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Kepatuhan Syariah dalam Penerbitan Sukuk: Pendekatan Kualitatif Berbasis Fatwa DSN-MUI dan Peraturan OJK di Indonesia Muhamad Resa Ardiansah; Nur Hidayah; Muhajirin Muhajirin
Community Engagement and Emergence Journal (CEEJ) Vol. 7 No. 1 (2026): Community Engagement & Emergence Journal (CEEJ)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ceej.v7i2.9985

Abstract

Objective: This study aims to describe the elements of sharia compliance contained in sukuk, based on the fatwas of the National Sharia Council (DSN-MUI) and several regulations issued by the Financial Services Authority (OJK) in Indonesia. Design/Methodology/Approach: This study uses a qualitative approach with documentary and secondary data, including fatwas and regulations required to explore the sharia compliance of sukuk. This study highlights and identifies the elements of sharia compliance using a hierarchy map. Findings: Sukuk in Indonesia fulfills sharia compliance through: (1) absolute prohibition of riba, gharar, maysir, tadlis, dharar, risywah, zhulm, and haram activities; (2) halal underlying assets (tangible assets, asset benefits, services, certain projects, or certain investment activities) with a minimum of 51 percent tangible assets for traded sukuk; (3) transparent returns in the form of profit sharing, margins, or ujrah in accordance with sharia contracts (mudharabah, musyarakah, ijarah, wakalah, murabahah, salam, istishna'); (4) implementation of maqasid sharia through the principle of "dar' al-mafasid muqaddam 'ala jalb al-masalih" and support for sustainable development (sustainability sukuk). All fatwas and POJK consistently emphasize that sukuk must represent ownership of real assets, not merely interest-bearing debt. Practical Implications: Existing regulations have established a strong sharia compliance framework for sovereign sukuk (SBSN) and corporate sukuk, including sustainable sukuk (green/sustainability sukuk). However, ongoing supervision by the Sharia Supervisory Board and the Sharia Expert Team, as well as transparent reporting on the use of funds, remain essential to maintaining sharia integrity throughout the sukuk lifecycle. Originality/Value: This study provides a hierarchical mapping of the elements of sharia compliance in sukuk in Indonesia by integrating relevant DSN-MUI fatwas and the development of OJK regulations, serving as a reference for further research and practice in Islamic finance.
Rethinking Profit and Loss Sharing: Regulatory Paradoxes in Mudharabah Savings and the Operationalization of Maqasid al-Shariah Irma Novida; Junarti Junarti; Hidayatulloh; Nur Hidayah; Ujang Maman
AL-ISTINBATH : Jurnal Hukum Islam Vol 11 No 1 (2026)
Publisher : Institut Agama Islam Negeri Curup

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29240/jhi.v11i1.11364

Abstract

This article examines the regulatory paradox in the governance of mudharabah savings in Indonesian Islamic banking, where the principle of profit-and-loss sharing (PLS), which is doctrinally based on risk sharing, operates within a regulatory architecture oriented towards risk control and depositor protection. The interaction between risk sharing based contractual rationality and risk containment based prudential regimes raises structural questions about whether PLS still functions as a substantive governance paradigm, or primarily as a formal legal category in a stability oriented financial regime. This study aims to identify the mudharabah regulatory framework and analyze it through the principle of hifz mal in maqasid sharia as a systemic evaluation instrument for consistency between the normative objectives of Islamic finance and its supervisory mechanisms. The study uses a normative-empirical legal design. The primary data consists of the Law on Islamic Banking, Financial Services Authority (OJK) regulations, and fatwas from the National Sharia Council Indonesian Ulema Council (MUI) regarding mudharabah contracts. The secondary data includes academic literature on PLS and maqasid al-sharia. Data were collected through documentation studies and analyzed using content analysis techniques. The findings show that the integration of PLS into the modern prudential regime produces three interrelated paradoxes moderation of risk transmission through risk control mechanisms, structural limitation of depositor exposure to losses through deposit insurance, and stabilization of returns due to competitive benchmarking pressures. Furthermore, this article shows that in its interaction with the modern regulatory regime, the principle of hifz mal in maqasid sharia has undergone a transformation from a normative doctrine to an analytical instrument for reassessing PLS governance. This process leads to the repositioning of PLS from mere regulatory compliance to a maqasid oriented governance framework that allows for critical evaluation of stability orientation, risk distribution fairness, and systemic integrity. The main contribution of this research lies in the operationalization of maqasid sharia as a methodological framework for re-reading PLS governance, while offering a conceptual reconstruction of the relationship between the principles of risk sharing and modern financial stability.
Implementasi Nilai Ekoteologi Islam dalam Pengelolaan Tambak Garam di Kabupaten Sampang: Kajian Hukum Ekonomi Syariah Harisa Harisa; Nur Hidayah; Erika Amelia; Rahmawati Rahmawati
Al-Huquq: Journal of Indonesian Islamic Economic Law Vol. 7 No. 2 (2025): on Progress
Publisher : Fakultas Syariah IAIN madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19105/alhuquq.v7i2.22180

Abstract

Perubahan iklim dan degradasi lingkungan pesisir di Kabupaten Sampang, Madura, telah berdampak nyata terhadap menurunnya kualitas ekosistem pesisir serta keberlanjutan mata pencaharian masyarakat lokal. Salah satu fakta sosial yang menonjol adalah meningkatnya kerentanan sektor tambak garam, yang selama ini menjadi sumber penghidupan utama masyarakat pesisir, akibat intrusi air laut, perubahan pola cuaca, dan degradasi lahan tambak. Dalam praktiknya, pengelolaan tambak garam masih didominasi oleh orientasi produksi ekonomi jangka pendek, sementara aspek keberlanjutan lingkungan dan ketahanan sosial belum terintegrasi secara memadai. Artikel ini menghadirkan analisis hubungan antara praktik pengelolaan tambak garam, dinamika sosial-ekonomi masyarakat pesisir, dan tantangan ekologis akibat perubahan iklim di Madura. Wilayah ini masih minim diteliti dalam literatur keberlanjutan pesisir. Berbeda dengan studi sebelumnya yang lebih fokus pada aspek teknis produksi garam, artikel ini melihat tambak garam sebagai ruang interaksi antara kepentingan ekonomi, ekologi, dan keberlanjutan sosial.. Penelitian ini bertujuan untuk menganalisis penerapan nilai-nilai ekoteologi Islam dalam pengelolaan tambak garam di Kabupaten Sampang. Selain itu, penelitian ini juga menelaah relevansinya dengan prinsip-prinsip hukum ekonomi syariah. Pendekatan yang digunakan adalah metode hukum empiris. Ini meliputi observasi lapangan, wawancara mendalam, dan analisis kebijakan serta peraturan daerah. Hasil penelitian menunjukkan bahwa nilai-nilai ekoteologi Islam mulai diinternalisasi dalam praktik sosial masyarakat pesisir. Namun, penerapannya masih parsial. Simpulan penelitian menegaskan perlunya rekonstruksi paradigma hukum ekonomi syariah yang berwawasan ekologis. Tujuannya adalah menuju pengelolaan tambak garam yang adil, berkelanjutan, dan berlandaskan nilai-nilai Islam.