur Fitriana Qiptiyah, Mariatul Rizky Andrean Rosyad, Sabilal Salsabilla, Dewi Insyirahti Solly Aryza Susminingsih