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Fatwa DSN-MUI dan SAC Malaysia terhadap Fintech Syariah: : Studi Analisis Akad, Perlindungan Konsumen dan Pengawasan Syariah Adinda Selvina Adhani; Iskandar Ritonga
At-Taradhi Jurnal Studi Ekonomi Vol 17 No 1 (2026): At-Taradhi: Jurnal Studi Ekonomi
Publisher : Islamic Economics and Business Faculty of UIN Antasari

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18592/taradhi.v17i1.18961

Abstract

The rapid expansion of Islamic fintech across Southeast Asia outpaces the harmonization of Sharia governance, creating cross-border regulatory uncertainty. This study conducts a systematic comparative document analysis of the frameworks issued by Indonesia’s DSN-MUI and Malaysia’s Shariah Advisory Council (SAC) across three instruments: e-money, P2P financing, and equity crowdfunding (ISCF/ECF-i). Using a structured comparative matrix built around contract structure, consumer protection, and Sharia supervision, the analysis evaluates primary legal fatwas and regulatory guidelines from both nations alongside secondary academic literature. The comparison reveals distinct operational trade-offs rather than a single superior model: (1) Indonesia (DSN-MUI): Adopts a contract-specific, instrument-by-instrument approach that maximizes legal certainty but fragments supervision across decentralized Sharia Supervisory Boards (DPS); (2) Malaysia (SAC): Applies principle-based, centrally binding rulings under national financial acts, achieving regulatory consistency at some cost to sectoral specificity. To bridge these gaps, this study proposes a hybrid governance framework that combines Indonesia's contract-certainty approach with Malaysia’s centralized, legally binding supervisory architecture. Ultimately, it outlines concrete regulatory, industry, and research implications for advancing the cross-border harmonization of Islamic fintech governance.
Gerakan Ekonomi Islam Konservatif-Politik, Wajah Konstruktivisme Kewirausahaan Komunitas Hijrah Indonesia Aang Kunaifi; Burhan Djamaluddin; Ika Yunia Fauzia; Iskandar Ritonga; Nurhayati; Nur Syam; Tika Widiastuti; Muhamad Ahsan
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 14 No. 2 (2025): October
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v14i2.3192

Abstract

One can interpret the hijra community's economic impact in Indonesia as both beneficial and detrimental. The purpose of this paper is to elucidate the typology of the Indonesian Islamic entrepreneurial movement and the hijrah community movement's compromise model for economic rules. Observations at community business locations, interviews with entrepreneurs in 10 communities, documentation in the form of brochures, photos of activities, and information on Facebook, Instagram, and WhatsApp groups were used in the research, which followed a case study methodology. Three of the 22 informants who were thoroughly questioned were expert informants. The regions of origin of the informants included Java, Sumatra, Bali, NTB, Sulawesi, and Kalimantan. To generate fresh hypotheses, data were examined using theoretical PPIM and Carter and Banker's hijra community typology propositions. The study's findings demonstrate the political conservatism of the hijra community's Islamic economic movement. Specifically, the dominant economic system, the Islamic economic movement, aims to replace conventional or ribawi economics, or is portrayed as such in the dual system notion.