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All Journal Pendas : Jurnah Ilmiah Pendidikan Dasar MUHARRIK: JURNAL DAKWAH DAN SOSIAL
Syamsul Wathoni
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Social Sciences Other

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ANALISIS KOMPARATIF REGULASI DAN FATWA DALAM SCREENING SAHAM SYARIAH: STUDI INVESTASI ISLAMI ANTARA INDONESIA DAN MALAYSIA Syamsul Wathoni; Hafisuddin Aritonang; Zulhaji Ismail; Khaerul Muttaqin
Pendas : Jurnal Ilmiah Pendidikan Dasar Vol. 11 No. 01 (2026): Volume 11 No. 01 Maret 2026
Publisher : Program Studi Pendidikan Guru Sekolah Dasar FKIP Universitas Pasundan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23969/jp.v11i01.40068

Abstract

This research aims to comparatively analyze the relationship between religious fatwas and state regulations in the Sharia stock screening system in Indonesia and Malaysia. Using a qualitative approach and juridical-normative method, this research is supported by three theoretical frameworks: legal pluralism, normative authority, and comparative law. The results show that Indonesia applies a dualistic model where the DSN-MUI fatwa serves as a moral reference, which is then partially accommodated by OJK regulations. In contrast, Malaysia adopts an integrative approach through the SAC-SC, which functions as an official state institution with legally binding authority. Significant differences are also found in the financial indicators, where Malaysia sets stricter debt and non-halal income ratio limits consistent with international standards such as AAOIFI. These findings reflect the different epistemological and institutional approaches to internalizing Shariah principles into the capital market system. This research contributes to the study of Islamic economic law by offering a new understanding of the ideal form of relationship between regulation and fatwa in supporting the integrity and legitimacy of Islamic capital markets.
Transforming Religious Legitimacy through Digital Advocacy: The Emergence of Moral Authority in Indonesia Syamsul Wathoni; Umi Sumbulah; Sugiyar; Ridho Rokamah
MUHARRIK: Jurnal Dakwah dan Sosial Vol. 8 No. 1 (2025): Muharrik: Jurnal Dakwah dan Sosial
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/muharrik.v8i1.9257

Abstract

The increasing cases of abuse of religious authority in Indonesia has given rise to a crisis of legitimacy against religious institutions and figures while opening up space for re-examination of the source of moral authority in the digital era. This study aims to explain the mechanism of legitimacy transformation in the context  of religious authority crisis through advocacy practices based on religious values, with the Yakuza Maneges Movement as a critical case. The study uses a qualitative approach with a case study design and Digital Discourse Analysis (DDA) on 64 online news, 51 Instagram uploads, and 395 public comments analyzed during January-July 2026. Data were analyzed using Reflexive Thematic Analysis to identify patterns of relationships between authority crises, advocacy practices, digital visibility, public evaluation, and the formation of moral legitimacy. The results of the study showed four interrelated processes, namely religious authority crisis, legitimacy negotiations in the digital space, reconstruction of social piety, and the formation of moral authority. The findings show that religious genealogy provides initial social capital, but does not automatically guarantee moral authority. Moral legitimacy is formed when social capital is realized through ethical advocacy, victimhood, and accountable actions that are visible to the public and continuously evaluated through digital interactions. This study proposes a Performance-Based Moral Authority (PBMA) model that specifies a mechanism for transforming legitimacy from the initial source of authority to moral authority through ethical action, digital visibility, and real-time public evaluation.
Co-Authors Hafisuddin Aritonang Khaerul Muttaqin Ridho Rokamah Sugiyar Umi Sumbulah Zulhaji Ismail