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All Journal Ulumuna Multidiciplinary Output Research for Actual and International Issue (Morfai Journal)
Nur Hidayah
UIN Syarif Hidayatullah
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Social Sciences Other

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Implementation of Progressive Law in Sharia Banking Dispute Settlement: Case Study of Religious Court Decisions in Indonesia Nur Hidayah; Abdul Azis
Ulumuna Vol 27 No 1 (2023): June
Publisher : Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/ujis.v27i1.652

Abstract

This research aims to analyze the extent to which judges have applied progressive legal paradigm in deciding Sharia banking disputes and the extent to which the decisions have fulfilled the principles of legal certainty, justice, and value. This normative legal research uses statutory and case study approaches by analyzing Sharia banking dispute decisions obtained from the website of the Supreme Court of the Republic of Indonesia. This research found that decisions based on textual legal interpretations tend to less implement progressive law, lacking of accommodating people's sense of justice as they put more emphasis on legal certainty. Meanwhile, decisions based on contextual legal interpretations tend to implement progressive law by prioritizing legal justice rather than legal certainty, more accommodating people’s sense of justice. Such different decisions are partly attributed to the different interpretations of judges due to different levels of competence and different understanding of Sharia among the judges. By participating in integrated and sustainable training, judges can improve their competence to deleiver justice for all concerned parties.
ANALYSIS OF MURABAHAH CONTRACTS IN CONSUMPTIVE FINANCING: A CRITICAL REVIEW OF THE EFFICIENCY AND POTENTIAL OF COVERT RIBA - SHARIA PERSPECTIVES, REGULATIONS, AND ACCOUNTING STANDARDS Siti Umi Nurbaidah; Nur Hidayah; Muhajirin
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 5 No. 3 (2025): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v5i3.4036

Abstract

This study examines the practice of Murābaḥah contracts in consumptive financing in Islamic banks by highlighting their conformity to maqāṣid al-sharī'ah. Despite being the dominant instrument, the implementation of Murābaḥah is often criticized for resembling interest-bearing credit due to the absence of real ownership and risk of goods by banks. This research uses a qualitative-normative approach through the analysis of financial statements, DSN-MUI fatwas, OJK regulations, PSAK 102, as well as interviews with the Sharia Supervisory Board and sharia auditors. The framework of analysis is based on Ibn 'Āsyūr's perspective on the protection of property (ḥifẓ al-māl) and justice ('adl). The results of the study show the gap between fiqh norms, regulations, and accounting practices. Margins are recorded linearly resembling interest, ownership of goods is not disclosed, and financial statements fail to display the substance of the risk. As a contribution, this study proposes a model of margin determination based on 'iwāḍ (legitimate compensation for risk and effort) and recommends a reformulation of financial statements that is in line with maqāṣid. Calculation simulations confirm the risk of "covert usury" in consumptive financing, while international comparisons show more transparent governance practices in Malaysia, Qatar and Saudi Arabia. This research contributes to conceptual and technical reforms in Islamic finance, with significant implications for regulation, risk management practices, and Islamic accounting education in Indonesia.
Co-Authors Abdul Azis Muhajirin Siti Umi Nurbaidah